As optimistic business owners, we tend to think that bad things happen, but to other people. So we wait to do things we know we should do. Financing that is readily available today to accomplish diversification objectives may not be available tomorrow. This can happen because of adverse events at your business, changes in the availability of financing, or both. Don’t wait.
CARRY is a simple reminder to do a few little things when you have the opportunity, making a difference in your business life.
Little things in our lives can have big consequences. Who would have thought that the position of my wallet would cause such trouble?
Begin with the assumption that one of the primary purposes of closely held and family businesses is to create wealth for their owners. Despite this driving purpose, the owners and managers of many private businesses engage in strategies that actually destroy wealth for their owners.
Carrying excess cash on your balance sheet is not a good thing. Learn why in this post.
It is difficult to begin to think about management succession for many business owners who need to begin. Consider the following thoughts as a starting point.
The father owns 100% of a privately held business. His son works in the business. There is life insurance on the father’s life. He believes he has a good transition plan, but it’s just wishful thinking.
During this webinar sponsored by the American Society of Appraisers to be held Tuesday, February 24, 2015, Chris will walk through key portions of his new book, Unlocking Private Company Wealth, and talk about the implications for business owners while relating the content to business advisers. He will discuss not only ideas and concepts that will enhance the quality of conversations you have with business owners, but will provide real-life examples of these concepts in action. Learn more about it here.
Chris Mercer’s newest book, Unlocking Private Company Wealth, is announced in this post! Read all about the book here.
Use of a term like “middle market” to categorize companies may be helpful to writers in national publications. They are looking at ways to describe the world, as are companies who do business with other companies. However, in reality, few business owners think of their companies as “middle market” businesses. What we know about middle market and larger companies is that each one is defined by its business and markets. We also know that one thing they have in common is that all of them need to work on things like I write about in Unlocking Private Company Wealth that have nothing to do with the particular business they are in, including complex ownership, a need for workable buy-sell agreements, management transition planning and execution, ownership transition planning and execution, and management of private company wealth.
