R. Shawn McBride Live

Posts for for August, 2017

Planning For Exits

Posted on: August 18th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke to Kevin Wright about exiting your business.

Kevin: I wanted to ask you about exits. What do you do when clients who are solo- entrepreneurs who maybe have a professional practice that’s more transactional and there’s not an ongoing value of an existing client.

R. Shawn McBride: Yes.

Kevin: What kind of exit opportunity do they have available to them?

R. Shawn McBride: Exit is an interesting situation. We need to plan for the exit in a lot of different things. What you raise is the professional service side, which I’ll get to in the second. Let me deal with the other side first, which is the operating business, the manufacturing business, the one where the personal owner of the business is not as critical. I had a client of mine, a guy named Rick Petrakowsky who owns a company named Surface Armor. He’s given me permission to use his name. He came to me several years ago because he wanted to sell Surface Armor. It was a successful company.

We brought him advisors in there, and we looked at business brokers, and they all said “You can’t sell the company because it’s all Rick. Rick’s taken control of everything. Rick’s making all the calls. Everybody knows Rick. If Rick’s not here, nothing happens. We moved Rick into a senior managerial role, and we put a general manager in to run the business. When I called Rick to get his permission to use his name to tell his story in connection with some of my speeches, there’s bells and whistles going on in the background. He’s ordering another cocktail at 10 AM on a weekday. Because he doesn’t go to work every day. His general manager goes to work every day.

Now he has to sell the whole business. Because Rick doesn’t have to be there, so he can sell the cash flow. Now Rick doesn’t want to sell the cash flow because he likes traveling the world and collecting checks. That’s what’s possible. We can do that in the operating business. In professional service, it’s a little bit harder (Attorney, CPA, doctor). People are coming to see that person, a lot of times. That doesn’t mean it doesn’t have value. What we’re doing a lot now is a generational play. We have older established professionals that have a book of business, people that come in regularly. You’ve got younger people who want to learn the skills and learn the trade, and need an entry into the market.

If we compare them, we often find a great option here. Bring a senior professional in and get a young mentee over the course of a couple of years to learn the business and get to know the customers. Then the senior person can exit out the back door and collect some money off of it and work out the economics between them. That’s been a very popular thing we’ve been working with, with the professional services. Does this transition make it bigger? To make that get other people involved. That’s an option for professional service. Again, it’s about “How do we disconnect it from a particular person?” That’s an underlying thing.

Kevin: Thank you. When you bring that younger person in, is there the agreement going into it that at some point we’re going to have this financial agreement? That this is going to be worth X, and you’re going to take over the business. Because I’ve seen a few times where you bring this younger person in, and they get into it, and they say “Ah, this isn’t for me,” and they’re out. Then you lay all this stuff out.

R. Shawn McBride: You lay it out and figure it out. Yes, a lot of times you’ve got to have fail-safes. Because you’ve got to know each other and see if it is a thing. Part of that value is getting the younger person to actually take over the core business and do the work, and yes, you’re going to have to. There’s going to be times where there’s not a stop and a start. Being realistic. If the owner’s being realistic, you probably want to start this process a little bit earlier. Because you may have to make one or two attempts before you can get better on the sticks.

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 Thad Zajdoatcz.

 

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.

 

 

 

 

 

 

Defending Women in Business and Replying to Criticism

Posted on: August 17th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about women doing great things in business.

Hey, folks. R. Shawn McBride with you here live and I’m re-recording a video. Just did a live video a minute ago. We had a little bit of technical difficulty. I want to get this message out here. Women in business can do great things. And I have a TEDx talk I did on women in business. yourbusinessspeaker.com/tedxwomen check it out.

Recently I’ve been asked by a conference to speak about that same message. One of the potential attendees sent a message saying, “It’s 2017 we shouldn’t be talking about women in business.” You know what? We are talking about it. And I’m going to continue to bring this message. Why? Because I’ve looked at the statistics. My TEDx talk was not some guy just spouting off about women. It was statistically researched information about what women do great in business. And I’m bringing that message. And I want women to do more in business.

Look at the statistics. While women are making great gains in the percentages of business owned and percentages of business formed, they still do not own over half the businesses. Yet they’re half the population. We have grounds to be gained in women in business. So, I want to see women do more. And that’s why I’m bringing this message. So somebody that wants to nay-say and tell me that they don’t want to hear about women in business and what women are doing right in business, there’s no place for that. We need to work on it.

