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Succession & Exit Strategies

45 posts
family business
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Launching a Family Business? Keep These 3 Things in Mind

Are you wanting to start a family business? If so, you’re not alone. According to the United States Census Bureau, roughly 90 percent of American businesses are either family-owned or controlled. The size of these organizations runs the gamut, from two-person “mom and pop” shops all the way up to Fortune 500 behemoths. Together with...
program launch
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5 Strategies to Turn Around a Program Launch That Isn’t Working

If you’re a few days into your program launch and you’re disappointed by lack of results, don’t waste your time by wallowing in what you think is failure. Before diving into these five steps, first recognize that no matter the situation, your launch is not a failure. I like to tell my clients that every...
pitch deck
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The Ideal Pitch Deck Is a Story, a Science and an Art

In the startup world, it's pitch decks, not business plans that get companies funded. A deck is often the first impression an investor will get at the company, so it needs to look stunning. Making a pitch deck is an art, a science, but most importantly, a story. The deck should achieve three things: It...
exit right
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Have a Startup? Make Sure You’re On the Right Fundraising Path

The following is adapted from "Exit Right: How to Sell Your Startup, Maximize Your Return and Build Your Legacy" by Mark Achler and Mert Iseri. Most of us know Travis Kalanick from his meteoric rise as the CEO of Uber, and his ultimate fall from grace. What most don’t talk about is his obsessive focus...
grit.png
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Why Grit is Essential to Your Success as an Entrepreneur

For entrepreneurs building a business, the initial startup stage is an exhilarating time: you’re energized by your idea and engrossed in building the business. It feels like it’ll always be fun. The hard truth is that in building any business, there are peaks and valleys. When you hit a valley, it can be difficult to...
venture capitalist
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How Venture Capitalist Diane Yoo Chooses Her Startup Investments

With so many entrepreneurs and startup ventures seeking investment opportunities, it’s crucial that venture capitalists (VCs) create a list of criteria they want their potential investments to meet. Of course, every VC dreams of investing in a business that can grow into a billion-dollar unicorn company, but these instances are few and far between. As...
family business
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12 Keys to Family Business Success

Family members start a major portion of new businesses launched in the U.S. every year. Brothers come to mind, of course, when it comes to family business. Whatever the family ties, however, starting a business with a spouse, parents, siblings, children or other family members presents unique challenges over and above the usual problems a...
side-hustle.png
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3 Lessons for Balancing a Side Hustle When Launching a Business

Any founder will tell you that starting a new business while working another job (or two for that matter) is lousy. Figuring out what that side hustle, or main hustle, will be to support launching this new endeavor is going to suck up two things in your life: your time and attention. But it’s important...
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How to Use Talent Optimization to Build a Better Business

The following is excerpted from “The Science of Dream Teams: How Talent Optimization Can Drive Engagement, Productivity, and Happiness” by Mike Zani, pp. 29-35 (McGraw Hill, July 2021).”  Through the hot summer of 2018, Elon Musk, the founder and CEO of Tesla Motors, slept for nights on end at his assembly plant in Fremont, California. Musk had vowed that...
buying a business
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4 Important Questions to Ask When Buying a Business Right Now

The market looks vastly different than it did a year ago, which means new opportunities — for better or worse. As businesses reopen, they offer clues to which industries proved to be pandemic-proof, meaning they were hit hard but show strong promise of recovery, and which ones appear gone forever. If you were already researching...
exit strategy
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This Angel Investor Shares Why You Need an Exit Strategy from the Start

For founders and entrepreneurs building up their business, the initial startup stage typically focuses on the product, technology or service offering. You’re energized by your idea and engrossed in building the best business concepts possible. While all of this is vital to your business and essential to the success of your company, it’s also critical...
selling your company
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An Entrepreneur’s Guide to Selling Your Company

After 10 years of running my company, Mtell, we sold it to a publicly traded company for $37 million. It started in 2006: we bootstrapped our way to profitability by offering consulting services until we found a product-market fit. Because we were already generating revenue, that meant we got to fundraise on our own terms....
failed
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Your Business May Have Failed, But You Can Still Prevail

Upper Street was a dream for any entrepreneur. The bespoke shoe label, started in 2010 by Julia Elliott Brown and her sister Katy Chandler, allowed customers to design their own shoes online using 3-D technology before trying them on at its London location. The concept struck a note with women worldwide, winning over an impressive...
website
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What’s Your Website Worth and Where Can You Sell It?

As an internet entrepreneur, situations arise where you may need to sell your website and want to ensure you’re going to get the highest price possible. Before you list your website for sale, you’re going to want to understand what your website is worth, how to increase its value and how to make your website...
exit
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Tackling What’s Next: Are You Ready to Exit Your Business?

Exit strategy. A noun that could become a verb and conjures up both excitement and paralysis for entrepreneurs. Developing potential exit strategies can generate swells of pride if your business has achievements that allow you to craft a desirable list: impact, scale, leadership, growth, profitability, stability and value. The exercise also produces fear that you may never be able...
family business
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Top Leadership Traits Needed to Successfully Manage a Family Business

It wouldn’t be a stretch to say many people don’t like change of any kind. The status quo, which is known, is usually preferred against something new, which is unknown. With respect to a family business, change can be particularly troubling, especially when it’s unexpected — the death of an owner, a key employee or...
Selling Your Company
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4 Traps To Avoid When Selling Your Company

Business owners have been known to refer to due diligence as "the entrepreneur's proctology exam." It's a crude analogy, but a good representation of what it feels like when a stranger pokes, prods and looks inside every inch of your business. Most professional acquirers will have a checklist of questions they need answered if they’re considering...