Knowledge Exchange

Practice Tips

Search

The Advisory Paradox: How You Can Help Consulting Clients Confront Problems When They Would Rather Look Away

Tom Bixby of EvaluSys LLC is a member of XPX Charlotte
Tom Bixby
EvaluSys LLC
2 months ago

Many consultants/advisors/coaches are serving business owners who resist the notion there might be significant, unrecognized issues in their company, or who believe they needn’t be concerned about issues they don’t know about.  Call it the Ostrich-Head-In-The-Sand Syndrome. As a consequence, consultants feel powerless to get their clients to take action in their own best interest.  From an exit planning perspective, being fully prepared for a future exit is one of those critical issues business owners may be inclined to ignore until it is too late. On Thursday, December 5th, join EvaluSys CEO Tom Bixby and XPX Charlotte founder in a discussion with Larry Gard, Ph.D., XPX Chicago member, executive coach, former longtime clinical psychologist who will help attendees get inside the head of business owners to: Feel confident in your ability to reach clients who resist identifying and confronting issues in their business. Generate client curiosity in your approach and interest in your recommendations. Have a significant impact on your clients’ success in ways they hadn’t anticipated. This program is scheduled for 45 minutes, to include significant opportunity for Q&A with Dr. Gard.  Don’t miss this important program helping you grow your power to create value for your advisory clients!

SECURE 2.0 Update

Tom Roback of Blue Ridge ESOP Associates is a member of XPX Maryland
Tom Roback
Blue Ridge ESOP Associates
5 months ago

In previous communications, we’ve discussed the significant changes brought about by the SECURE 2.0 Act. Effective implementation of many provisions within the act relies on guidance from the IRS and DOL. IRS Notice 2024-02 and IRS Notice 2024-55 offered clarification on several crucial aspects of SECURE 2.0. Guidance is helpful as plan sponsors make decisions regarding both required and optional provisions in the act. Here are some key provisions to consider: Automatic Enrollment Requirement  SECURE 2.0 mandates automatic enrollment features for 401(k) plans established after December 29, 2022, effective in 2025. The IRS guidance clarifies that a plan is deemed to be established when the employer adopts a 401(k) plan, regardless of the plan’s effective date. The notice also provides further clarity for plan mergers and spin-offs. Mergers: If a plan established after December 29, 2022, merges into a 401(k) plan that was established prior to that date, the ongoing plan will generally be subject to the automatic enrollment mandate unless the merger is: 1) a result of a business acquisition, and 2) the plans are merged by the last day of the plan year following the year of the transaction. Spinoff plans will be treated as a pre-December 29, 2022 plan as long as that portion of the plan had been established before that date. Higher Salary Deferral Catch-up Limits for Ages 60-63  For 2024, the salary deferral contribution limit is $23,000. If a 401(k) plan permits catch- up contributions, those age 50 and older can also make catch-up contributions up to $7,500. Those limits are expected to increase in 2025 based on cost-of-living adjustments to be announced later this year. Beginning in 2025, plans may also take advantage of a provision in SECURE 2.0 that would permit participants age 60-63 to make higher catch-up contributions. For those plan participants, employers may increase the catch-up limit to the greater of: * $10,000 (which will be indexed for cost-of-living adjustments in later years) or * 150% of the regular age 50 catch up deferral limit. De Minimis Financial Incentives  Employers can now provide “de minimis” financial incentives to encourage employee retirement plan contributions. These incentives must not exceed $250 and are available only to employees who have not previously elected to defer contributions. The incentive can be provided incrementally over time, contingent on the employee’s continued participation. Employees receiving these incentives are subject to regular tax, withholding, and reporting requirements. Terminal Illness Distributions  SECURE 2.0 introduced a new exception to the 10% penalty on early distributions for terminally ill employees. The IRS notice defines a terminally ill individual as someone who has been certified by a physician to have a condition or illness that can be reasonably expected to result in death in the next 84 months. This exception does not create a new type of distribution; rather, employees must still qualify for another permissible distribution from the plan. While this provision will be optional for employers, if a plan opts out, employees may categorize a distribution as a terminal illness distribution on their own tax return. If an employer does elect to recognize terminally ill distributions, the plan must obtain a specific certification from the physician rather than relying on an employee’s self-certification. Hardship Distributions with Self- Certification Most plans that permit hardship withdrawals allow such withdrawals only if the hardship satisfies one of the “safe harbor” reasons. Such reasons include the purchase of a principal residence, amounts needed to prevent eviction or foreclosure on a personal residence, qualifying medical expenses, tuition, funeral and burial expenses, certain expenses to repair the employee’s principal residence, and expenses and losses related to a federally – declared disaster. SECURE 2.0 provides that a plan can adopt employee self-certification rules. That means a plan sponsor may rely on an employee’s written self-certification that the distribution is for one of the plan’s safe harbor hardship reasons and is not more than the amount required to satisfy the financial need and they do not have alternate means that are reasonably available to satisfy the hardship need. The participant is expected to maintain records that support the hardship. Many plan sponsors are adopting self-certification.  Emergency Personal Expenses Distributions SECURE 2.0 permits a 401(k) or other defined contribution plan to offer emergency personal expense distributions. If the option is offered, eligible employees can withdraw up to $1,000, or their vested balance (if less) for “unforeseeable” or “immediate” personal emergency expenses once each calendar year. Self-certification is available. The distribution is not subject to the usual 10% tax on early distributions. Also, emergency expense distributions can be repaid to the account within a three-year window. Another emergency expense distribution can’t be made within the three-year window unless the previous distribution is fully repaid or contributions equaling the distributed amount are deposited.  Domestic Abuse Victim Distributions SECURE 2.0 permits a plan to offer domestic abuse victim distributions. This type of distribution may be made to a participant within a one-year period beginning on the date when a participant becomes a victim of domestic abuse by a spouse or partner. The maximum distribution is the lesser of $10,000 or 50% of the participant’s vested account. The $10,000 limit is subject to future cost of living adjustments. Self-certification is available. The distribution is not treated as an eligible rollover distribution for tax withholding purposes; however, the participant may repay the distribution any time during the next three-year period. The distribution is taxable, but there is an exception from the 10% early withdrawal penalty. (Note that plans which are subject to the spousal consent requirements for distributions may not be able to adopt this provision.) The IRS has also delayed the deadline for SECURE 2.0, SECURE, and CARES amendments until December 31, 2026. This gives them additional time to issue further clarifying guidance. As always, we are committed to keeping you informed as things develop.