Statistics show us that men and women do things differently. That is what my TEDx talks about. We did research studies. Other people have done research studies. In given situation men and women are going to do things differently. So, what I’m bringing with this message is not a sexist agenda about men versus women. It is, what do you do well? If I’m coaching a man, I’m going to utilize that person’s abilities to do what they do best. To help them compete well in business. It’s the exact same message for women.

If I’m coaching a female, I want her to do the things that she does great to compete. And if I have a female business partnership, we’re going to do what they do great. And that’s why this message is out there. I’ve brought this message at TEDx. I’ve brought it to conferences and events. I have an upcoming book on the topic. This message is going out. And those nay-sayers who’ve been popping around saying, “We shouldn’t be talking about women in business. We shouldn’t be treating men and women differently.” You know what? We’re going forward. Men and women deserve every equal opportunity. They deserve to be equal players on a playing field. That is right, but men and women do things differently. And we’re going to recognize that. And we’re going to compete in our way.

Women do not have to act like men in business. I’ve seen books out there telling women to do that. That is not the answer. The answer is, for women to compete in their way. If I’m coaching a basketball team, I want that team to use their particular strategy to win that particular game, the way they can.

And if I have a group of women business partners, which was a core message in my TEDx talk, I want those women to do things the way that they want to do it. And the broader message too is this, in business we’re going to get critics. I just got one. I’ve got multiple critics of that TEDx talk. You know what? I’m still going forward with the message because I believe in it. I’m passionate about it. And I think it needs to be there. You’re going to get critics in your business too.

So us, fellow entrepreneurs that are out there, those women that are building businesses, those men that building business – people are going to attack. Don’t play into it. Work through it. Be true to your message. Believe in what you believe in. Keep going forward. Tons of people have told me great things about this message of women in business partnership. Audiences love it. Tons of positive feedback at TEDx. People read some summary and they want to be argumentative. They want a problem. They want a fight. You know what? This is not about a fight. This is about working together. It’s collaboration. Women in business partnerships were the core message of my TEDx talk. So I’m bringing it out there. It’s coming to the world. And I’m telling you, fellow entrepreneurs, when you get critics like this you just keep going. You believe in your business. You believe in what you’re doing. And you do it the right way.

How can I help you? Check out the R. Shawn McBride themes that audiences painted. Send me a message, mcbrideforbusiness.com. I want to know what you think. And I want to hear your opinion on this. Am I right? Or am I wrong? Let me know. I just want to hear from you. Check us out on YouTube and www.mcbrideforbusiness.com.

Tell me how those videos are. I want your feedback on women in business. I am really curious about the marketplace. I want to hear what you’re saying. Send me your feedback. And also let me know what other messages you need. I’m R. Shawn McBride, I’m signing off. I’ll be talking with you again 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 Simone jackson.

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.

Transitioning Between Generations: Children Taking Over Parents’ Business

Posted on: August 17th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride spoke with Kevin Wright about issues that may arise with adult children taking over their parents’ business.

R. Shawn McBride: I’m trying to help regardless of where you’re are. Does anybody have a specific question from the first point before I open? Anybody have something specific they want to say or wanted to know about?

Kevin Wright: This is more for particular friends of mine who I grew up with that are in business right now. They’re our age, and at least over the couple conversations, I’ve had with them. They run a tree farm. A successful one, at that. Both carry different sides of the business. Do very well on one side. One’s very good with doing the time stuff. One’s very upfront with the customers. They’re hitting an age where they’re starting to say “Okay, where do we go from here?” How do we sell this business to our kids? Even if they don’t want the business. Buy it. It wasn’t even anything when they started this business.

I know it wasn’t even in their thoughts, selling the account at our age, going “Okay, what do we do when we hit this stage? How can we know we’re at this certain level? Go back to our kids and say okay, we’re going to take four million. Obviously, we don’t take that much money.”

R. Shawn McBride: Sure.

Kevin: How does one go about that? When somebody realizes “Oh, okay. What do we do now?”

R. Shawn McBride: The question is multiple owners, partnership – that situation. We’ve got adult children now who may be buying into the business or transitioning between generations. A big part of the planning. But we also know that we don’t plan so far in the future because we don’t know exactly how things are going to evolve. For a situation like that, the owners that are becoming seniors are now looking at their children. You’ve got to give the children some time to develop, to see what their personalities are going to be. You can’t say “I’m going to have a kid in 2020, and they’re going to take over my business in 2047.” Let’s not do that kind of planning. Right?

