R. Shawn McBride Live

Posts for for November, 2017

Are You the Expert?

Posted on: November 30th, 2017 by R. Shawn McBride No Comments

If you know your subject and you can explain it to someone else, you will be viewed as an expert. Often, being an expert in a specific area is being able to explain the information in a simple way. Bestselling author Michael Port made this case at a recent conference I attended. Being the expert means being able to explain things clearly. However, even if you really understand something but you do a confusing job explaining it, your audience is going to wonder whether you actually understand it. They are going to be confused if it does not make sense.

If you can explain things in simple terms in a way that makes sense to your audience, they will often embrace the concepts, and they will have an “aha!” moment. As you say it, they will say, “Wow! That makes sense.” That is one of the keys to being an expert.

It has been said that if you cannot explain something simply, you do not understand it well enough. Truthfully, most things can be simplified. Of course, nuclear physics and the way that a nuclear reactor works may be highly complex and may need various levels of training. But most things are not rocket science. For everyday concepts, you should be able to break things down to the point of simplicity where they will make sense.

What are your thoughts on your expert status? Are you able to explain things simply? What could you do better? Join us in the comments below to discuss.

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 Valentina Degiorgis. 

 

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 3 Laws of Empowerment

Posted on: November 30th, 2017 by R. Shawn McBride No Comments

Where are you on your current path? Here are three simple steps to clarify your thinking.

My signature keynote is about The 3 Laws of Empowerment. I want to break down the three laws a little to think a bit deeper about them. It is an important and helpful planning tool. I encourage you to stop periodically and think of your current progress in light of the three laws. Thinking about which of the current laws you are in and how you are working through that process can be helpful in getting to the next level. Knowing that you have to progress will keep you out of the preparation loop.

Let’s take a look at each of the three laws:

#1. Prepare. You have to prepare for your greatness by building a foundation. Some of this work may have already been done, but know where you are and where you are going.

#2. Plan. As you are preparing and moving into the planning stage, build a plan that you want to execute. Plans are not perfect. Plans change over time, but as you grow, you need to understand where you are going and you need to make sure you are putting the right pieces in place. Having a plan will help you make sure that you are on that trajectory, that you are checking all the boxes, that you are making sure that all the foundation is laid correctly for your future.

#3. Protect. How are you making sure you get what is fair and right? How do you make sure that you get to capitalize on your hard work, on the intellectual property that you have created, on the business structure you have created, and on the time and effort you have put into your business? How do you make sure you are protected?

The three laws of empowerment are very simple. Like the law of gravity, they will keep you grounded and secured. They will help you be a better business owner. They will help you be a better person. They will help you fulfill your mission in life.

Where are you in light of the three laws? What are you working on next? Where’s your biggest challenge? Share with 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 Alberto Vaghi. 

 

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.

 

Is Price the Most Important Thing in Sales?

Posted on: November 29th, 2017 by R. Shawn McBride No Comments

While attending the Heroic Public Speaking Conference in Fort Lauderdale, Florida, I got to see Ian Altman do a small portion of his regular keynote speech.  Ian clearly knows his stuff, and he made an important point: Is price the most important thing when you are selling something?

He used a unique phrase, “Price is the top priority when the seller thinks it is.” Stop for a second and consider that. Price may not always be the most important issue to the buyer. The buyer may be worried about quality, getting your particular message in the case of a speaker, or getting a particular need met quickly. Sometimes, we have something of great value to the buyer, and the buyer may be very willing to buy.

There is often a value mismatch that underlies sales transactions. If we provide more value, and therefore, a higher price than the potential buyer values the goods or the service, there will be a mismatch. Many sellers react by adjusting the price. If you have a mismatch with the buyers, they may not understand the value. They may not understand what you are delivering, or they cannot capitalize on the value that you are adding.

Ian gave us a great thought—something to think about. It is a helpful way to look at the world. If you are constantly thinking that price is the issue, then price will be the issue. However, if you focus on trying to find matches for value added where you can add extreme amounts of value for a relatively low cost, then the buying choice is going to get clearer and clearer. You are the right choice, you are the one they need.

What are your thoughts on selling and pricing? What have you done in the past? Share with 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 Mike Johnson. 

 

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.

