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Knowledge is power. Imagine what you could do with 24-hour access to a powerful learning community to help you stay up to date with the latest trends, insights, news, and best practices to share with your valued clients. XPX’s exclusive Knowledge Exchange is the one place where you can exchange knowledge with some of the industry’s most successful professionals with expertise in a wide variety of areas. Here are recent posts from our chapter activities and members:
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When you sit down for an intergenerational conversation about the future of the family business, it’s essential to have multiple goals before you. For instance, maintaining healthy family relationships is as vital as ensuring the business’s ongoing success during a period of transition. Family conflicts often arise from differing opinions, visions, values, or unresolved issues. Emotions can escalate, clouding judgment and diverting focus from the goal of a successful transition. A structured approach not only aids in crafting a resilient succession plan but also fosters unity, ensuring that the business thrives, and relationships are preserved for future generations. In particular, having structured, intergenerational conversations can help your family address ten common issues, ensuring smoother transitions and superior outcomes. 10 Common Issues that Succession Planning Can Resolve Vision for the Future Each generation has its vision for the future of the business. Often, the founding generation wishes for their successors to continue doing things just as they have done, while the children or grandchildren long to do things their way. An intergenerational conversation can help to clarify expectations and aspirations, helping all stakeholders find common ground. Roles and Responsibilities Clarity on who will take on which roles and responsibilities after the transition is crucial. This includes defining new roles for outgoing members if they plan to stay involved, as is often the case with parents who wish to ease away from the business without being cut out of the loop entirely. A structured conversation helps everyone know their role and avoid overstepping. Leadership Style New management often involves a new leadership style, especially when successors have very different personalities or communication styles from their parents. Again, a structured, intergenerational conversation is imperative to ensure new leadership styles can seamlessly integrate into the family business. Financial Expectations Expectations regarding profit distribution, reinvestment, and personal financial planning are often contentious. Having a transparent financial discussion can help to eliminate misunderstandings. Conflict Resolution Conflict is bound to happen even in the most tightly knit families and the most jovial business environments. A conversation about succession planning can provide an opportunity to discuss potential resolution methods, perhaps even introducing a process for third-party mediation. Training and Development Address the need for training and preparation for those taking on new roles, including the possibility of external education or internal mentoring. It is much better to clarify the expectations (and the available resources) before a new generation takes over. Cultural and Value Differences Generational shifts bring changes in company culture and values. These shifts must be managed carefully to maintain the company’s identity, even during a period of transition or evolution. Retirement and Exit Strategies Discussing retirement plans and exit strategies is essential for outgoing family members. This includes financial security and the emotional aspects of leaving the business. It’s good to help the older generation feel validated and supported while also allowing their successors a chance for empathy and understanding. Legal and Estate Planning Ensure all legal issues, including wills, trusts, and ownership documents, are addressed. Legal clarity can prevent any friction or conflict in the future. For this part of the conversation, it may be prudent to invite an attorney to be present. Recognition and Legacy Discuss how the contributions of outgoing family members will be recognized. It’s crucial to respect their legacy and to reinforce their lasting value to the company. Have a Clear Conversation About Family Business Succession Planning Succession planning is vital to preserving your family business legacy and maintaining smooth relationships between the generations. If you have any questions about initiating these structured conversations, we’d love to help. Reach out to WhiteWater Consulting at your convenience!