We work with clients that are in these types of situations a lot. One thing we’ve seen is the generations have changed. Twenty years ago, children used to love to jump in and take over their parents’ business, right? That’s the American dream. Kids are now thinking differently. A lot of them don’t want their parents’ business. They see mom and dad working 80 hours a week, and they say “That’s not my future. I’m not working 80 hours a week,” or they’ve gotten older. Generationally, the parents are working longer, so the kids are in their 30’s, and 40’s before the business finally transitions. A lot of kids are already in a different career, maybe a different city, following their dream. We can’t always just do that.

First, we’ve got to assess where we’re at. Who are our owners, what do the children look like? Then, we often bring the partners together and have a real conversation. What does this look like? I’ve seen reactions all over the place. I had some partners where I say “Hey, would you be okay doing business with your partner’s children?” They say “Oh my god, no. That child is irresponsible; I don’t like their personality, they would be terrible with our customers.” All the way over to the other side, I’ve had clients that say “I would love to do business with them.” I have one of my clients right now who, two guys founded the business, and one of the adult children got involved in the business and became a partial owner. Now we’ve bought the father out, and the adult son. Now it’s two partners with generational change. Father left, son of the one partner is now a partner. From two 50/50 partners to two 50/50 partners of a different generation. Successfully. Through conversation they knew each other, they were happy to work together.

Firstly, you got to assess what’s realistic. You know what? We’ve got to work through some of the economic issues. Sometimes we’ve got multiple children, and not all the children want to be involved in the business. A parent might have three children, and only one or two of them want to be involved in the business. Now we’re hanging out with the issue between the brother and sisters. A lot of times it’s just being realistic. Some people take the theory that everybody should build their business to sell it. I think that’s a good way to think about it. What is the real value of this business at the time of the transition? Then bring the children in and use some type of buy-out mechanism.

A note payable. We’ve used that before, where the child buys in over time. The one or two children that decide “Yes, I want to go into my parents’ business and take over, they buy in over time. Because usually, the child doesn’t have a pile of money sitting around there to buy it. It’s just not very realistic. It might be a 10 or 15-year buy in, where you get a payment system over 15 years. The child will buy in over time. We tailor to the circumstances. We look at where they are, and we look at how to get that in there. The point of this conversation is customization. You just got to know that these things evolve in the partnership. It’s why I’m always going back to the four D’s. I always tell everybody you have to plan for disagreement. You have to know up front that you may get into a situation where you disagree. The parent and those partners may at some point disagree about bringing those children in.

Kevin: We’ve talked to one brother, and I’ve talked to the other brother, so we had that conversation about our kids. While they’re working together, there are some butting heads on some stuff already. I’m like “I don’t even own the business yet.”

R. Shawn McBride: That’s why every business, regardless of what stage you are in, if you have multiple owners, you need to have disagreement provisions in place. Because we don’t know when a disagreement is coming – and this disagreement’s coming because the children are coming into the business, potentially. Other disagreements come for unexpected reasons. I have two partners that I worked with when I represented a company. They had informed the company before they engaged me, and I got thrown in to help them raise some money. Before we got around to raising the money, the two of them started having some disagreements about lifestyle. Specifically, they’re working a lot of hours. They’re working a full-time job, and they’re running this business part-time in the evening. They got approached by their wives – both of them about the same time. Their wives said “You’re working too many hours, spend some more time with the kids and us,” to which one of the partners says “Yes honey, you’re right. I’ll be spending more time with you. I’ll stop working so hard.” The other partner said “This is my dream and my passion. I want to build this business.” What we got now is one partner’s working around the clock trying to build the business. The other partner is working even less than part time. They’re dividing profits 50/50. It was not a good situation – a lot of tension there. They didn’t build a provision in advance for disagreements. If they had come to me in the beginning when they had set this thing up, I would have had a real talk with them. We don’t know when disagreements are coming, because of different circumstances.

It can be a disagreement about a third-party offer to buy a business. It could be a disagreement about a strategic franchise. I’ve had clients disagree in terms of the marketing plan. They disagree about branding. How carefully they should use their logo and trademark, and how nice of materials they’re going to use, and stuff. Fundamental disagreements about how to run the internals of the business led to a disagreement, which led to one partner collecting all the money and paying the lease on the owned property, and leaving the other guy with not enough money to pay the rent, and triggering his personal guarantee of the rent. It happens. Disagreements may pop up at any time.