A Dozen Questions to Begin the Exit Planning Discussion

Larry Gard of Hamilton-Chase Consulting is a member of XPX Chicago
Larry Gard
Done With Work Retirement Coaching and Consulting
5 months ago

As an advisor, your role is to help clients prepare to exit their business, yet many people resist thinking about the future because it involves so many unknowns, decisions, and choices.  And emotions typically complicate matters further, sometimes derailing the process altogether.  Here are some questions that can help you establish rapport with your clients, learn more about their concerns, and move the conversation forward. How are you feeling about your work/profession/business these days? Which aspects of work are you still enjoying, and which are you ready to leave behind? Do you envision retiring from work at some point, or are you contemplating an encore career? What part of planning for your future feels most challenging? How do you imagine your life in retirement will be different from how it is now? What process are you using to figure out what you’ll do next after you retire? What would you like to see happen with your business long term? What options have you considered for the transfer of your business? What steps have you taken to make your business more attractive to a potential buyer? What are your concerns about transitioning your firm to new ownership? What would be your ideal scenario for transitioning out of your company? What topic(s) have we touched on today that we should put on our agenda to revisit? So, what happens after you pose a few of these questions and your clients open up about emotional matters?  Remember, the most helpful thing you can do is to listen attentively.  You’ve created a valuable opportunity for them to talk about things they may not share with other advisors.   Here are some tips for managing the conversation when clients raise emotionally loaded topics: Don’t try to “fix things” by immediately offering suggestions. Doing so sends the message that you’re uncomfortable hearing their concern.  You can offer suggestions but do so later. Don’t say anything that conveys the message that their feeling or concern is unwarranted. “There’s really no need to feel that way” or “I’m sure it will be just fine” may sound reassuring to you but could be experienced as dismissive by your client. Don’t immediately offer a logical counterpoint to your client’s emotion. Remember, feelings don’t have to make sense; they’re “as is”.  Put another way, if feelings made sense, they would be thoughts. People report concerns and characterize their feelings differently from one another, so it’s in your best interest to seek amplification and clarification by inquiring as follows . . . “I want to make sure that I understand exactly what you mean by ___.  Can you tell me more?” “People sometimes mean slightly different things when they talk about ___.  What does ___ mean for you?” “Before I suggest anything, I’d like to learn more about it from your perspective.” It’s possible that during early conversations your client may hint at mixed feelings about exiting their business.  That’s perfectly normal, but you need to bring it out into the open.  You want to foster an atmosphere such that your client keeps you apprised about where they’re at.  If they keep their ambivalence to themselves, it has greater potential to blindside you and complicate the sale.  You can say: “In my experience, it’s normal to have some mixed emotions about selling.  Those thoughts may not always be top of mind, but when they do pop up let’s be sure to talk about them.  Believe it or not, they can help inform our process and alert us to aspects of the sale that are important to you.” You may also find that your client is overly risk averse.  If so, consider saying the following: “Our work together won’t be comprehensive if we only plan for what could go wrong.  That’s just half the equation.  It’s fine to be conservative and err on the side of caution, but to be truly realistic we should also consider a range of possibilities both good and bad.”   Author’s Note:  The concepts in this article are derived from Robert Leahy’s book, Overcoming Resistance in Cognitive Therapy.  New York:  Guilford