In order for your family business to outlive its founder, careful succession planning is a must. That means finding the most frictionless way to pass both leadership and ownership from one generation to the next. While some family business dynamics lend themselves to smooth and simple succession, others hit bumps in the road. One of the best ways to steer clear of these obstacles is to have some awareness of what they are. In this post, we’ll round up just a few of the factors that complicate family business succession planning. If any of these concerns loom large for your family business, reach out to the WhiteWater Consulting team; we’d love to offer whatever guidance we can! Common Obstacles to Family Business Succession Planning Lack of Communication Between Generations One of the biggest reasons for inadequate succession planning is the lack of communication between generations. Often, this hinges from the emotional nature of family business succession planning. The founding entrepreneur may be uncomfortable discussing their own mortality, or hesitant about “pushing” the family business on an heir who may or may not desire it. These and similar concerns mean that, too often, succession planning isn’t really discussed. Lack of Clarity About Successors In some family businesses, there may be just a single son or daughter who’s interested in taking the mantle. But what happens if there are multiple heirs, all with their own different skill sets and talents? When there isn’t a clear or obvious successor, that can make succession planning dicey… and often, the temptation is to put off important conversations until it’s almost too late. Operational Challenges While many of the most common obstacles to family business succession planning involve communication, other issues are more operational in nature. Consider a few practical hurdles that keep family businesses from implementing effective succession plans: Often, business owners don’t know where to start with training and developing the next generation of leadership. Tax issues, along with broader estate planning considerations, can seem complex and insurmountable, especially if there isn’t a skilled attorney involved. There may also arise challenges, both within the family and among non-family employees, to any sense of change within the company. It’s also difficult to create effective legal and governance structures; a business consulting company might be helpful for establishing a family council or something similar. These are just a few of the operational hurdles that can keep succession plans from advancing. Get Guidance for Your Succession Planning Perhaps the single biggest reason why family businesses don’t invest in a serious, strategic succession plan? They don’t know about the resources available to help them. You don’t have to pursue succession planning all by yourself. At WhiteWater Consulting, we’d love to talk with you about effective solutions to preserve what’s special about your family business, all while ensuring the company lasts for generations to come. Reach out to our team whenever you’re ready to chat.
In the competitive world of business, marketing plays a pivotal role to drive revenue generation, brand equity, and overall business valuation. Companies that view branding and advertising as a growth strategy are twice as likely to see revenue growth of 5% or more than those that don’t (source: “Read our case study for details. A pilot program is a great way to get started with evaluating how marketing can support the sales process. Be sure to give the program enough time and budget to be effective. In the B2B environment, it often does not take much to recoup the costs of a successful marketing campaign. Getting Started In today’s digital age, businesses that fail to leverage marketing risk being left behind by competitors who effectively tell their story and reach their target audiences. As a trusted advisor, you have the opportunity to guide business owners in recognizing marketing’s potential to drive sustainable growth, profitability, and long-term enterprise value. Knowmad is here to help you design and build a digital marketing program that gets measurable business results. Reach out to William McKee and discover the potential that a data-driven marketing plan can make for your business.