 

 

Is Success Accidental?

Posted on: November 29th, 2017 by R. Shawn McBride No Comments

What do you think about success? In my personal journey to success, I met many successful people, and as my success grew, I met more and more. Success breeds success. As you start building your network and your abilities, people who are doing great things will start to find you. They are looking for equals.

There is a theory that each of us is the component part of our five closest friends or our five closest associates. I believe that there is truth to this, and I think the people we are close to are important. Successful people know this principle and are looking for other successful people to associate with. As you are growing, you start building a network of more and more successful people, and together you have the resources to do bigger and bigger things.

Having known so many successful people, I have seen a common theme in what is happening. Successful people find other successful people and all of them do the same thing: they learn and grow. They look for opportunities. They are focused on their efforts because they know the direction they are going.

Some are very intentional and narrow. Others have a broader brush of where they want to be and are open to opportunities, but everybody is acting intentionally. They are moving in a certain direction, and things start to happen as they tell others what they are doing. As they are working hard on this direction and others are seeing their early successes, people want them to succeed even more. They encourage them and let them grow, and they give them opportunities.

People looking for opportunities who are genuinely working hard for these opportunities find more. I do not think success is accidental, I think it is a sum of a lot of different parts coming together, and it is the result of intentional efforts.

What are your thoughts on success? What have you seen in growing your success? What have you done to be successful? Share with 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 Steve Knight. 

 

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.

 

 

Building Your Team

Posted on: November 28th, 2017 by R. Shawn McBride No Comments

One of the things I talk a lot about in The 3 Laws of Empowerment, is building your team. The key message is getting successful private business owners into businesses that can stand the test of time. That is my goal when I deliver this speech, but we talk about preparing, planning, and protecting. As part of that plan, I know that you typically have to involve others. You’re not going to be able to build a plan where you can do everything yourself. Those would be very rare individuals indeed that can do everything necessary for a business completely on their own. What are some people you need to think about having on your team? Here’s a list of other business owners of people you may want to consider adding to your team.

#1 Business coach. Now, you might say, “Why a business coach? Why are they necessary?” You need somebody that’s been down the path before that can give you a broad perspective. Two sets of eyes are much better than one. In some cases, you might be able to use a partner instead of a business coach, but you need a second person who’s paying attention to you, and the business, and what’s going on, and looking for your blind spots from a completely different perspective than yours.

#2 A lawyer. I spent my background and I learned a lot of my skills and a lot of business knowledge being a lawyer. Lawyers add a lot of value to a business. They’re going to help protect your personal assets through incorporation. They’re going to make sure that you have your ducks in a row. They’re going to look ahead to litigation because lawyers think about litigation. A good lawyer is going to position you to do well in litigation. An even better lawyer is going to try to avoid litigation before it happens.

#3 An accountant. You’re going to want somebody good to help you with your accounting records, to help you build your team.

#4 Insurance. You’ll want insurance to protect your risks, both personal and professional, so you want to get the right insurance advisor at the time.

#5 Intellectual property. You’ll want somebody to help you if you’re developing any intellectual property. This is typically a specialized lawyer who’s coming in to help you. HR and staffing. You’ll want somebody to come in and help you build the right human resources materials, and teams, and processes as you’re hiring people to make sure you get them right.

#6 Investment advisor. You’ll probably want to talk to an investment advisor sooner than later. Running a business is challenging. At some point, you’ll start making cash flow, and you’ll want to get them into the right retirement plans, but before there you may need to access some of your savings, and some of the wealth you’ve accumulated to build this business. You’ll want to get an investment advisor that you trust involved sooner than later.

#7 Computers and IT. You’ll want to get somebody involved in helping to build your infrastructure, particularly on the technology side. Backups, data security, data organization, having computers that work; these are all things that are critical to today’s business world. Making sure you have the right communication and the right things working for you.

#8 Specialists. You’ll probably want to hire some specialists in a few different areas to help you continue to build the business, whether it be coaching for presentations, or developing websites, or other things. You’ll want to look for some specialized skills based on your business’s unique needs and problems.

Who’s on your team? What have you thought about assembling your team? Are there people that are critical to your business that we missed in the list above? Join us in the comments below. We enjoy hearing 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 John Frenzel. 

