When the term “venture capitalists” first became a popular term in the vernacular of those in the professional world clouded with fancy suits and pressed ties, it was often associated with the phrase “high risk, high reward.” Venture capitalists, and…
As a business owner begins to plan for the successful transition of the business, he or she becomes preoccupied with a variety of tasks. A shift in priorities occurs, from those that the owner focused on in the past, in…
Approximately 80% of businesses in Canada are family-owned, each with their own unique history and facing a diverse array of challenges and opportunities. Although each business owner needs to acknowledge and prepare for their eventual transition, this diversity within the…
A recent case study in the Globe and Mail features an employer who understands the importance of an often underestimated workplace issue; employee retention. Razor Suleman, chairman of Achievers, a Toronto-based employee rewards and recognition software company, ironically lost 40%…
Did you know that there’s a silent partner in your business that benefits from you not having a succession plan? You know them quite well, and likely have dealt with them many times over the years – but you may…
A 2012 article in Fortune focusing on the mistakes various Boards of Directors make in the CEO Selection process parallels the issues smaller business owners face in choosing the right succession candidate for their business. Business owners, whether passing their…
A common trait of business owners – typically those who have built their company from the ground up – is the tendency to hold onto control very tightly. Their business is their baby, and as such, they have a hard…
A recent article in the Globe and Mail highlighted a condition of sale that, at first glance, appears to be a win-win situation for both buyer and seller; the earn-out clause. Earn-outs are a risk mitigation tactic used to eliminate…
An interesting article from the Globe and Mail entitled “Divide the Lines Between Family and Business”, deals with the challenging dynamic of balancing familial relationships with business relationships. Indeed, this is one of the foremost challenges for most entrepreneurial families…
In a recent meeting with a successful third-generation entrepreneur, my partner and I asked what his plan was for succession to the next generation of ownership. The response was immediate and decisive: “Well, at a recent board meeting, we…