I’d rather have the partners get in a disagreement and walk away with a check that they’re not happy with, then get in a disagreement and spend all of the money. Tying up the money in a courthouse or walk away with zero. We’ve seen the businesses get absolutely destroyed by fighting over who’s right and who’s wrong, and who gets to make the decision. We start with the prime list of disagreements possible; then we go from there. Right, here we see disagreement. If they don’t have the proper documentation in place right now, they need to go in and update their documents to protect the economic value if that disagreement gets more severe. Come up with some way to break that disagreement. One will probably have to buy the other out.

Get a formula, get a valuation in there. Do that now before the disagreement gets too severe. Because if they get too locked in, they’re going to end up at the courthouse, and that business is going to go. I’ve seen it happen.

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 det_tiara.

 

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.

 

 

 

 

 

Let’s Support Each Other

Posted on: August 16th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about supporting each other.

Hey, folks, it’s Shawn here saying let’s celebrate each other’s wins. You know, we’re in a world of competition. A lot of us are doing great things. People are working hard. We’re all very unique. And I see a lot of negativity out there with other people’s wins. And I know most of the people that are listening to this aren’t thinking that way, but it’s always good to say let’s stop, let’s embrace, and let’s encourage others to do great things because when others around us are doing great things that’s lifting our level up. We become more capable of being associated with those that are successful.

Many of the people that I work around are doing great things. They’re doing things that I don’t do because they have different capabilities, they have different work styles, they have different contacts, and they have different relationships and they do amazing things and that doesn’t spike jealousy. That spikes a wow – look how wonderful they are, look what they’re doing. What can we learn from each other? How could I help them do even more? What little tidbit do I know that I can add to fuel their fire to take them to the next level? And a lot of the people around me reciprocate, they do the same type of thing. You know, they’re like wow Shawn, you know, did you think about this or did you do that or how might this tool in your business? And we’re all working collectively and collaboratively to do more.

So I want to encourage you to think about the same thing. What are you doing to do more? How are you building those around you? And, how are you encouraging greatness? And, are you doing things to allow more to happen or are you taking away from each other? Let’s work together. Let’s build more. Let’s do more.

It’s a philosophical thing. I think we should all work it into our thinking. And, most of us are very positive, but it’s something that we just want to let slip. You know, every time you’re thinking about what other people are doing, stay on the positive side of the ledger.

What can we do to help each other? It’s going to make a huge difference in our returns. We’re all going to be building each other up and that means more. You’re the sum total of your five closest friends many people say. Here it is, make your five friends even better and make yourself even better.

What can I do for you? Let me know. If you have questions on planning or issues you’re dealing with, just drop me a note. I love to record videos like this. Short snip bits on general topics. If you need some custom work, I would love to come in and work with you one on one, keynote, training . . .  whatever you need. And then, of course, we got the McBride for Business youtube channel. Subscribe. Get some great videos. I can help you launch your business to a higher level. And, of course, the R. Shawn McBride fans and audiences page on Facebook – good resources for you there. More resources at www.mcbrideforbusiness.com/blog and www.mcbrideattorneys.com/blog. And then, finally, there’s a business evaluation checklist at McBride for Business which you should really check out and get. Go get it. Let me know what you’re thinking. Reach out. Talk to you 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 Michael Illuchine.

 

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.

 

 

 

Have a Problem, it’s One of Two Things: It’s Your Employee or It’s the Procedures

Posted on: August 16th, 2017 by R. Shawn McBride No Comments

As our business grows, we continue to implement more and more procedures and become more structured on how we do things, while trying to keep the air of creativity, entrepreneurship, and flexibility. A similar experience happens for other businesses. As you’re growing you should be growing your list of procedures and ways of doing routine things so that your company has that uniform culture, ways of doing things and others understand who you are. The procedures are also a great way to assess problems. Whenever you have a problem in your business it’s usually one of two things. Either the employee has not followed the procedure which is bad or the procedure has broken, which is also not good. However, this gives you the opportunity for growth and change. You get feedback. This is one of the most beautiful things about having procedures is by utilizing the procedure system as things are happening in your business, you’re able to go back and assess where the problems are.