 

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.

 

Starting a Business After Working for Others

Posted on: November 28th, 2017 by R. Shawn McBride No Comments

Many of our clients show similar characteristics. One of the characteristics we often see is that our clients are people that are starting businesses after working for others. It can happen a couple of different ways.

One, they work for somebody else and now they’re taking an executive role, which means for the first time they’re going to have a significant ownership and direct control over a company, so they’re becoming a business owner by dipping their toe in the water, by becoming a minority holder in exchange for executive services. Another class of client we often see is one that has worked for other people and now wants to do something entrepreneurial. They understand the business game. They want to build it better. They want to build something that reflects them and they think can service the market. These are both great.

What do we see from these clients? They bring their years of skill and experience to the table, and they apply it to a very, very specific situation. They make things work, but where are the weak spots? Where are the blind spots? Well, working with all of our clients, we know that they do have a few areas they need to focus more on. They need to focus on diversifying their skills. They typically have very, very valuable skills in a particular area which they refined and honed while working for other people, but they may not have seen the entire operation, and there are probably portions of the operation they’re not nearly as strong at, so we’re going to want to look at that. We’re going to want to make sure that we’re filling that hole.

We also need to get a team built, and this is very, very tricky for many new companies. You need to have everybody doing different things. Thankfully, we’re starting to live in an economy where it’s very service-based, and you can buy people’s time on a fractional basis. You can buy years of expertise just for one or two particular projects, but you need to be accessing this market. You need to be aware of it, and you’re going to need to use it. It’s much more efficient to buy a few hours of somebody’s expertise than to try to reinvent the wheel yourself. The biggest issue is going to be the learning curve.

For many of these new businesses the key is pulling all this information, all this knowledge, and all these different expertise together quickly so the business can get off the ground, so the product or service has a chance of making it. We want to build the teams early rather than later. This typically means a financial investment, typically means money is going to go out to build all these pieces before the revenue is really going to start coming in, and that’s a real challenge. It’s hard today to build a business without capital, to build one that really is correct. You can bootstrap it and you can eventually learn all these things, but if you invest some capital and really have a solid business plan, you’re going to get there a lot faster. What’s been your experience with business growth? How have you worked your plan? What would you do differently in the future? Let us know 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 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.

Should I Start This Business?

Posted on: November 27th, 2017 by R. Shawn McBride No Comments

While our business focus is on a different type of client, many times at a cocktail party, or an event, or in an informal discussion somebody will ask me, “Should I start this business? Is this what I should do?” I have kind of a screening criteria to determine whether somebody should indeed go into business. Now, normally the question is largely about should I go into business for myself. Should I jump out and build something? What I think the person needs to assess is their personality. There are certain characteristics that we need to see in order to think that somebody has a better than average chance of making it.

Number one is obviously tenacity. Business does not go as planned. You’re going to have a lot of failures, so you need to be ready to deal with that. You need to be a learning individual. This doesn’t mean you have to be a book-educated person. It doesn’t mean you have to have enjoyed college, or high school, and doesn’t mean you have to always read tons of material, but you do need to be open to learning through life, and business is largely life learning. You’re going to get life lessons on your business. You need to be flexible. You need to understand that you have to change. You can’t be rigid. A business owner that’s rigid is going to quickly go out of business because they’re going to learn that their original business model is not going to work exactly as they planned. That’s one of the reasons I didn’t start the article by asking about what was your business. Lots of people have different business concepts. Their businesses go different directions. You need to be able to learn and evolve.

I think one of the best books I ever read on this was called The Lean Startup by Eric Ries. Eric talks about how you have to evolve a business. You have to pivot. You have to make changes based on what you’re learning from your customers and how you evolve over time, so that’s critical in your philosophy. If you don’t have the philosophy of changing, and evolving and finding your market niche, you’re probably going to have some difficulties, because you’re probably going to find your market niche is different than you initially identified. Are you in for a long haul? I can guarantee you from all the successful business owners I know and my own experience, if you’re going to make it, you’re going to have some periods of difficulty. You’re going to have some periods where you scratch your head and you wonder whether you should be doing this. You’re going to wonder whether the market’s ever going to accept what you’re doing, and you have to have the ability to push through that.