Over the last couple of years, we’ve seen a worrisome trend of employees disengaging from their work. Sometimes dubbed “
In the fast-paced landscape of today’s organizations, the missing link that often separates successful ventures from mediocre ones is trust. Trust is the glue that binds leaders with their stakeholders, creating an environment where collaboration thrives, innovation flourishes, and everyone feels valued. To bridge this trust gap, we propose a formula that encapsulates the essence of effective leadership—the 5 C’s of Leadership. 1. Communication: The Foundation of Relational Trust At the core of the 5 C’s lies communication, the bedrock upon which trust is built. It goes beyond merely transmitting information; effective communication involves active listening to understand and speaking to be understood. Leaders must foster an environment where every voice is heard, creating a sense of openness and transparency. When communication flows freely, trust is nurtured, and stakeholders feel a genuine connection with the leadership. 2. Connection: Managing by Walking Around Connection is the second pillar, urging leaders to step out of their offices and immerse themselves in the daily rhythm of the organization. It involves spending quality time with team members, being present when they start their day, and showing appreciation at the day’s end. But connection extends beyond internal teams—it encompasses engaging with customers, vendors, and community leaders. By sharing the organization’s mission, vision, and values, leaders build bridges that connect diverse stakeholders, fostering a sense of unity and common purpose. 3. Commitment: Anchoring to Mission, Vision, and Values Commitment is the anchor that prevents leadership from drifting into uncertainty. Leaders must be steadfast in their dedication to the company’s mission, vision, and values. This commitment goes beyond lip service; it involves actively shaping and building the organizational culture. When stakeholders witness leaders unwaveringly dedicated to a common goal, trust is solidified, creating a stable foundation for growth and collaboration. 4. Care: Nurturing Your People Care is the empathetic thread that weaves through the fabric of trust. Leaders must genuinely care for their people, recognizing them as individuals with unique needs and aspirations. This involves not only professional development but also a focus on the overall well-being of the team. By demonstrating genuine concern for the individuals within the organization, leaders cultivate a culture of trust, where each person feels valued and supported. 5. Curiosity: A Leader’s Lifelong Learning Journey Remaining curious is the fuel that propels a leader’s journey towards growth and success. Acknowledging that there is always more to learn, leaders should invest time in asking questions, seeking different perspectives, and gathering input from diverse sources. This curiosity leads to a more robust decision-making process and better outcomes. Embracing a mindset of continuous learning not only inspires trust but also fosters an environment of innovation and adaptability. Incorporating these 5 C’s into leadership practices provides a comprehensive roadmap for building and maintaining trust with stakeholders. It is not a one-time effort but an ongoing commitment to fostering a culture of trust, openness, and collaboration. As leaders strive to implement these principles, they will witness the transformational impact on organizational dynamics. Trust becomes the catalyst for enhanced teamwork, increased productivity, and a shared commitment to achieving common goals. In an era where trust is often a scarce commodity, leaders who embrace the 5 C’s will stand out as beacons of authenticity and reliability, guiding their organizations toward sustained success and growth.