When everybody’s doing things differently and a problem occurs, all you can do is look at how that one person was doing it, assess it, and determine what went wrong and try to hope it doesn’t happen the next time. When you’re operating a system with procedures, business thoughts and goals in mind, it becomes much easier. You can monitor what’s going on in your system when problems happen. Particularly, when problems recur – it gives you an opportunity to go back and address the root cause, adjust the procedure. You can do business better, serve your customers better, have better flows, be more efficient, all because you have something to go fix and change for the future. Procedures are very valuable and they help us make our businesses bigger and more predictable for ourselves and for the outsiders. To the extent, you have procedures, it’s a great opportunity to do more, to assess more and to connect better with others.

What’s been your experience with your business? Have you utilized procedures? How are you doing on updating and implementing your procedures? Join us in the comments below and let us know about your thoughts and experiences.

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 Josephine Eber.

 

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.

 

 

 

 

Words from the Threshold (by Lisa Smartt) A Book on the Meaning of Life

Posted on: August 15th, 2017 by R. Shawn McBride No Comments

Hi everyone, R Shawn McBride here with you. For those of you who don’t know me, I’m in the planning game. I help successful private businesses build plans and help their employees build plans to enjoy their careers. I’m an avid reader, attorney, with a CPA background, I speak, I also write and today I’m going to give you a book review of the book Words from the Threshold written by Lisa Smartt.
A few weeks ago I was driving cross country, listening to the radio, and heard Lisa on the Coast to Coast Radio Show. And I’ve reached out to the Coast to Coast folks, hoping to be a guest there soon on their show. But Lisa was on there talking about Words from the Threshold, a very, very interesting study. She talked to a lot of people about what their experience was, what the experience of their loved ones was as they were moving through the dying process. A lot of great lessons in there and I think it’s very meaningful.
Many of you know that I do a lot of work with planning when I’m speaking to people, when I’m working one on one with my clients, and when I’m working with groups. It’s all about planning and execution, and how do we build it, and one of the things I ask people to do is have a vision – 10, 15, 20 years into the future of what you want to do. What is a more meaningful tie-in than to be thinking about the meaning of your life and where you’re going to go? So Lisa really does a great job of making it an important discussion. She really looks at the different aspects of things she found, it really gives you a lot of great stuff to think about, about what’s the meaning as we’re passing, and certainly that last communication between loved ones.
So I absolutely love the book, I suggest those of you that are looking for meaning and purpose and direction in your life, this should be required reading, you should definitely check it out. It made me really think about life, and what comes after, how it all fits together, and what the meaning is and being with loved ones. So really resonated with me. For those of you who are working for a higher purpose, and are building a business, and you’ve got employees and people you care about, and you’re doing something really for the community, this ties all into that. And what do our lives mean.
So grab a copy, reach out to me if you have any questions, would love to know your thoughts on that book. And of course, if I can help you with anything along the way I’m here for you, want people to get those lives they want and build those plans. So if you’re struggling with the business plans or the motivation, and you need some help, reach out to me. Check out the R Shawn McBride fan page on Facebook, or the McBride for business YouTube channel where you can connect with me, and get lots of great information for your business for free. So I’ll be talking to you, but check out Words for the Threshold, let me know what you think. 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 George Bosela.

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 Relationships are Going to Change

Posted on: August 15th, 2017 by R. Shawn McBride No Comments

You know, a lot of people think about life as being static. Entrepreneurs have goals. We want to get places. We want to do things. When entrepreneurs show up at my office and we’re working on their plans to achieve their dreams and goals. They often share with me big plans, places they want to live, trips they want to have, companies they want to build, how they want to help others along the way. They’re great visions and they always are large. It’s great because this is empowering. It causes the person to stretch to want to do more. I’m a big believer in empowerment, but when you’re reaching for your goals, when you’re reaching for your empowerment, how are you doing it in a way that makes sense, making sure that everything’s going to fit when you get there?

You want the big house. You want the big company. But something’s going to have to change in you. Things are going to have change in your life in order to get that. Some people that you are currently close to are going to be alienated by your changes, your hard work, your efforts, your sacrifices, your vision, and dreams. You’re going to lose some friends along the way. Some friends just aren’t going to get what you’re doing. Others are going to get it and they’re not going to agree with your balance or your choices. Other people are going to come to you because what you’re building is so great. What you’re going to find is that your community is going to change as you become empowered and as you grow. Everything’s not static. Your life is going to change around you. Your associations are going to change. The people that love you are going to change. The people you work with regularly are going to change. What you’ll typically find is, as you become more empowered, you’ll find others that are empowered and they’ll become your community.