Legal Alert Regarding The Corporate Transparency Act

Roxann Smithers of Smithers Law Group, LLC is a member of XPX Atlanta
Roxann S Smithers
Smithers Law Group, LLC
1 year ago

BENEFICIAL OWNERSHIP INFORMATION REPORTING CORPORATE TRANSPARENCY ACT SUMMARY One of the unique and often attractive features of a Limited Liability Company can be anonymity.  In most states, formation and registration of an LLC does not require disclosure of the owners or officers.  For various reasons, legitimate and not so legitimate, the owners of a business may not want to broadcast their ownership.  Whether there are genuine concerns regarding privacy and nefarious desires to avoid civil and/or criminal liability, people have availed themselves of this feature.  As such, it can be difficult to identify assets to enforce judgements or confirm net worth in the civil context.  Additionally, it can be difficult to trace financial and criminal wrongdoing to the actual bad actors. The Federal Government has decided to make things a little easier for itself by creating the Financial Crimes-Enforcement Network or FinCEN.  Try saying that five times fast!  In summary, the U.S. Treasury Department will require the vast majority of LLCs along with C and S corporations to report specific information about the business.  This will include information identifying the ownership of the company.  This is not necessarily a new thing for the shareholders of S and C corporations, but this will be a big change for the members of LLCs.   THE RUNDOWN Authority               United States Department of the Treasury Corporate Transparency Act (31 USC 5336(b)) Financial Crimes Enforcement Network (FinCEN) Rule   Deadline                  January 1, 2024-January 1, 2025 for entities formed before January 1, 2024 Within 30 days of formation for  entities formed on or after January 1, 2024   Who Must Comply   Any entity that had to file a formation document with a state authority as part of its formation or registration as a foreign entity doing business in the United States.                    YES–Corporations (C, S, B[1] and P[2]), Limited Liability Companies, Limited Partnerships, Limited Liability Partnerships[3].                    NO—Sole Proprietors, General Partnerships. Exemptions                23 Categories of Exemptions and Exceptions to the rule, including inactive entities, nonprofits, entities that are already subject to federal reporting and regulations, financial institutions, and government entities. Corporate Information       Legal Name Trade Names or D/B/A Names Address Formation State TIN/EIN Ownership Information       Beneficial Owners. Owners with at least 25% ownership or who have substantial control the company directly or indirectly. Legal Name DOB Home Address Driver’s License, State ID, or Passport Number Picture of said ID   Duty to Update          Within 30 days of any change or need to correct information.   Failure to Comply     Civil liability $500/day Criminal penalty up to $10,000 and/or 2 years in jail   THE SOLUTION Resources              FinCEN

ERA // Manufacturing Consumables & Packaging News

Ken Nixon of Expense Reduction Analysts is a member of XPX Tri-State
Ken Nixon
Expense Reduction Analysts
1 year ago

There is significant evidence that supply chains have “normalized.” Delivery times are fast and overall demand is low. Many companies are now looking at “longer-term” supply chain planning and changes. Some of these changes include multi-sourcing and digitizing supply chain operations. Geopolitical events and resulting tariffs/sanctions could quickly change the supply chain landscape, however, so it is more important than ever to be nimble with respect to strategic and tactical planning.

