What would your business look like if you suddenly had to operate with 55% less revenue?
What if that was not even the most difficult challenge you would face?
We have added Kurt LaButte, co-founder of Todd’s Services Inc. (Hamburg, MI), to the speaker lineup for our Summer Growth Summit.
His presentation, “Growing Through Every Season,” is a story of entrepreneurship, devastating setbacks, rebuilding, leadership development, scaling to new heights, and succession.
We recently analyzed which of our peer group members have sold their businesses for high value—we were thrilled to find that most were companies that we also directly coached.
That was a proud moment, and raises the question: What were some of the areas we focused on during coaching?
It was a mix of short- and long-term strategies, some obvious and some not.
Keep in mind: The strategies that make your company attractive to a buyer are the same ones that make it more prosperous, and often less stressful to run today.
Don’t wait until you’re ready to sell—start thinking about the following now.
Every year I go to the New Orleans Jazz & Heritage Festival, an extravaganza of food, culture and music. I look forward to seeing all the up-and-coming talent and big names.
This year I was excited to see Mick Jagger and The Rolling Stones. That rocker is 80 years old. He could be my father!
I recently spoke with Ron Edmonds, President of the Principium Group, a leading mergers and acquisitions firm serving the Green Industry. Ron and I were prepping for his talk at my Financial Master Class, chatting about how a company’s “value” is driven in part by removing the uncertainties in the business. The lower the uncertainties, the higher the value. Business Uncertainties can be split into two groups: internal and external. Our conversation on uncertainties reminded me of the Serenity Prayer: Grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference. My version: Know what you can control internally and externally, and focus intently on those elements in your business; don’t stress on the rest. With that in mind, here are a couple examples to get your mind turning:
Steve Griggs is the founder and owner of Steve Griggs Design, based in Baluvelt, NY. He is author of the best-selling book, “Straight Dirt”. Steve is the original OG ("old guard") and very direct, and shares the straight dirt on contracting and how to work with...
This past week I had some thrilling conversations with my coaching clients on their growth strategies. I told a few of them “either you are buying low, or someone else is buying low, and they could be buying you!” Let me explain what I mean. Scale Determines Value. As the hype of the merger-mania floods our industry, it makes it looks sexy to sell one’s business. But unless you have achieved significant scale, you are losing out and leaving massive opportunities on the table. The scale of your business determines its value.
Last year I ran a webinar on the topic of Retiring In Place. We covered why owners are going this route, and what it takes to put in place.You can watch the webinar recording on YouTube. Here are some surprising truths about this goal. The future is now. All entrepreneurs are dreamers and doers.We love building businesses and having big goals. A common dream is building a business to run day-to-day without the owner. Often these are the ten-year or someday goals. (I know this to be the case, because when I take on a new peer group client or coaching client, I inquire about their short and long term goals). Here is what I have discovered, after working with close to 350 companies:
Grace can play a very powerful role in your business, and separate you in a crowded market.
Last week I wrote about my client and friend, Kevin Werbrich, who uses grace when firing employees and when they quit.
He reported that his grace-based “Red Carpet Exit” has created a backlog of past employees who want to return to his company.
He has filled and “re” filled many foremen and high level positions with men who have grown up and learnt their lessons.
They return better people.
It takes real vision to consistently give people the benefit of the doubt and invest in them right as they leave your firm.
If you decide to hold onto your landscape business for the medium or longer-term, you may want to set it up to run without you day-to-day. I call this “Retiring in Place." This is the second of a three-part series I am writing for Landscape Management Magazine. The...
Selling your business can be a bad investment, if you do it for the wrong reasons. Many people are selling right now and the industry is jumping on the bandwagon. No one in the industry is standing up and saying, “Hold on! Maybe don’t sell yet.” [bctt tweet="Selling...