You will move up together. You will accomplish great things by getting to higher and higher and higher levels. Unfortunately, some of your old relationships will fall by the wayside. You just need to be understanding that things change and everything is going to change as you become more and more of who you are and more and more great at what you’re doing. Those around you are going to change. It’s part of the natural process. Plan for it.

What’s been your experience? Have those around you changed as you’ve grown and shaped yourself? Join us in the comments below and share your thoughts and experiences.

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 Katy Smith.

 

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.

 

 

 

 

How to Use the Power of Masterminds in Your Business to Rev Up Your Profits

Posted on: August 14th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about working together to increase your business profits.

Hey everyone, Shawn here with you. I want to talk about using the power of masterminds in your business. So we hear so much about pulling teams together, doing masterminds. And a lot of people swear by it. If you look at the most successful people they often pull masterminds together. And if you look at a lot of great online marketers, these people are usually meeting with each other regularly, they’re cross referring to each other, and they’re doing things together. And it works on a smaller scale too. We hear about smaller businesses where the owners come together. They talk about their issues, they bring things together, and they do great things.
So how do we use the power of masterminding in our business? Well, you could join a masterminding group, and I think that’s a great option. A lot of good stuff out there, a lot of great facilitators, and you could also learn about that. But, another way to bring the power of the mastermind back to your organization is to pull together a team of managers or a board of directors. We’ve talked about using boards of directors as part of your continuity planning, and it’s a wonderful item. If you’ve missed those videos or blogs, go check them out mcbrideattorneys.com and mcbrideforbusiness.com where we talk about using that.
And there are also videos on the R. Shawn McBride public page on Facebook. So dig into those, there are reasons why we want to do that – and that helps us have that continuity if something happens to the owner. Disability, death, and other unexpected life events.
But, how do we pull this together regularly? Well, one of the things we can do is build a board of advisors, these are just a little less formal board of directors. These are people just giving informal advice. They don’t do legal actions on behalf of the company. Or we can pull together a board of directors. People that actually do pull those legal decisions for the company. So we get our choice of which one we want, and how formal we want to make it.
But it can all be custom blended to you and your team. And that’s where someone like myself, another strategy consultant, or somebody with experience in this area, can come in and talk about what custom blend works best for you. You know, and how do you blend these things together. It’s not really hard to implement. The legal documentation can be fairly straightforward once you have your plan together. But the key is to have the plan together and know where you’re going.
So if this is resonating with you, check out the McBride For Business YouTube channel. Subscribe, get some videos there. Learn more about these issues. The R. Shawn McBride public page on Facebook has lots of great videos and training on this. Join our community, be part of our team. And let’s talk more and more about these issues, and let me know how I can help you. Reach out to me. Drop me a note, let me know what I can do for you, what issues you’re facing. I would love to help you. There is a business evaluation checklist at mcbrideforbusiness. You should really check it out, it’s going to help you make sure you’re doing the right things for your business. Signing off for now, R. Shawn McBride. Looking forward to seeing you soon on a future video. Check me out 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 Michel Collot.

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.

We are all Creative

Posted on: August 14th, 2017 by R. Shawn McBride No Comments

I have a premise and it may be a little shocking. But I think it’s true. I think that all of us are creative. I think all of us are capable of doing very unique things and finding unique ways of doing them. I think the human mind is wired that way. You’ll hear a lot of people say I’m not creative. I don’t have a creative side or I’m more of a structured person. I think this may be true for the way they’re operating, it may be true for the walls they’ve built themselves. I think all of us do have a side of us that is inherently creative, that allows us to express ourselves in unique ways. A side that allows us to see connections that most other people don’t see. It just needs to be untapped. Working from my experience and the experience of others which have been large corporate or structured environments, many times, that creativity is squashed and then it will take quite some time to rebuild that creativity in a new situation. What is interesting is – I can see it, it can be rebuilt.

