R. Shawn McBride Live

Posts for for June, 2017

Book Review: The Dan Sullivan Question

Posted on: June 23rd, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about his review of the book, The Dan Sullivan Question.

Everyone, R. Shawn McBride with you here. Want to talk to you today about a book I recently read, doing book reviews here periodically. This one here is called The Dan Sullivan Question. And for those of you that are familiar with Dan Sullivan, he is the head founder of Strategic Coach and I’m a client of Strategic Coach. It has made a big difference already in my business – been going for about a year. Was a little skeptical at first, but they really are thinking more as an entrepreneur – how entrepreneurs work differently than regular business people. And they’re really mixing up a lot of business advice I’ve been seeing in other places and giving me practical things that I can implement to make it more entrepreneurial organization. To make me more me.

But in his book, The Dan Sullivan Question, (after that background), Dan Sullivan talks about how do we ask questions of our clients, and how do we build real relationships. Trusted advisor relationships, where our clients really come to us for that first time advice, and not just to get something very transactional done. And I love the idea. I’m not gonna share the question with you today. I think it’s a very short book, I can send it to you if you want to get it.

But the idea is to ask a question of your clients, or potential clients, to really think about what they want to accomplish and why it’s important to them. And it’s all about putting things in terms of them. And that’s really what we as service professionals should be doing. We should be taking care of our clients and helping them do the things that they want to do.

So The Dan Sullivan Question, and this book, teaches you how to do that. So, very helpful guide. Important. I’m looking forward to using it. I’m in the process of memorizing some of the portions of the questions, the key concepts so that I can really get deeper into these conversations with people. Already have some deep conversations with some clients, some clients are more transactional. So I’m looking forward to morphing some of these relationships, and getting deeper so that we really can work together.

My goal is to help everybody execute their plans, and that’s really what I’ve been trying to do. I’ve been coming up with different ways of doing it. This question and this process are going to help a lot. So, have any questions let me know.

If you’re big into planning, you’re a planning person like myself, you’re trying to execute, join my Facebook page, R. Shawn McBride. Look for the pages, that’s my public page, that’s where I post videos about business. And the R. Shawn McBride YouTube channel will be helpful to you as well. McBride For Business blog and the McBride Attorneys blog will also be useful to you. And if you have questions on Strategic Coach, and whether it might work for you, if that’s something you think might be a next step in your business is get someone going quarterly, reinforcement and coaching, let me know. I have contacts over there obviously because I’m a client, and I would be glad to talk with you about whether it’s a fit and also refer you on if that makes sense. So let me know what I can do for you, and how I can help you. If you have questions on business let me know, I would love to get into future content. R. Shawn McBride signing off.

Make sure you download our free checklist to assess your business.  

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer C. Glass.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

 

Check us out on the web.

Get Shawn’s latest book.

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook.

 

 

 

 

Visioning: Setting Your Goals

Posted on: June 23rd, 2017 by R. Shawn McBride No Comments

It’s very important that we have a vision for the future. We need that to set our goals.

I talk a lot about planning. Many of my speeches center around planning or the execution of planning, www.RShawnMcBrideLive.com/Presentations, and having a vision is part and parcel of the planning process. You need to know what your goals are. You need to know where you’re going, so you pick the right path and head in the right direction.

I think of a compass. If you know you want to go north, you want to do things that will point you north. Now, you may encounter a river, or a boulder, or a mountain that makes you go east or west, but if you know you’re headed north and you keep that compass, you’re going to get there.

For instance, in my case, I love working with successful private business owners to build companies that stand the test of time. That means everything is pointing in that direction. I want to build a bigger business so that I can help more companies and more owners build more businesses that stand the test of time. I know how I want to spend my time. I want to be speaking to business owners, business influencers, making businesses better, or consulting directly with the business owners, whether it be in business strategy, , or in legal. I keep moving closer and closer to that target. I know what the target is. I know how I want to spend my time. I know where I add the most value. I keep that vision constantly in my mind.

