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February, 2012

Succession Planning: By Design or Accident

The US census reports that as of 2007 there were just over 6M privately held businesses with paid employees. Of those 2.2M (36%) businesses were owned by owner’s aged 55 and above. Including the next age range bracket (45 to 55) you include another 2M business. You therefore have upwards of 70% of all privately held businesses facing some degree of succession due to ownership turnover from immediate to long term.

A good number of these businesses will receive good advice regarding planning either organization succession or a complete exit. For those pursuing an organization succession this process may take at least 3 to 5 years to groom a successor, orchestrate a smooth transition and quiet exit of the owner/founder.

Planning

Selling
Many owners will exit completely by selling the company to another private owner, holding company or Public Company. Hopefully the selling owner will enjoy an “Above-market Value” for their interest by investing in and implementing a value strategy. The challenge in this scenario is beating the rush to the market . . . read more.

Regards,
Mike Brice
Phone: (206)226-1617
Email
Blog


Feature Article

"Seven Reasons Most People Need A Mentor"

by Steven Berglas, Forbes.com

In this article Steven covers seven benefits derived by using a mentor to improve professional performance and develop a career path. Having a productive relationship with an experienced mentor for your area of responsibility can help you perform at a high level faster than your non-mentored peers. Steven argues that the best mentors often do it at no charge to you.

Seven key benefits of a mentor are:.

  1. Mentors Are Inspiring.
  2. Nothing Brings About Success Like Walking Through The Right Doors.
  3. It’s Hard To Develop EQ By Reading a Book.
  4. A Rabbi (NY City vernacular for mentor) Is The Best Anti-anxiety Treatment on Earth.
  5. You Need Not Be “To The Manor Born” To Have Baronial Credentials.
  6. Mentors Know What It Takes To Succeed: Professionally.
  7. Mentors Know What It Takes To Succeed: Spiritually.

Click here to read the complete article.


Note: Ask yourself the following questions.
  • Are you a good candidate to have a mentor?
  • What type of mentor would be suitable for you?
  • How does a mentor relationship work?

If you are unsure if a mentor experience is for you contact Mike to learn about the Executive Coaching services available from Brice Consulting for you and your organization. Don't let your ego stand in the way of making a decision to seek a mentor or executive coach. What matters is knowing that you need to have access to key expertise and perspective to enhance your development as a leader and effective impact in your organization.

Management Resources
Articles:
Networking: I asked a highly successful entrepreneur one time how he had managed to sell so many of his companies. "I've never sold a company in my life," he said with a broad grin. "I just know how to bump into the right people."
Making the World Go Round: What You Must Know About Success and How Business Really Works

Culture: I spent a huge amount of time and money attending Harvard Business School (HBS). For the record, I loved almost every minute of it, and would strongly recommend it. However, more than 15 years later, I only remember a handful of things.
A Place of Excellence


Collaboration: Teamwork is essential to organizational success but too much teamwork can be deadly.
The Secret to Team Collaboration: Individuality


Problem Solving: Leaders always face difficult, apparently intransigent problems. You can look on the bright side and appreciate that this pain always represents learning. But the reality is that, all too often, getting stuck is frightening.
What to do when you're stuck


Time Management: Time and money are often the two things entrepreneurs wish they had more of, and when used correctly, technology can help bolster both of these wishes. But sometimes implementing new technology doesn't quite work out as planned, and they end up spending more in both areas.
Fixing a Tech Problem: DIY or Hire a Professional?


Effective Communication: Let's assume you're not stupid or a jerk or weird - that you're not misspelling every other word or ending every thought with "OK???!!!!" or citing Hopi Indian blessings in their original tongue. Let's assume instead that you are either brusque or long-winded.
People Are Always Misinterpreting My Emails. What Am I Doing Wrong?

Video(s): 
Productivity: Jaime and Mark Van Wye, owners of dog-training franchise Zoom Room, say they're running a leaner, more efficient business thanks to tablet technology. Customers in all 10 locations use iPads to check in, while the Van Wyes use apps while on the road to stay in constant touch.
Using an iPad to Boost Productivity


Elevator Message: Communications coach Carmine Gallo shares tips on how to craft your business story - covering all the essential elements - so you can tell it it in 60 seconds.
Four Steps to (Quickly) Share Your Business Story


Blogs: 
Strategic Management: These tumultuous and unpredictable times call for flexible, responsive organizations. To succeed, leadership teams must be able to effectively assess, think, innovate, formulate, plan, implement, learn and adapt…all within the same cycle. Attaining this level of proficiency in strategic management is certainly not easy, but it can and is being done.
Develop a Strategic Management Tool Kit


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