The primary desire of family business advisors, like myself, is to see family-owned businesses live on for many generations. But some family businesses are beyond saving and want to die peacefully. Those businesses need hospice. Hospice is a service and philosophy of care for terminally ill patients. Hospice has four primary goals: Relieve the pain...

Columbus never achieved his goal but we celebrate the outcome of his failure. Columbus was obsessed with finding a westward route to Asia from Spain. Finding it would enrich not only his Spanish patrons, primarily Queen Isabella, but himself as well. Columbus attempted and failed four times to find a westward route to Asia. On...

“Only the unprepared are afraid.“ Peyton Manning That was Peyton’s response when asked “Are you nervous before you speak to a large crowd?” I was not fearful or nervous before my speech last night for the Dallas-Fort Worth Institute of Management Accountants. The title I chose for my talk was Rich Accountant, Poor Accountant. Here’s...

“I wish there was a Waze app for navigating my business and career.“ When driving I use the Waze app on my cell phone because: It offers me alternative routes to my desired destination. It routes me around unexpected obstacles, like accidents. It re-routes me to my desired destination if I make a wrong turn...

President Dwight Eisenhower and President Abraham Lincoln share something unusual in common. Neither had the support of family or friends when they ran for president. No one in Lincoln’s family voted for him. And no one in Eisenhower’s home town of Denison, Texas voted for him. Though both lacked the moral support of family and...

“Competitive advantage is now based on what you know rather than what you own.” Mary Adams Have you noticed that your customers, your boss, your co-workers, your friends and your family all share something in common? They all value what you know, not what you own. If you’re a plumber, the customer values your ability...

“Being a great swimmer in a pool does not mean you’ll be successful in the ocean.” In a movie The Guardian, that’s what Kevin Costner’s veteran swimmer character warns Ashton Kutcher, a new Coast Guard rescue recruit. A pool has a defined depth with a concrete bottom. The ocean has a bottom, but often miles...

“People are far more interested in what works than what’s true.” This quote by Andy Stanley reminds me of my college macro-economics professor. Professor Hayashi repeatedly said, “In theory, this is how the market is supposed to work.” My professor taught what was true but failed to tell me what works. He taught sound theory....

This was my view for 20 years while I logged 3 million miles on American Airlines. What did I get in return for those miles and years? Lifetime Platinum status on AA. Several million dollars in consulting revenue. And becoming a stranger in my own house. I recently shared with my Junto group three maxims...