It’s rebuilt in my life. It’s been rebuilt in the lives of others. You just have to let it out. The question of the day is how do you get your creativity out? You start small. You start challenging yourself to think differently, to work on solutions, to come up with new ideas. At first, they don’t have to be great ideas, just get ideas out. Eventually, you’ll start seeing the quality and the variety of your ideas increasing. You’ll start being less and less connected to structured norms. This is when great creativity can come out. Put yourself in situations where you can think differently. Work on new situations and allow this muscle to build. I think you’ll be surprised. We are all creative. All of us are capable of great creativity. We just have to let that system build. What’s been your experience? Have you seen uncreative people suddenly do very creative things? How has this built for you over time? Join us in the comments below and let us know about your experience.

What’s been your experience? Have you seen uncreative people suddenly do very creative things? How has this built for you over time? Join us in the comments below and let us know about your 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 ratnesh bhatt .

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.

 

 

 

 

Live on Womanars: Part 7 LLC Vs. C Corp

Posted on: August 11th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride was recently interviewed by Tilde Guajardo on Womanars. In part 7 of that interview, Shawn talks about the difference in an LLC and a C Corp.

Tilde: So, I’m gonna give you this last question because I’m sure a lot of people have it that are looking at different structures for their businesses. And even if they’re already in business as an LLC, considering going into an S corp or a C corp. So, what is the main difference between let’s say an LLC and a C corp?
R. Shawn McBride: Yeah, their structurally different. They’re treated differently for tax purposes. You know the C corporation typically is taxed. The C corporation level and then there’s a dividend that’s also taxed at the owner level. The LLC avoids this issue as does the S corporation. Now the S corporation and the partnership are taxed a little different for income tax reasons. So we’ve got three different ways that we can blend the income tax regime. And we got to really look at the situation and at what’s best.

For many business owners, the S corporation tax regime is the one that works well for them. It allows them to take profits as an owner which are not subject to self-employment tax. They have to take a reasonable salary as the owner so they can get that salary that is subject to self-employment tax. But by doing it that way, they potentially avoid, pay a little less tax than what they would as a true partnership or LLC because the LLC is taxed as a partnership and has more than one owner. Now to make all that even more complicated, the IRS came out with what they call “check the box regulations” which allow LLC’s to be taxed as S corporations so you can have an LLC for state law purposes and a corporation for tax law purposes. So you can blend all of this together. You just want to get to the right one. The LLC for state law purposes is different than the corporation and then the S corporation is just a corporation that has made an election with the IRS. Those two entities, the LLC versus

The LLC for state law purposes is different than the corporation and then the S corporation is just a corporation that has made an election with the IRS. Those two entities, the LLC versus the corporation. The LLC is very flexible, freedom, you got to write everything down though. You need a longer agreement to really document how the partnership works together. Whereas the corporation has a board of directors, have shareholder meetings, resolutions, and a lot of paperwork but it’s a more rigid structure. And which of those two you want, really depends on what your objectives are for your business and how you see your management working – your long term plans.
Tilde: Right.
R. Shawn McBride: Most people these days like that flexibility and freedom of the LLC.
Tilde: Right and if I’m not mistaken, please correct me if I’m wrong, can’t you convert your LLC to a C corp within a certain amount of time.
R. Shawn McBride: Yes. Well, most states allow you to do conversions, which means you can take entities, you can continue your business as a business, and change it into a new form so you basically take what was an LLC today, could be a C corporation tomorrow. Or C corporation can become an LLC. Texas has these options. Most states are starting to adopt these kinds of options. You can move these things back and forth. So you don’t have to pick something forever which is good. Before those laws came out, you would have to do a merger so or some other way of getting a corporation into an LLC or an LLC into a corporation and that took a lot more paperwork. So now the state has just made it a lot easier. So don’t feel like you have to lock in forever. Lock in for the time being, and make a decision. You typically want an entity for liability protection purposes.
Tilde: Right.
R. Shawn McBride: But you don’t have to pick it forever. You can adjust.
Tilde: Yeah, and you know that’s kind of what freed me ’cause I’m one of those people that like to research and research and research. And so the hardest things for me was reading up on all the different types of corporations and until my CPA told me, you know, you can just choose one now and you can always change it later. That was liberating to know that if something changed in the business and if you know it was a little bit better, for tax purposes, to maybe switch it out a little bit later then we could do that. So it does allow you allow a lot of freedom.
R. Shawn McBride: Yes, you don’t have to make the perfect decision. So you know you can pick what’s right.
Tilde: Now the other thing along the same lines is where to actually file an LLC or your business entity. Does that really make that much of a difference?
R. Shawn McBride: It does, depending on what you’re doing. You get to pick. Under the US system, the way it works, really you can pick any state to form your LLC or corporation. Most people pick the state that they’re operating in so if you’re operating in a single state, most people will form in that state. Other popular options are states like Delaware, Nevada, and Wyoming – this kind of get a lot of filings from throughout the country. And what people are typically looking at there is, how does the relationship among the partners get governed by state law. So Delaware kind of is the default. That’s where a lot of Fortune 500’s have been filed for years. They kind of keep an updated LLC law so a lot of people want to use Delaware. So particularly if you’re getting an outside investor, sometimes that outside investor will say, you must be a Delaware LLC because we only invest in Delaware LLC’s. So you may see those kinds of influences.