As a long-time business consultant and value growth advisor to middle-market companies, I frequently met business owners who didn’t recognize the urgency to plan for an eventual business ownership transition. Such business owners commonly find themselves catastrophically unprepared when the time comes to sell their business, costing them millions of dollars in lost value. I truly believe business owners are the heroes of our American economy, and they deserve to be fully rewarded for their many years of blood, sweat and tears building a business, employing our friends and neighbors, and supporting their local communities. I got to know the Exit Planning Exchange back in 2019 from a colleague who founded XPX Atlanta. I was very impressed how XPX members would educate each other about ways their clients could prepare for a better exit outcome. I saw how they would develop trusting relationships with other XPX members, combining their unique talents and expertise as a team to help a business owner meet or exceed their exit goals, leaving with a sense of fulfillment and the financial resources to enjoy the next phase of their life. I knew we had nothing like XPX in North Carolina, and our local business owner community would benefit greatly if we did. I was inspired to lead a small group of talented and committed business professionals to launch XPX Charlotte as a NC non-profit organization in 2021. Today, I’m proud that XPX Charlotte has become the area’s premier organization for business professionals with a passion for knowledge sharing and a commitment to help improve exit outcomes for business owners in the Charlotte region. If you share that passion and commitment, I hope you’ll join us! Tom Bixby XPX Charlotte Founder, Past-President CEO, EvaluSys LLC
Michael Stier and Exit Planning Institute for this special episode of the ‘CEPA inside’ to help drive the transformative work needed for a successful exit.
In the dynamic landscape of employee performance evaluations, 360-degree reviews have emerged as a holistic approach, offering a well-rounded perspective. However, to extract the full benefits of this method, managers must adopt a strategic outlook. This blog post explores key elements to enhance the effectiveness of 360 reviews, delving into the nuances of communication, goal setting, and the overall contribution of employees to organizational success. Key Considerations for Meaningful 360 Reviews 1. Managerial Preparedness for Effective Communication One pivotal aspect of successful 360 reviews is the manager’s commitment to investing time in preparation. To unlock the true potential of this evaluation method, managers must be well-prepared to clearly communicate the details of the review. This involves not only understanding the process but also being adept at articulating constructive feedback. Clear and transparent communication sets the tone for a positive and impactful review experience. 2. Clarity in Communication Building on the foundation of preparedness, managers must emphasize clarity in their communication during the 360-review process. Ambiguity can lead to misinterpretation, undermining the purpose of the evaluation. By asking great questions, listening thoroughly and being precise and concise in feedback delivery managers can ensure that employees grasp the essence of their performance and areas for improvement. Clear communication fosters an environment of trust and mutual understanding. 3. Setting Attainable Goals Goals are the compass that guides professional development. In the context of 360 reviews, managers play a pivotal role in setting clear and attainable goals. These goals should not only align with the organization’s objectives but also consider the individual strengths and areas for improvement identified through the evaluation. Specificity in goal setting enhances the employee’s sense of direction and purpose, contributing to overall job satisfaction and productivity. 4. Communicating the “Why” of Employee Contributions Beyond the traditional focus on skills, it is essential to communicate the “why” behind an employee’s work. Managers should highlight the meaningful impact of individual contributions on the success of the company. This perspective instills a sense of purpose and belonging, motivating employees to actively engage in their roles. Connecting the dots between daily tasks and organizational success creates a more profound understanding of the employee’s value. Additional Perspectives on 360 Reviews Soft Skills Emphasis: While technical competencies are crucial, the 360-review process is ideally suited for assessing soft skills. Not everyone possesses the same technical expertise, making it challenging for a comprehensive evaluation. Soft skills, on the other hand, are universally applicable and contribute significantly to team dynamics and overall workplace harmony. Choosing the Right Platform: The choice of the platform for conducting 360 reviews is pivotal. Online surveys, with a mix of rating scales and open-ended commentary, have proven to be effective. This approach encourages honest feedback and provides a comprehensive understanding of the employee’s performance. Optimal Timing: Consider the timing of 360 reviews carefully. Avoiding busy periods, such as month-end, ensures that employees can dedicate sufficient time and attention to the evaluation process. This consideration reflects a commitment to a fair and thoughtful assessment. Encouraging Open Feedback: Acknowledge that not all employees may feel comfortable expressing themselves in written form, especially if English is not their primary language. To address this, provide alternative channels, such as internal forums or private HR consultations, where employees can voice their opinions comfortably. Incorporate 360 Reviews into Your Culture Incorporating these perspectives into the 360-review process transforms it from a routine evaluation into a powerful tool for professional growth and organizational success. By investing in preparation, embracing clarity, setting meaningful goals, and emphasizing the “why” of employee contributions, managers pave the way for a more insightful and constructive performance review experience. With any questions about implementing a 360-review process, reach out to the WhiteWater Consulting team today.
– Friends since high school or before – Teammates – Golf buddies – Successful businessmen – In mid 60’s thinking about retirement – Planning golf resort retirement together One got really proactive with his health as a client of Retirement Wellness Strategies during the course of preparing to sell his business Offered the same to friends They didn’t see the need, maybe later 2 years later all are retired or selling businesses or very close 2 died in the past two weeks They never once had a post-retirement resort golf experience Are you or your clients skipping the self-care and doctor visits and those healthy changes until you have more time? Will you truly have more time? Active planning the health (alongside the wealth) is beyond worth it! Most leaders do skip that self-care, especially during the stresses of the process to sell a business. Prolonged stress, high blood pressure, high cholesterol, interrupted sleep, rocky relationships, more time at the desk and in meetings, rushed meals, and more increase risks during this critical time. Most of these health conditions and risks have no symptoms so go unnoticed without monitoring. Do you want your transitions to complete rapidly and with the seller intact? Then include the health planning component – physical, mental, emotional, spiritual, social.
