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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For many business owners, the sale of their business is a once in a lifetime event, perhaps the culmination of years of hard work to grow the value of the business. In many cases, the business represents the owner’s principal asset to fund a comfortable retirement. Even if retirement is not the motivation, selling business owners are always focused on retaining as much of the proceeds from the sale of their business as possible. Unfortunately, business owners have to share part of their good fortune (and the results of their hard work) with Uncle Sam in the form of taxes.
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KPIs, Key Performance Indicators, are an important way for any manager or business owner to keep track of how he or she is doing. Remember one key point – If you don’t measure it, you can’t improve it. Which KPIs should you use to determine the success of your business? It would be nice and easy to tell you the six (6) most important KPIs for your business. The problem is that each business is different, and to make the decisions more difficult, each business owner has different goals. So how do you determine what KPIs are the ones that
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