For many people, we’re here in Texas today, if you’re in Texas and you’re forming in Texas, most people file a Texas LLC. They’ll keep it simpler. They’ll keep it easier. It’s less filing. Not only do you have to file in the state you select, but you have to file in every state that you do business in as a foreign entity. Even though you’re all within the US, you’re filing as a foreign entity in every state you’re doing business in. So for a lot of people, it’s one less filing if they just file in the state that they’re formed in.
Tilde: Right.
R. Shawn McBride: But if you’re doing something sophisticated, then you might want to do an analysis of what’s good for your investors or how does your partnership agreement work for some of those dispute provisions. So we get into more technical complex deals where maybe they’re paying a lot of attention to what state they’re forming in.
Tilde: Right. Awesome. Well, thank you so much for all the great advice. I’m looking at our Facebook feed to make sure that nobody has any questions and I don’t see any. But thank you so much for all the information. It’s great information.
R. Shawn McBride: Of course.
Tilde: Ladies, gentlemen if you’re watching. Please take it to heart and tell people how they can get a hold of you, Shawn.
R. Shawn McBride: Sure you can reach out to me at www.mcbrideforbusiness.com, or 214-418-0258. The R. Shawn McBride Fan and Audience Page is on Facebook. I check it regularly. It’s a great place. Like it and send me a message if you need to get a hold of us. We’ll monitor that regularly.
Tilde: Yeah, and Shawn you started daily Facebook–
R. Shawn McBride: Yes, we’re doing videos on business topics that we’re putting on that feed. So, stuff that we’re seeing, real life stuff that we’re getting from our clients, from the audiences when I’m speaking. Real issues that people are dealing with, we’re making short two to three-minute videos, so very digestible, and we’re putting them on both the R. Shawn McBride Fan and Audiences Page and on the McBride for Business YouTube channel. So we’re really trying to make this information accessible so that people can do a lot of this on their own. And my goal really is, if somebody really wants to do something big or custom, that’s when I’m happy to come in. I want to give away all kind of the stuff that we’re seeing and what we’re learning along the way and really help people do the business stuff as much as they can on their own.
Tilde: Yeah. Well, thank you for doing that. I know I’ll be watching and you guys be sure and check out his Facebook page, as well.
R. Shawn McBride: Yes definitely.
Tilde: Especially if you are thinking about jumping into business, these are critical things that you need to think about and also just lay the foundation that’s going to last and get all your ducks in order. That’s one thing that I made sure to do when I first started Womanars, you know, is really research the type of business entity that I wanted to be. And like I said, I could have easily gotten stuck with paralysis by analysis if you’re not sure, just remember, you can always change it later. So don’t feel like you have to make the right decision right away because that’s not the case. You can easily change it a little bit later. But it is imperative that you do lay the foundation initially by thinking about all these questions that Shawn talked about in his three C’s. If you are thinking about going into partnerships–
R. Shawn McBride: It makes a big difference in the end. Absolutely.
Tilde: Yeah, yeah. You’re welcome, Marsha. You know, when I met Shawn, I knew that I had to have him on. He’s given out some great information. I loved hearing him speak on Friday ’cause then I got excited about having him here on Tuesday so Shawn thanks a bunch for all the great information and thank you guys for watching. Again, if you’re watching live, and you’d like the information that you’re hearing, the content that you’re hearing, please share us, don’t keep this a secret. And especially if you know somebody that’s thinking about going into business or thinking about going into partnership with somebody, share this video with them, it’s critical. So, thanks, everybody and have a great week.
R. Shawn McBride: Thank 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 Robert Owen-Wahl.

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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