Articles
family owned business
The Crucial Art of Succession Planning for Family Businesses
Succession planning is a topic that rarely gets the attention it deserves, especially in family-owned businesses. Yet, it’s one of the most critical factors in preserving a company’s legacy and ensuring its survival for future generations.
I was recently a guest on the Action’s Antidotes podcast with Stephen Jaye and we discussed the importance of planning for business transitions, especially as founders or business owners approach retirement, including finding suitable successors and ma…
From Numbers to Strategy: How Finance Shapes Business Success
As the President of Impact CFO and a fractional CFO for family-owned businesses, I had the privilege of joining Brandon Bartneck on the Building Better podcast. During our discussion, we explored the evolving role of finance as a strategic driver, particularly for family-owned businesses. This conversation highlighted actionable steps businesses can take to ensure long-term sustainability and growth.
I wanted to share key takeaways and insights from that conversation, but I encourage you …
Is Your Business Prepared for Its Future Without You?
As a fractional CFO with years of experience working alongside family-owned businesses, I’ve witnessed firsthand the challenges entrepreneurs face when preparing for the inevitable transition out of their companies. In my recent podcast interview, we delved into the importance of succession planning, the critical role of mindset shifts, and actionable steps to secure your business legacy.
The Transition Challenge: Letting Go of Control
For many founders, their businesses represent more t…
Beyond the Founder – Beating the Odds in Family Business Succession
Beyond the Founder – Beating the Odds in Family Business Succession
I recently joined John Kundtz on The Disruptor Podcast to discuss a crucial topic for family-owned businesses: "Beyond the Founder: Beating the Odds in Family Business Succession." Did you know that 50% of family businesses fail after the owner's death?
We delved into some other alarming statistics—like how only 1 in 3 family businesses make it to the second generation—and explored how early succession planning can se…
Boost Efficiency and Cut Costs: How RPA Can Transform Your Business
As a small business owner, you're always looking for ways to optimize operations and stay competitive. One strategy that's gaining traction is Robotic Process Automation (RPA), a technology that uses software bots to automate repetitive and rule-based tasks. These tasks—often monotonous and time-consuming—include interacting with applications, manipulating data, and triggering responses, making them ideal for automation.
So how does RPA work in real life?
Consider a small accounting firm t…
Podcast Interview: "My Future Business Show" Empower Your Financial Future with Expert Fractional CFO Solutions
What Fractional CFOs Can Do for Your Business
During my recent interview on the "My Future Business Show," I delved into the value a fractional CFO can bring to small and medium-sized businesses. Unlike full-time CFOs, fractional CFOs offer flexible, senior-level financial expertise tailored to your business’s unique needs.
Having spent 35 years as a CFO in family-owned and private businesses, I’ve seen firsthand the challenges CEOs face, especially in family-owned businesses where roles a…
Your Guide to Choosing the Best IT Solutions for Small Businesses
Hey there, small business owners! It’s important to always be on the lookout for efficient ways to keep your operations running smoothly without breaking the bank. One excellent way to do this is by outsourcing your IT needs. But with so many options out there, how do you pick the right IT provider?
Outsourcing your IT needs can be incredibly beneficial for several reasons. First off, it lets you tap into a team of experts without the hefty price tag of full-time hires, cutting costs while …
Valuing Family-Owned Businesses: The Adjusted EBITDA Method
Understanding the true value of your family-owned business is crucial for various reasons—whether you're planning for succession, looking to attract investors, or preparing for a sale. A proper valuation not only gives you a clear picture of your business's worth but also helps in strategic planning and decision-making.
Valuing a family-owned business can feel like solving a complex puzzle, but the Adjusted EBITDA method simplifies the process. This approach calculates the company’s Adjuste…
Why a 13-Week Cash Flow Forecast is Essential for Your Business
If you're a small business owner, understanding your cash flow can feel overwhelming, but it doesn't have to be. Imagine having a clear, detailed snapshot of your company's cash position for the next three months. That's what a 13-week cash flow forecast offers.
This tool helps you see where your money is coming from and where it's going. By outlining expected cash inflows and outflows, it helps you prepare for potential cash shortfalls, preventing financial crises before they happen. With …
What happens if you get hit by a bus?
What happens if you get hit by a bus? Do you have a plan to secure your business's future?
None of us ever want to think about our mortality. How can the world possibly go on without us? The ultimate reality is that it will continue, and our actions today will determine our legacy and the future of the businesses we own and run. I considered calling this article “What Happens if You Win the Lottery,” but that didn’t resonate with me as I fully believe many business leaders “love” what they …