Business Concern

Where there is a major transformation of the economy, be it recession, terrorism, or pandemic, the changes caused by the traumatic change also bring opportunities. What is the best way to recognize and take advantage of these opportunities?

Where there is a major transformation of the economy, be it recession, terrorism, or pandemic, the changes caused by the traumatic change also bring opportunities. What is the best way to recognize and take advantage of these opportunities?

For a private business owner, making decisions in a time of crisis will determine business success. Decision making on a deadline can produce quality decisions if the business has been engaged in business planning. If not, start the business planning process to make the best possible decision in a crisis.

The danger of these misconceptions is that they lead to poor decision-making. Opportunities are missed, and the value of the business does not reach the optimal thereby reducing the value to be derived from the business.

Bill Tucker, an attorney expert in estate planning for business owners, answers questions about how business ownership is transferred at death and how to plan for business succession.

If you had to sell your business right away, with whom would you speak? If there is no one who has already expressed an interest, you might contact competitors, vendors, customers, and perhaps business brokers. You would also talk to principal employees. What concessions would you have to make to get them interested and ready to act?

Rick Riebesell interviews Kurt Mueller on how financial planning is done, including the initiation of the relationship and how fees are charged. The concepts of investment risk and business risk are also discussed.

Wise private business owners understand that as fallible human beings – no matter how talented or brilliant – the articulation of ideas to another comprehending the problem is essential before the effective problem-solving strategy can be constructed. This discussion can establish whether the idea is based on an accurate perception of reality and logical thinking. The incubation of ideas requires discussion. There must be a safe place for that discussion.

Having other owners provides a founder-majority owner a way to establish a buy-sell arrangement; however, the presence of minority owners can affect the control of the majority owner.

Prior diligence installs processes that encourage managers and employees to act to maximize the value of the business with a philosophy of managing the business to sell the business.