So here we are in the middle of summer and it’s prime time for summer vacations. Are you excited about your upcoming vacation? Unfortunately, too many business owners either aren’t looking forward to their upcoming vacation or they don’t have one planned. It doesn’t have to be this way.

We recently met a husband and wife who have owned and worked together in a business for nearly three decades. They were exploring the possibility of selling their business and retiring. When we asked them what they were going to do after they sold the business they both had a sheepish grin and said they were going to “relax and enjoy life.” They want to do a little traveling and spend time with the grandkids, but the basic driver is to get relief from the day-to-day running of the business.

One of the things that folks in a leadership position wrestle with is the idea of being in control. We will often hear business owners talk about how they are accused of being micromanagers. This can result in team members not feeling confident or empowered to make many of the day-to-day decisions in running the business and instead will wait for the owner to step in to decide what to do. This can be one of the biggest limiting factors for you and your business’s success.

Over the years we have helped several clients buy companies. Some have been individuals looking to own their own business. Many more have been clients with an existing business they are looking to grow and decided to pursue acquisitions as an option. Our discussion during the show today centered more on the folks who are looking to buy their first or next business.

Many business owners are looking for help. Oftentimes they are looking in all the wrong places. It usually starts with friends and family. Most of these friends and family are well intentioned, but many can’t relate to the challenges of owning and running a small business as they’ve never done it successfully themselves. Or perhaps they have had some success in running a small business, but that doesn’t mean they can help or teach you.

Meetings often get a bad rap…and for good reason. Some of the most common problems we find are:

• There is no agenda (or the agenda isn’t followed)

• 1 or 2 people dominate

• Meeting doesn’t stay on time

• No one is in charge

Today we were joined on the show by business partners Scott Freerksen and Chris Mosier. Scott and Chris are the owners of Lakefront Living International, a national real estate franchise focused only on lakefront properties. During the show Scott and Chris share the very different paths they took that eventually lead them each to a focus on lakefront properties.

One of the toughest decisions for many business owners is deciding when it’s time to get rid of someone. That “someone” could be an employee, contractor, customer, or even a vendor. One of the things we love most about small business is that it allows for a heart whereas big business usually comes down to a number.

So who’s in charge here? This is one of the first questions we ask when meeting with business partners. The initial response is usually something like, “we both are” or “we all are.” We and you know that isn’t the case. Someone is setting the priorities for the business.

So do you work with family in your business? Or maybe it’s friends who are like family. Or both. Are you good at leaving the personal stuff at the door when you come into work every day? Not sure what that looks like? Well today’s show is for you!