Everyone wears glasses. I mean the figurative kind. The kind that color the world that we see around us. We all know people that have a pleasant, upbeat attitude, and we all know people that are grumpy all the time. Then there’s the people that feel that the world is always against them, and those that feel that their life is a complete gift, with a red carpet that is rolled out for them at every opportunity. But what I’m talking about now is the way that you look at the future of your company. Do you look at that
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If you’re an entrepreneur that wants to pass your company down to the next generation, you want to do everything that you can to make sure that your successor does well. Beyond knowledge of the services and products that your company sells, knowing how your company operates, especially in the areas of administration and finance, will help them continue to grow your business. In our last article, we talked about the basic functions of a CFO – Accounting and Finance. But there are other key areas of business operation that usually fall under the purview of the CFO as well
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training in all departments
How do family businesses prepare the next generation to take over? Early in my career, I worked at a publicly held gas pipeline company. Management identified newly hired “stars,” and they would be put on a fast track, spending each of the next 4 years switching from one department to another, allowing them to learn all about the company, from the view of each operating department, from marketing to HR, from business operations to accounting. Though they didn’t become experts in any of these areas, they learned the impact of each department on the company overall. If you are an
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CFO spelled out using image made from US dollar
In many companies, people are concerned about the pecking order. Who has the most power, the most pay, the most responsibility? Over the years, I’ve become less concerned about those ratings. My interest is always in who has the most information. Because the old cliché is true – Information is Power. But for the context of this article, information is the source of decision-making. It is information that brings people together, that draws people to that office down the hall. Who is it that possesses the information that drives the company forward? Who is the person that has the power
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Companies run into trouble from time to time. But why do some companies survive those troubles and others don’t? To me, there are two issues. First, it’s knowing when to ask for help. Second, it’s being willing to follow the advice that you’re given. But not everyone waits till they’re in trouble to ask for help. I remember getting a call from a business owner who said he was doing pretty well, he just wanted some help because he “didn’t know what he didn’t know.” Sometimes I meet with companies that are in a different situation. They have waited so
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