What’s your vision? What are you focused on? Where are you going? The clearer your picture of where you’re headed, the faster you’re going to get there and the more pieces that are going to fall into place. Where are you headed? What are your goals? Join us in the comments below and let us know. We want to hear from you.

Make sure you download our free checklist to assess your business. 

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Jessica Rose Marcotte .

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook.

 

 

 

 

 

 

 

 

 

Your Business Without You: What Does It Look Like?

Posted on: June 22nd, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about the importance of planning for the future.

Hey, folks, it’s Shawn here with you, and I’ve got another tough question for you. Really, what would your business look like without you? Stop, pause, think for a second. What would it be like if you weren’t there? Probably a mess for many of you. Probably employees running around circulating their resume ’cause they don’t know if they’re paycheck’s gonna come. Loved ones probably frantically trying to access bank records and understand what’s going on and make a plan for the future. And probably just a whole sense of chaos.

Folks, this is not something you have to leave, this is something really you can build. And it’s beyond going to your estate planning lawyer. Estate planning lawyers are great and they have a time and a place and you’re going to need to get one and you should. And you should definitely understand where that ownership’s gonna go under your estate plan, your will, your trust, etc.

But, you need something more, you need a management plan, you need a way to transition the ownership and control of your business from one or two people to a team of people. You need others involved, and how are you going to do that? Well, you really need to understand what that looks like and what happens. It may be a board of directors, it may be key control people, and we want to do things in an organized fashion where we have redundancy in management so people can step in and take over. But we also wanna make sure no one person has control and can run with the business.

So back to the original question. What would your business look like without you? Probably a mess. This is something we can fix – a good attorney or a consultant, somebody can come in there and help you build a plan. I’ve worked with numerous clients on building plans, but I’m not the only one out there, I just feel like I have a lot of knowledge in the area. So if you’re looking for this kind of help, reach out, get somebody on your team, build a plan, don’t wait until its too late.

If these types of issues are resonating with you, check out the McBride for Business blog lots of great content about this type of issues. Same with the McBride Attorneys blog. The R. Shawn McBride public page on Facebook has a lot of videos dealing with these and related issues, so check that out. And then subscribe to our YouTube channel at McBride for Business. And go to McBride for Business and get your evaluation checklist for your business, make sure you’re maximizing that value. And of course, reach out to me, R. Shawn McBride.

Come to my fan page on Facebook or get a hold of me at www.mcbrideforbusiness.com. Let me know how I can help you. Let me know what issues you’re dealing with and let’s see if we can custom-craft a solution, whether it’s an in-person one-on-one meeting, whether it’s just a simple video to solve your problem, or whether it’s some keynoting or training for your organization, let me know how I can help. I’m Shawn McBride, I’m here for you. Hope to talk with you very soon.

Make sure you download our free checklist to assess your business.  

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Keigirl.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.

Get Shawn’s latest book.

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook.

 

 

 

 

One Message: Multiple Ways of Delivery

Posted on: June 22nd, 2017 by R. Shawn McBride No Comments

How many hats do you wear?

Sometimes I’m asked about my businesses. There’s McBride for Business, my strategy firm. There’s McBride Attorneys, my law firm. There’s www.RShawnMcBrideLive.com, my business for speakers. And I’m an author. So, it’s legitimate for people to ask me how it all fits together.

The answer is simple. I have one message but multiple ways of delivery, depending on what is most important to the client.

It took me a while to come up with this conceptual framework. Things evolved over time. In the beginning, I was an attorney. But then I started doing more and more speaking and business-related work, which didn’t fit under the umbrella of a law firm. It wasn’t legal work, so that prompted me to create McBride for Business.

As I continue to move and evolve, the businesses do too. But I still only have one core of unique knowledge: How do I help successful private business owners build companies that stand the test of time? Partnership agreements. Continuity planning. Whatever it takes. There’s one piece of knowledge, but I can deliver it in the way that’s most powerful and beneficial to the client.