Since the pandemic, many companies have negotiated new rhythms for workplace productivity. While a number of companies are fully “back at the office,” there are many others that remain committed to remote work, or to allowing their employees some flexibility via a hybrid work option. Remote work certainly offers many perks, and studies have shown that many employees prefer the flexibility that it provides. However, when you have employees who don’t work in the same physical space together, goals related to team building or company culture can be more challenging to achieve. Here are a few tips to keep in mind as you seek to engage remote employees in your company culture. Keeping Remote Employees Engaged with Your Culture Have your CEO or primary leader host a regular “coffee hour.” This is an approach that many companies have found incredibly effective. Schedule a regular, virtual “coffee hour” once every week or two, for maybe 30-minute blocks. Your CEO or primary leader should host this event, taking the time to introduce new employees, to share big-picture strategic updates, and to take questions from team members. This can be a great way to ensure that remote employees feel like they are in the loop. Ensure that company leaders are highly visible. It’s important for managers, supervisors, and other primary decision-makers to lead by example, even in a remote or hybrid environment. That means turning cameras on during Zoom meetings, promptly responding to instant messaging, and being intentional about reaching out to check in on employees. Provide ways for remote employees to receive ongoing professional development. Here’s where HR can play a direct and active role in engaging remote employees. Develop online learning opportunities that can allow all employees to cultivate new skills, without the need to travel to a workshop or seminar. Also ensure protocols are in place to recognize employees who complete these programs, or who have other notable workplace achievements. Allow remote employees to take the lead. Here’s a tactic that’s simple yet incredibly effective. Nothing helps employees feel invested in an institution or a culture like placing them in charge of a project or a team. Engage remote employees by providing them with opportunities for leadership and autonomy. Prioritize one-on-ones. As we’ve noted before,
Nobody likes a micromanager. In fact, studies confirm that just the opposite is true: Employees tend to be much happier and more engaged when they are afforded some autonomy to make their own decisions. And leaders benefit, too, when employees are given some leeway to act independently: It tends to result in a higher-quality of creative work, and a team that takes greater ownership of what they accomplish together. Alas, even for leaders who are theoretically committed to the idea of an empowered employee base, it’s all too easy to slip into the mindset of, “Well, it’s easier if I just do things myself.” And to be sure, some leaders have been burned by bad experiences, entrusting employees to make wise decisions and then being dismayed by the outcome. The good news is that there are some guardrails you can put into place. Here are a few tips for equipping your team members to make thoughtful, judicious decisions, exercising their independence in a way where everyone wins. Tips for Empowering Your Team to Make Autonomous Decisions 1) Be thorough in evaluating your personnel. You don’t want to impart important tasks to just anyone. Instead, you want to really know the people on your team, allowing you to ensure that you’re entrusting the right tasks to the right personnel. Make sure you evaluate your employees’ current skills and their natural abilities, but also their interests; whenever possible, you’ll want to give important jobs to employees who really want to do them. A harmonious alignment of interests is key. Finally, always be sure to evaluate employees’ time. Be respectful of those workers who already have too much on their plate, or who are at a higher risk of burnout. 2) Remember, delegation and empowerment are two different things. Delegation means taking something off your plate and putting it on someone else’s. This usually benefits you, allowing you to free some time, but it doesn’t necessarily benefit the other party. Empowerment means more than just giving someone a task; it means providing them with the space and the freedom to make decisions on their own, not just following your instructions but setting the direction for a project or task. This is how your employees grow, develop, and become more engaged in their work. 3) Check-in frequently. Once you’ve empowered an employee to do a specific task, make sure you check in with them regularly, simply assessing their progress and offering help as needed. This is not the same as micromanaging. It’s simply about showing that you haven’t forgotten them; that you care about the project they’re working on and want to support them however you can. 4) Avoid retracting power. What if you empower someone, and they don’t handle the task quite the way you’d hoped? In this situation, your natural inclination may be to retract power, but this can be hugely deflating to the employee. Instead, create a safe space for mistakes and failure, and provide coaching opportunities before the next task. Show that you still believe in them, not that you’ve given up on them based on one goof-up. Learn More About Empowering Your Team An empowered team is an engaged team. To find out more, reach out to
As a small business owner, you face many challenges when running your own company. Financial management is one of the most critical aspects of any business, but hiring a full-time CFO can be a costly and unrealistic expense for many small businesses. This is where Fractional CFOs, like those provided by FocusCFO, come in. What is a Fractional CFO? A Fractional CFO is an industry-experienced professional who provides part-time financial management services to a company. They can help small business owners make informed decisions, manage cash flow, and improve financial performance. To maximize the value of this valuable resource, it’s important to use your fractional CFO wisely. Here are some tips to help you get the most out of your partnership. How to Maximize the Value of Your Fractional CFO [Read the full blog post here….
