It’s logical for a company to manage costs.
Successful companies manage the activities that consume the costs.
ABC provides data to grow gross margin by 10%+.
It’s logical to have a plan in my mind to grow the business.
Successful leaders create a 1-page strategic plan and share it with employees.
Implementation plans for growth get implemented.
It’s logical for a business owner to have an Exit Plan.
Successful business owners have an Enter Plan.
The best option to exit the business is selected and plan to enter the next phase of life is started.
It’s logical to ask family and friends for business advice.
Successful business owners have a mentor or advisory board.
Stress is greatly reduced by having a trusted, experienced advisor.
It’s logical to transfer ownership to the next generation.
Successful family-owned businesses have a written succession plan.
1st to 2nd generation transfer is typically 40%. ICMS increases the odds.
It’s logical to leave an inheritance.
Successful people leave a legacy.
You have a 1-page legacy document for family & friends.
Tom Pryor is a certified family business advisor.