This is a great lesson for all of us. Many of us wear many hats, especially as our careers evolve. We do multiple things, but how is everything connected? How does it drive value to the clients? If you conceptualize your business in terms of, “How do I service my clients?” then you will learn more and deliver better projects.

What’s your experience? How have you worked with others in the past? How are you driving value to your clients? Join us in the comments below.

Make sure you download our free checklist to assess your business.  

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Luke Renner.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

 

Check us out on the web.

Get Shawn’s latest book.

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook.

 

 

 

 

The Marketing Blender on the McBride For Business Live Podcast

Posted on: June 21st, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke with Dacia Coffey with The Marketing Blender on a two-part podcast. The first transcript is a rare, behind the scene look at making a live podcast.

R. Shawn McBride: Live podcast so…

Dacia: I am so excited to be here.

R. Shawn McBride: Awesome.

Dacia: Like you and I are known for kind of chasing squirrels and going off on tangents,

R. Shawn McBride: Yes.

Dacia: kindred business spirits.

R. Shawn McBride: Yes.

Dacia: I’ve been so looking forward to this.

R. Shawn McBride: This is fun, we’re going to add a lot of value to the world. So I’m about to hit the record button, we’re gonna start recording the podcast, you folks can listen in for a couple of minutes here as we get started and then look for this episode to come out by about two to three months you’ll see this episode come out on the McBride For Business Live podcast. In the meantime, if you have any questions for Dacia or me, just feel free to reach out. What’s your contact page or how can people get a hold of you?

Dacia: Yep, themarketingblender.com or feel free to email me, dacia@themarketingblender.com, and of course you can find me on Twitter @DearDacia.

R. Shawn McBride: Perfect, and you can find me at www.McBrideforbusiness.com and then, of course, the R. Shawn McBride fan and audiences pages on Facebook where we’re putting up a ton of videos every day, we’ve got some great content coming in, go check it out, tell your friends, come hang out with us.

Dacia: Absolutely, and if there are questions that you want to be answered in the future leave a comment.

R. Shawn McBride: Definitely, I’m with you, kindred spirits right? I love to answer questions.

Dacia: Yes.

R. Shawn McBride: If you have general questions, something you’re seeing as a business owner let me know.

Dacia: Get this podcast farther.

R. Shawn McBride: Get us podcast content, give me video content, stuff that helps people, then I then come in and I do the custom training coaching as people need it, but you know,

Dacia: Yeah.

R. Shawn McBride: for the stuff that’s routine that you’re seeing out there every day, I’d love to know what you’re seeing. We’ll get you some content that will help answer your questions, so just let us know.

Dacia: Awesome.

R. Shawn McBride: Awesome, ready to start recording this?

Dacia: Heck yeah!

 

Here is the second half of the live podcast:

R. Shawn McBride: For Business Live Podcast, I’m R. Shawn McBride joining you and today I have Dacia Coffey with us who’s The Marketing Blender. I’ve known her for sometime, and she always has great marketing ideas that are practical for a business that could really make a difference in your bottom line quickly. So I’m looking forward to you sharing some knowledge with us.

Dacia: Thank you for having me, absolutely.

R. Shawn McBride: Why don’t you give a little background on you and how you got to where you are, and types of businesses you’re starting to work with so people have some context.

Dacia: Absolutely, so my agency Blender is only business to business. And so really how that translates to the audience is we are incredibly sales focused because for most B2B companies, you know, you have to close the deal belly to belly – like looking somebody in the eye.

