Does your business have a plan to make money on purpose?  This might seem like a strange question, but in our several decades of working with and advising small business owners we have found that the vast majority don’t have this plan in place.  We refer to it as a Profit Plan.  Chances are you may have heard it called a budget.  No one like to be put on a budget, but we all like to make profits!  So what does your Profit Plan look like?

After you’ve been in business for a few years, one of the strangest things starts to happen.  You’ll begin to get inquiries from folks who will say they are interested in buying your company.  If you’re like most small business owners, you’ll take those inquiries and store them in a file somewhere for when the time is right.  So if you’ve determined the time is right, how to you make sure you find the right buyer for your business?

We know, this might sound a bit dramatic.  Like the power struggles between good and evil!  But this can be a big challenge for couples who are also business partners.  So if you aren’t aware of the power dynamics that are happening in your business, and more specifically your relationship with your spouse, or if you are experiencing some of these power struggles then this show is for you.

Depending who you talk with, many people think it’s crazy to work with your spouse or significant other.  One of the biggest concerns we often hear is this idea of separating business from personal stuff.  You know that famous phrase, “It’s not personal, it’s just business.”  How do you think that comment would be received by your significant other when explaining why you did something at work?

It can often feel like your business partner is your “work spouse” because you typically see so much of each other that you can finish each other’s sentences.  But does this mean that like marriage that a business partnership should be until one of you passes away?  Is this why any time you talk to your attorney or accountant they’ll ask about whether or not there is a buy/sell agreement in place, key-person life insurance, and a litany of other things?

This might seem like a strange question, but think about the question if you were to substitute attorney or accountant or insurance person for the phrase business coach.  Wouldn’t you be surprised to learn a business owner friend doesn’t have an accountant or insurance person?  So why would it be so odd to expect that every small business owner also have a business coach?  We address this very question in today’s show.

We all know couples where it’s evident who wears the pants in the relationship.    Other couples have more of a shared power concept going on.  So which one is right if you and your life partner are also business partners?  Should one of you be the boss?  Should you share the boss duties?

One of the most overlooked opportunities for growth in the small business world is that of acquiring other companies.  This could mean buying out competitors or perhaps adding new products or services to your current offerings.  It could also be a way of expanding your geography or finding some good new customers or team members.  There are many benefits of growing through acquisition which we discuss during the show today.

Have you ever not liked going to work because of the people you work with?  Perhaps there is tension at work between you and a colleague where you just can’t get along on a regular basis.  Maybe you disagree on the direction of the company or it could simply be you don’t like how they do certain things.  What do you do when this person is related to you?  What do you do if this person you can’t work with any more is your brother?

So what does it look like when you’re ready?  Does it always look and feel the same?  Kind of like when you’re lost?  In today’s show we talk about how to know when the next generation is ready to take over.  Like many things in life and business, it’s not always so clear, but there are some key things you can look for.