Starting a business is no easy journey. It could be one of the best things you ever do. It can add so much value to your life, and it will change you as a person, but you have to be ready for this journey. You have to know that it’s probably different than any other journey you’ve had in your life before. You really have to believe in yourself. Are you thinking about starting a business? What would you do? How would you make your business successful? 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 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.

Illness and the Business Owner

Posted on: November 27th, 2017 by R. Shawn McBride No Comments

Maybe you’re ill. Maybe you’re not feeling well. Hopefully, it’s something minor like the flu. But what if it’s something major like a heart attack or cancer. What do you do? If you’ve been following our blog we talk a lot about proactive planning. Planning for making a business bigger than just a single owner. Building robust plans to make things happen.

Hopefully, for most of our clients and business owners that are following us, you’ve worked with professionals to implement a strategy that’s really going to work in the event that you’re unable to be involved in the business, but not everybody has laid out these plans. So what are some emergency things you can do if you suddenly find yourself ill and your business is overly reliant on you?

#1 Make a plan. It should come as no surprise that the first thing to do is to have a plan. I’m a big proponent of planning in so many different contexts, and this is one. When you have a problem, rather than just react in a knee jerk fashion, it’s a great time to sit down and really make a plan. Think about being proactive. Think about the future. I talk in The 3 Laws of Empowerment about preparing, planning and protecting, and this is one of those cases where we’re going to have to jump right into planning because of the timing.

#2 Assess where you are. Do an assessment of where you are. What resources do you have? We take a broad view of resources here. In The 3 Laws of Empowerment, www.yourbusinessspeaker.com, we talk in terms of preparation and preparing for a plan. Here, at this moment, we need to assess what preparation has been done even though it wasn’t intentional. What money do you have? What skills do your employees have? Who do you have access to? What resources can you possibly rally together in order to help?

#3 Start collecting resources for your plan. Do you know some other experienced business owners that can step in and help you? Do you have employees that are being underutilized that can step up to a higher level? Do you have money to buy outside advisors? You’re going to look at your unique situation and combination of resources to figure out how you’re going to pull things together.

#4 You’re going to start making a plan. You’re going to start plugging holes. Make a list of what you do every day, all of your functions, core, and non-core. The non-core functions should be delegated forever and we should bring new people into doing those. The core functions need to be covered and we need to figure out who’s going to cover them. This may be a great time to build an alliance with another business owner in your community, somebody you respect and trust. See if you can tap them and get them to come over and oversee and work with your team on a part-time basis. This may be the time to build a board of directors. We’ve talked so much about a board of directors in other blogs, but now would be a time to tap on that board of directors to have people come help you.

The key here is that every function’s filled and you probably want to build a structure that has oversight. You don’t want your manager controlling all the finances. We want solid internal controls here. I think back on my days of CPA training and how we talked about separation of functions and controls. That’s going to be key.

#5 Have check and balances. You want to bring your financial team in to talk about who’s doing what and to make sure there are appropriate checks and balances. Just like our federal government has checks and balances, you want to make sure that your team has checks and balances. You cannot delegate all of your authority to any one person. Everyone needs to be cross checking each other to protect your financial interests.

#6 Start implementing your plan and look for issues. See what’s not getting done. See where the problems are cropping up and start plugging holes. Depending on the nature of your illness, this may be difficult, which is one of the reasons we advocate for early planning. But get your team involved. Make sure they’re looking for all the holes and that everything’s getting covered. You really want great employees that care about the customer and the final outcome here to be advising you.

Becoming ill is not fun, particularly for a long term disease or condition. The best we can do for your business is to try to keep it moving forward. We obviously want to protect the economic value at the time of your need and we want to make sure that the company’s moving forward.

Involving others is the key. Now we just have to do it on an expedited basis. We need to divide the authority and we need to build a plan that really works to make sure that everybody’s moving forward and we want to get the right advisors involved to make sure that there are checks and balances. We don’t want any one person to be able to take advantage of the situation.

Where are you at in this plan? Are you caught off guard by your illness? Are you having some difficulties? Do you need some help in the plan? Join us in the comments below and let us know what your experience has been.

 

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 typofi. 

 

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.