R. Shawn McBride: Absolutely.

Dacia: Marketing in my world, the only metric that matters at all is did it sell something? Did it help you sell some stuff? Everything else is ego metrics, and so we appreciate those sometimes, but we are endlessly practical about how can marketing drive and enable human sales conversation. And I spent the first 10, almost 15 years of my career in business to business and industrial sales. We’re never not in sales, so that’s still going on 20 plus years, but so that makes me an unusual marketer, especially strategists. A lot of marketers have not actually been in that sales conversation, and so I know what that’s like and we work on alignment in about telling the truth, and just how to propel and speed up growth.

R. Shawn McBride: If you want to check out our McBride For Business blog, pick out our YouTube channel www.mcbrideforbusiness.com where we’re sending lots of great information to business owners like you. And of course, feel free to check out my R. Shawn McBride public page. Write me, interact with me. Let me know what you think. I’m looking forward to getting in touch with you. Hope to interface with you soon, join our community and I will be talking with you very soon. R. Shawn McBride, signing off.

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer jaylopez.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.

Get Shawn’s latest book.

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook.

 

 

 

 

Different People, Different Strengths

Posted on: June 21st, 2017 by R. Shawn McBride No Comments

Remember those group projects in high school where one student likely did most of the research, and one insisted on designing the tri-fold display poster just-so, and one didn’t do much at all? How was the teacher to grade? We have a version of that in the business world: Bringing together partnerships.

We’ve talked a lot about partnerships in our blogs and our writings. Regardless of the nature of the partnership, one thing is apparent: Different people make different contributions.

Sometimes the differences are in fundamental areas such as skill sets and capital contributions. But even among partners with similar skills and equal capital contributions, each brings different things to the table. And that’s great.

That’s one of the reasons we form partnerships.

We want to bring together people with different skills, different ideas, and different abilities. We want to celebrate those different contributions.

But we also want to build an agreement that’s fair, that works in light of those different contributions.

What are the values of those contributions? How should each partner be compensated? It’s not uncommon for a partner who contributed capital to get a preferred payment, but if a partner has special skills, that also deserves compensation.

The key is to discuss the different contributions up front. What is each partner doing to make the business better? How will the partners make everything work together?

If we understand that people have different contributions and different ways of doing things, we can make things work better. We simply have to be realistic about it from the beginning.

What’s your experience? Have you worked in partnerships with differential contributions? How have you worked through the issues? What will you do in the future? Join us in the comments below and let us know your thoughts and experience.

Make sure you download our free checklist to assess your business.  

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Sarah joos.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

 

Check us out on the web.

Get Shawn’s latest book.

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook.

 

 

 

 

 

Book Review: The Self-Managing Company by Dan Sullivan

Posted on: June 20th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride reviewed a book by Dan Sullivan.

Hi, everyone. Shawn here with you. I’m bringing another resource to you. As you know I do book reviews here. Today we’re reviewing another book by Dan Sullivan The Self-Managing Company.

So as many of you know, I’m a student of Strategic Coach. Great group over there. They really help business owners unlock what they’re doing. So just one of the many coaching organizations I work with. Most of you viewing this know who I am. I’m R. Shawn McBride. I’m an attorney by trade but I’m also primarily a business strategist speaker and I really help businesses unlock their value. And Dan Sullivan does the same thing with strategic coach, but in a very different way than I do. He has a different format, different style but great stuff here. And he’s just one of the many sources that I study as I’ve been developing my expertise, my speaking materials and what I do with my clients to help them prepare, plan, protect. Get where they’re going and execute their plans. Very custom plans. A lot of one on one coaching.

Dan’s model primarily is a group model with excellent, excellent material. So Self-Managing Company, great book here. Breaks down a lot of the fundamental principles of what they’re doing over at Strategic Coach. Managing your time, delegation, getting people into channels where they’re using their greatness. Really building something unusual and unique so that companies can grow. And this is what we want people doing. You want to be focused and you wanna do your greatness.

