EB & Flow

Many business owners dream of one day handing their business down to the next generation. However, what seems like a straight-forward transaction can often turn into an emotional affair that brings up difficult conversations and questions. From differences in opinion on who should be an organization’s next leader to the discovery that family succession isn’t a viable option at all, there are many factors that can impact the success of a transition plan.

On today’s podcast, Eide Bailly Partner Chad Flanagan discusses how families can approach this process in a way that ensures everyone is on the same page, common challenges families face and how business owners can start now to lay the groundwork for a smooth transition.

“Stepping back, going through a succession planning process, it’s really as much a strategic planning process as anything to say, what are our goals? How fast do we want to grow? How aggressive do we want to be? How much risk do we want to take? We find naturally that generation one probably wants to minimize risk and protect their assets and their investments, and generation two wants to grow and conquer the world and so they want to take risks. And they fight on a daily basis about operational issues because they view the direction of the company in two very different ways.” – Chad Flanagan

Guest Info:

Chad Flanagan

Partner

Eide Bailly

There are many considerations when it comes to selling your business. But you should never overlook the financial implications for the present and in the future. Many business owners who are moving into retirement choose to sell their business and that sale needs to fund their financial goals for many years to come. It will also fund the goals they have for their estate when it’s passed down to their family.

Ensuring you have a plan that can reach these goals in an efficient and flexible manner is complex process that takes time and guidance. Ava Archibald, Principal-in-Charge of Wealth Transition Services at Eide Bailly, joins the EB & Flow podcast to discuss what business owners need to know about the financial concerns in a sale and how they can create a plan that maximizes the benefits for both the owner and their family.

“I always say the key to a successful estate plan is implementation. You can draft the best plan, but if it’s not followed through, and you don’t implement the plan down the road, or take the right steps after the fact, all that planning you did on the front end could be for nothing.” – Ava Archibald

Guest Info:

Ava Archibald

Principal-in-Charge | Wealth Transition Services

Eide Bailly

[email protected]

Every business owner will one day have to face the decision of how to sell or transition their business. A sale is a complicated and complex process, and one many business owners will only do once. How can business owners ensure they enter this process with an organization that is optimized for a sale? Eide Bailly Partner Amber Ferrie joins the podcast to talk about what business owners need to know about transitioning their business, including how to make your organization attractive to potential buyers, what types of buyers you may be dealing with and why the current market is a prime time to be looking at a sale.

“If you want to exit your business and you hold all the cards, you hold the keys to kind of everything, it’s really hard for a buyer to get on board and be excited about that and pay the top end of the multiple range, versus if you have a management team in place where you can kind of exit left. And maybe you’ve even been practicing that, taking a couple months here or there or really giving the management team below you the responsibility to be the decision makers. That creates a lot of value for an incoming buyer.”

Guest Info:

Amber Ferrie

Partner

Eide Bailly

Transitioning into a leadership role, especially one in the C-Suite, can come with a host of new challenges and questions for the person advancing. Along with the traditional needs of growing the organization and meeting expectations, leaders now must also ensure they are ready to respond to cultural and political events, while also caring just as much about the well-being of their people as they do the organization. How can leaders lay the foundation to succeed in this new era of leadership?

Vanessa Ruda, Senior Partner at RHR International, joins the EB & Flow podcast to talk about her experience as an executive coach helping with leadership transitions. She explains why leaders must be comfortable with ambiguity, how they can build a complementary team around them, and why having and sharing an authentic point of view on what’s happening in the world is a necessity.

Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing.

Guest Info:

Vanessa Ruda

Senior Partner

RHR International

The last two years have put a spotlight on one of the most important skills a leader must develop—how to lead through change. Dave Stende, former Managing Partner/CEO of Eide Bailly, is our guest on this episode of the EB & Flow podcast, and he’s learned a great deal about how to do just that.

Dave served as the Managing Partner/CEO of Eide Bailly for the past nine years, from 2013 to 2022 and was Chief Operating Officer for seven years before that. Dave was interviewed for the podcast just before his time as CEO was coming to a close, and he discussed what he’s learned about leadership throughout his career, what advice he has for leaders in 2022, and some of his favorite memories from his journey.

[pull quote] “The one thing I've learned is the more you know, the more you realize you don't know. And I can look back on the nine years and realize at the beginning, probably I was a little naive about a few things. And I learned. And the more I learned, the more I realized, man, there's a lot I don't know. And, you know, I think in a way that probably helps because it certainly grounds you and it probably opens your mind to really hearing the opinions of others because you don't know all the answers. And you need to build a good team and you need to rely on their input and trust their decision making in the process, too.”

– Dave Stende, Former Managing Partner/CEO, Eide Bailly

Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing.

Guest Info

Dave Stende

Former Managing Partner/CEO

Eide Bailly

Burnout is something we’ve all had to deal with in some form, but it’s increasingly being discussed as we address the Great Resignation and the workplace in 2022. Building a “happy list” — work you’re passionate about — helps people be fueled by the work they’re doing.

Kelsey Buell, founder of the Burnout Prevention Project, joins the EB & Flow podcast to talk about what burnout is, how organizations can help their employees prevent burnout and how every person can reignite their passions to live a life they love.

Listeners can email Kelsey to get a copy of her “Top 10 Ways to Prevent Burnout” guide.

“We spend so many hours every week and every year at work, it's really important that you love what you do and that it gives you energy instead of sucking the life out of you.” – Kelsey Buell, The Burnout Prevention Project

Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing.

The last few years have forced all businesses to embrace a mindset of nimbleness, innovation, and being comfortable with change to stay relevant. With all these changes to the workplace and strategy, how can leaders continue to inspire their people and unlock their potential? Bethany Berkeley, owner of Dale Carnegie Training of North Dakota and Minnesota, joins the podcast to talk about what leadership looks like in 2022.

On this episode:

Bethany Berkeley

Owner, Dale Carnegie Training of North Dakota and Minnesota

[email protected]

[email protected]

Bethany’s LinkedIn

Cybersecurity was once again a top headline with the recently discovered Log4J vulnerability that affected nearly any computer with an internet connection, and attacks such as ransomware continue to grow in occurrence and sophistication. As business leaders look ahead for 2022, what should they be thinking about when it comes to protecting their organizations and their data? Cybersecurity Directory Michael Nouguier joins the podcast to talk about what to expect.