B2B businesses, particularly professional services, are some of the most skeptical and risk-averse companies when it comes to embracing marketing. I should know because I service this client base. However, once I explain how marketing can elevate awareness and increase ROI, most B2B companies will adopt today’s proven digital marketing tactics. In today’s blog, we explore some common myths and provide insights into the power of B2B marketing. Common Marketing Myths Debunked Myth #1: My website is the only marketing initiative my business needs. First, having a website is a critical piece of any marketing plan, but it’s not enough. Many business owners believe having a website is enough to generate leads and grow their business. Unfortunately, this is a myth. While a website is important, it’s far from the only marketing investment you need. In today’s digital landscape, there are numerous marketing tactics that you can use to grow your business. From email marketing and content creation to social media marketing and search engine optimization, there are many approaches that you can use to increase your visibility and reach potential customers. Additionally, it’s important to remember that having a website is not a one-time investment. You must constantly update and optimize your site for the best results and develop a comprehensive marketing strategy incorporating multiple tactics. This will ensure you can reach your target audience and build a strong brand presence. Myth #2: B2Bs don’t need a marketing strategy. When it comes to marketing, B2B companies need to take a strategic approach to ensure their efforts are successful. Without a plan in place, there is a risk of wasting time and money on tactics that are not effective. On the other hand, a well-crafted
I have a highly intelligent and successful ‘left brained’ colleague and friend who ‘gets it’ when it comes to understanding that data and fact sheets do not communicate meaning. This software developer, entrepreneur, certified project management professional, author, award-winning speaker and CIO of a medical practice knows that all the data in the world will not convey key messages, prompt engagement, nor influence behavior. I’m sharing his words and hope you find them of value, as do I. I’d love to hear your thoughts! “What is the value of collecting and analyzing data if it doesn’t change thinking or behavior? Too often we settle for data dumps that give the “illusion of understanding.” Why? Because that is how we were taught. And the results can be very costly, and in the case of the Challenger Disaster, even deadly. For the first time in human history we can lift the veil of illusion and see into a working brain. Leverage new insights offered by neuroscience and cognitive psychology to make your presentations more effective, efficient and reliable. It’s not the data that convinces us, it’s how we feel about the data that convinces us.”
Trying to communicate to create connection, alignment, and action? Here’s a fantastic example from an attendee at one of our GENIUS Business Storytelling workshops who identified two important messages he wanted to communicate and used two versions of a story to do just that in a memorable way. Both versions began with the following: At the September 2020 US Open, Novak Djokovic was on his path to a 30-match winning streak and bid for an 18th Grand Slam title. As he walked to the Arthur Ashe Stadium side-line for a changeover, trailing Pablo Carreño Busta 6-5 in the first set, Djokovic – who was seeded and ranked No. 1 and an overwhelming favourite for the championship – angrily smacked a ball behind him. The ball flew right at the line judge, who dropped to her knees at the back of the court and reached for her neck. Djokovic pleaded his case saying that he didn’t hit the line umpire intentionally. He said, ‘Yes, I was angry. I hit the ball. I hit the line umpire. The facts are very clear. But it wasn’t my intent. I didn’t do it on purpose.’ So he said he shouldn’t be defaulted for it. The chair umpire thought otherwise, and Djokovic was swiftly disqualified. Ending Version 1– Djokovic Moments The US Tennis Association issued a statement saying that Djokovic was defaulted “in accordance with the Grand Slam rulebook, following his actions of intentionally hitting a ball dangerously or recklessly within the court or hitting a ball with negligent disregard of the consequences.” I’m sharing this with you because we have all experienced “the Djokovic moment” where we’ve unintentionally said something, unintentionally sent that email, or unintentionally reacted a certain way. We’re often busy and under pressure and we need to be mindful that our unintentional actions can sometime have disastrous consequences. Let’s all watch out for those regrettable “Djokovic moments”. Ending Version 2 – Djokovic Recovery To Djokovic’s credit, he later issued a statement saying, “As for the disqualification, I need to go back within and work on my disappointment and turn this all into a lesson for my growth and evolution as a player and human being,” he wrote. “I apologize to the @usopen tournament and everyone associated for my behaviour.” I’m sharing this with you because we have all acted irrationally and unintentionally, like Djokovic, when under pressure either at home or at work. However, like Djokovic, we can quickly recover by acknowledging our mistakes and applying our growth mindset to turn our mistakes into a lesson for our own growth and evolution. How much more memorable and impactful are these messages shared with storytelling skills rather than a ‘just do it’ approach? If you would like to learn the art, science, and skills of strategic business communication using storytelling I’m here for you and your teams!
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