Dan Sullivan talks in terms of what he calls your unique ability. It’s something that you’re only doing that is unique to your skill sets, your knowledge, and your inherent abilities. Whereas I talk about captured power – doing something that you’re building as a company that is so strong and so powerful that you utilize that as your economic engine. We’re all trying to capture something so strong. Economic specialization back to the days of Adam Smith and the wealth of nations to build something. But I highly recommend this book. If you’re looking to do more, it’s a great book to explore. Check out a copy of Self-Managing Company. And you can get into kind of the details here with great pictures and ideas. So not only is it a textbook, it’s illustrated. Wonderful, wonderful thought provoking guide on how to unlock more value. Quick read. Good stuff. Really recommend it.

If you’re interested in Strategic Coach, let me know. I can pass you through. Get you in contact with some folks. And they’ll be interested in talking to you. And we can work on getting you a copy of the book as well.

If you’re interested in talking to me let me know. Love to have those one on one conversations with people. Check me out at McBride for Business. Make sure that you subscribe to my YouTube channel, McBride for Business and check out my R. Shawn McBride fan page on Facebook. So it’s fans and R. Shawn McBride fans and audiences. Go there, become a member. You’re gonna get lots of great videos, reviewing books, talking about business management, principles. Really things you need to unlock the value in your business. And our blog. Feel free to reach out to me. Don’t hesitate to ask questions. If you have things that you’re dealing with things you want to do better in your business, send me questions. I post videos on general topics.

Of course, I get into things one on one with folks, some coaching, and counseling. And we work on really building your plans. And sometimes we do it as a group with a group format with a workshop or training or keynote. And sometimes we do it individually one on one. Whatever you need. So let me know what you need. We’ll see how we can work together. But do follow, get some of these social media resources. Check out my McBride for Business blog and my McBride Attorneys blog. Both of which are geared to getting materials to you. So join our communities. I’m looking forward to talking to you soon. Hope you have a wonderful day. R. Shawn McBride signing off here.

Make sure you download our free checklist to assess your business.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Michelle kwajafa.

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

Check us out on the web.
Get Shawn’s latest book.
Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment
Like us on Facebook.

Your Way Isn’t the Only Way

Posted on: June 20th, 2017 by R. Shawn McBride No Comments

Queen Elsa hit the right note in the animated Disney movie Frozen. “Let it go. Let it go.”

We business owners see ourselves as the decision-makers. We end up feeling the need to be in control and, to some extent, to be responsible for everything in our business.

It’s distracting. It’s unnecessary.

We need to accept that our way isn’t the only way.

Other people can be involved. Other people can have ideas and ways of doing things that can be very powerful, and tapping into them can be beneficial.

In fact, many times when I delegate a task to members of my staff, they come up with great and innovative solutions I didn’t even consider. They come up with questions, ideas, and ways of getting things done that hadn’t occurred to me. This can be powerful.

For the more mundane tasks and routine items, your way doesn’t have to be the only way.

What matters is efficiency and whether the job is completed correctly. How are you impacting your customers? How are things getting done? If somebody wants to do something a different way than you do, and it’s still beneficial and efficient, then you should let them. You don’t have to hang on to your way. What matters is the outcome.

I’ve talked in other blogs about the fact that outcomes are important, not the process. The same is true here. When you need something done within your business or by a vendor, it’s not important how it’s done, as long as it’s neither illegal nor harmful. Let go of your way. Let other ways come into the process.

Have you had a hard time letting go? How did you overcome the instinct to insist something be done your way? Share your experiences with us.

Make sure you download our free checklist to assess your business.  

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Andy Stafiniak.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

 

Check us out on the web.

Get Shawn’s latest book.

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook.

 

 

 

 

 

 

 

 

 

Get the Right People Involved at the Beginning

Posted on: June 19th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about the risk involved when the right people are not engaged from the beginning. Here is the transcript.