What an Outside Advisor Can Do For You

Posted on: November 25th, 2017 by R. Shawn McBride No Comments

R. Shawn McBride recently spoke about the benefits an outside advisor can bring to your business.

I’m Shawn here with you, asking you an important question. What can an outside advisor do that you can’t do on your own? Well you know, sometimes having that outside person can make all the difference, a lot of different pieces.

Number one, they might be able to say things that you can’t say. You are limited in what you can say as a business owner – everything goes on the record. If you come down hard on an employee, that employee is going to remember what you said to them. Also, you are so ingrained in the business that people don’t listen to you the same way. They think, “Oh, maybe they’re making a mistake of judgment. Maybe they don’t understand the situation.”

When you have somebody from the outside tell somebody that, they have additional credibility, plus expertise, plus they’re neutral. It is an unbiased position. Typically somebody from the outside is viewed as not having the same biases or internal things that somebody in the business has.

The second thing an outside advisor does is they have that ability to go into situations and analyze and see outside perspectives that you might not see. You’re in it every day, so even when you try to step back, you still have all your day-to-day memories, all the day-to-day things going on and you remember how things are going, but the advisor may have a completely different point of view, which means they may bring some fresh energy, fresh ideas, and fresh direction for you. So, a lot of benefits of bringing in an outside advisor. I know it costs money. I know it’s a little challenging for your organization, but really there are some doors that open up only when you bring in that outside advisor. Plus it’s a way to express things or say things in a way that can’t be said or expressed by yourself. So, really consider it to be critical to your business growth to get that additional advice and expertise of that outside perspective. So think about an outside advisor. It might make all the difference for your business.

If you’re growing your business make sure you check out R. Shawn McBride Fans and Audiences and the McBride for Business YouTube page. We’re bringing great content to you, stuff that’s directed to successful private business owners like yourself that want to build companies that stand the test of time. Make sure you’ve got your business evaluation checklist from McBride for Business, and if I can ever help you speak at your next conference event, help your next association recommend me as a speaker, or come meet with you one on one, let me know. Let me know how I can help you. I’m R. Shawn McBride. I’m signing off, but 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 Mark Anderson.

 

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.

Building Companies That Last, A Deeper Dive

Posted on: November 24th, 2017 by R. Shawn McBride No Comments

I recently wrote a blog article about building companies that last and the focus was really about transferring wealth from the owner to their family in the event of a death. Essentially, estate planning. This is great stuff to think about and I encourage everyone to consider this, to make sure that there is a plan in place to transfer your ownership of your company from yourself to others, but I think the view of the author was overly simplistic.

We need to do more than just plan to transfer ownership. We need to have businesses that continue if the owner dies, gets ill, or gets disabled. Transferring the ownership from one person to another is not necessarily going to allow the business to continue. The business is going to have a disruption. As a new management team comes in place, somebody else takes the reigns, your star sales people may leave. Many business owners I spoke to said that in the event that they left the business, and there was a vacuum waiting for a new management team to be installed, they feared that many of their key employees would leave. What would yours do?

In reality, what we need to have is plans for complete continuity. We need multiple people involved in management so that if anybody gets injured or ill, the business will continue. Those employees will know that the next paychecks coming, so those employees are not encouraged to suddenly float their resumes and move to your competitors to protect themselves. You may have very loyal employees, but they may get very scared in a situation like that. It may be time for them to start looking to protect themselves, which may not be in your best interest.

We need to build something more robust. What does it look like? It looks like multiple people involved in management. It looks like people in the know that are taking care of the business that can take over the operations in the event the owner is not there. It looks like a team approach to business and it looks like no one person is absolutely necessary for the business to continue. The value is divided and a management control and direction of the business is run by multiple people. These are keys.

We need to do more than just plan for what if an owner dies. We need to plan, realistically, more than where does the ownership go if somebody dies, we need to plan realistically what happens to the business and how it’s managed and how it’s controlled in the event the owner isn’t there. The business needs to continue. The employees need to know that the business is going to continue in order to protect the value, otherwise, you may be transferring ownership of a company that’s getting severely damaged in its value.

What are your thoughts? Have you had experience with this? What have you set up to make your company continue in the event of death, disability, or other disruption of the owner’s life? Let us know 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 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.

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