Good morning everybody. R. Shawn McBride with you here live, and I’m talking about getting the right people involved at the right time. Working on a transaction right now with a client. An international client. They’ve got international council involved. I’ve been in as a US local council helping them get their company up and running. Here’s the issue: They structured a transaction with their accountants and other people before they called us. We’ve started working with the structure we were given. They told us what they wanted to do, they told us how we wanted to do it, and we started building a structure. As we start working through the issues related to it, there’s a lot of complications. US securities laws involved, US fiduciary duties, all of these types of things for an international transaction, and when we trace it back, their accountant set this structure up without talking to the lawyer so the client’s very surprised by the degree of complexity.

I think the lesson for all of us is, we need to get the right team together at the beginning. We need to make sure we’re looking at everything from every aspect. If we have just one person or one group providing input and not looking at how everything works, we’re not going to understand all the interconnections.

We’re going to understand how everything interplays. We want to get the right team together at the beginning, understand how it’s going to affect all different aspects of your business, so that you aren’t given a surprise.

Very simple lesson here; get the people involved. I know people want to save cost. Believe me. I’m a lawyer. I understand we’re expensive. I don’t want people wasting money on legal fees, but getting the right advice early is actually preventative. It saves money in the long run, so make sure you’re talking to your legal team. Make sure you’re talking to your accounting team. Make sure you’re getting the people involved sooner than later, because here the client spent a bunch of money building a structure only to find out that it has a lot of unexpected and surprise costs. I hate it for them. Unfortunately, we can’t change the law. We have to work through the issue.

Think ahead. Understand what the issues are. Get the right team from the beginning. If you need help identifying the right team, reach out to your team. Talk to them. Say, “Who else is affected by this? How do we pull it together?” Get a good group going, early.

If you have any specific request, let me know. We’ll get it in the future content. Check out my blog. Send me some notes on what you want to do in the future and what you need help on. I’ll make sure I deliver some content for you. Talk to you soon. Shawn McBride signing off.

Make sure you download our free checklist to assess your business.  

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Melissa ricquler.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

 

Check us out on the web.

Get Shawn’s latest book.

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

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Don’t Look Back at Sunk Costs

Posted on: June 19th, 2017 by R. Shawn McBride No Comments

Back in my days as an accounting and finance undergrad, I was taught that sunk costs are irrelevant. It took a long time for the concept to sink in. But it’s powerful, and I use it again and again and again.

Unfortunately, too many people in the business world don’t understand this fundamental concept. Basically: Anything you’ve paid for up to now and anything you’ve invested in your business – time, money and other resources – are considered sunk costs. The money is  expended. What you’ve spent up until now doesn’t matter. You can’t recover those costs.

What matters is what it’s going to cost in the future and how you are going to move forward. You need to look at where you are and what the next stage of development is going to cost or take.

One possibility would be to sell some of the assets you’ve developed. Consider their liquidation value or the price you could sell them for. The amount you’ve expended on something doesn’t impact its value in the marketplace or what it’s going to cost you in the future. You need to look forward from this point, at projecting costs and projecting developments. Anything you’ve done in the past is irrelevant to your decision-making now.

For instance, let’s say you paid $600,000 for a piece of equipment. You have $600,000 in that equipment. It’s going to cost you an another $50,000 to get that equipment working. Or you could sell it for $300,000. That’s your future decision point. You cannot get back the $600,000 you’ve already spent. Are you better off taking $300,000 in the liquidation or spending $50,000 to bring the piece online?

Remove from consideration the fact you paid $600,000 for the equipment.

The market doesn’t care, and it doesn’t matter in your decision-making. You want to be looking forward. This is very helpful in many cases because people often get attached to the amount of time, energy, or money they’ve put into something getting to today. What matters is the future, not the past. Only look forward. Don’t think about what you’ve put into something in the past.

This will make your decision-making very clear and clean.

What’s your experience? Have you struggled with sunk costs? How have you worked through this process?

Make sure you download our free checklist to assess your business.  

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Krzysztof (Kriss) Szkurlatowski.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

 

Check us out on the web.

Get Shawn’s latest book.

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook.

 

 

 

 

 

 

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