Do You Dread Networking Events?

Larry Gard of Hamilton-Chase Consulting is a member of XPX Chicago
Larry Gard
Done With Work Retirement Coaching and Consulting
1 year ago

Do you dread networking for new business?  Here are some techniques to help you refine your approach so that networking becomes more enjoyable and productive. Several years ago I co-founded a networking group attended by experienced, successful professionals. What I didn’t anticipate was that many of these highly competent and engaging people struggled with networking. In off-line conversations they admitted to a host of challenges. Here are just a few of the things they shared with me: “I’m self-conscious in informal networking settings. I meet interesting people, but inside I’m so uncomfortable that I’m not fully there in the conversation.” “I know that I should be asking the other person thoughtful questions, but sometimes my mind just goes blank.” “My elevator speech isn’t effective.  No matter how many times I practice it and revise it, it feels like a speech instead of a conversation-starter.” “Networking conversations seem too forced and contrived to me; they just don’t feel natural.” These talented people were well informed about networking. They knew what to do, but putting it into practice was another matter entirely.  For most of these individuals it’s not that they didn’t know enough about networking. Rather, they didn’t know enough about themselves. They didn’t understand the psychological barrier that prevented them from using the networking skills they already possessed. Most networking experts are quick to point out that the process is not about you; it’s about getting to know others and determining how you can help them. The individuals in my networking group would readily and enthusiastically agree with that notion. They were sincerely interested in others and yet in networking situations they still found themselves feeling ill at ease, distracted by their own internal state instead of focusing on the people they’re meeting. Why does this happen? In some cases it’s because they get tripped up by their own expectations. They tend to remember past networking encounters that didn’t go well, forgetting about the ones that were uneventful or good. Because of their selective memory they anticipate that subsequent networking encounters will be uncomfortable. As a result, they’re primed in advance to notice any self-consciousness or anxiety – and they get distracted from connecting with the person in front of them. In other cases, it’s because they’ve prepared themselves on the outside but not on the inside. They rehearsed their elevator speech so that they would sound natural. They put business cards in their pocket and made sure their shoes were shined. If it was a virtual gathering, they double checked their background and lighting. They thought about topics for conversation. All of that is fine, but it has very little to do with getting to know others and trying to help them. There is a disconnect between what they’ve prepared for versus what they’re trying to accomplish. No wonder they’re uncomfortable! Here are some things you can do to prepare yourself before a networking event: Remind yourself that your goal is not simply to initiate LinkedIn connections, and that it is extraordinarily unlikely that you will meet someone who is a perfect match for your product or service. Your primary goal is to get to know people and to determine how you might help them. Look through your own list of contacts.  Identify at least a half-dozen people who you could envision attending the networking event with you. Now that they’re top of mind, you’ll be better prepared to connect them to new people you meet at the event. Give some thought to how you can get to know the people you’ll be meeting. Don’t want to get stuck in the same old tired dialogue? Then don’t ask the same old questions. I like to make sure that I have a clear understanding of the other person’s work so I often ask, “When I’m with my own clients, how would I know if they were a perfect fit for your product/service? Put more simply, what should I be listening for?” Encounters between even the most well-prepared and thoughtful networkers can occasionally falter. Sometimes the conversation just doesn’t flow, or it stalls out despite your best efforts. And just because you’re trying to get to know someone doesn’t mean that you’ll click with him or her. I know a businesswoman who used to shy away from networking situations because she feared getting stuck in conversations that were going nowhere. She was concerned about appearing insincere or rude if she tried to extricate herself. I helped her rehearse a genuine yet gracious exit: “Thanks very much for telling me about your work; hopefully I’ll meet someone else here I can connect you with.” Networking can be enjoyable and profitable on many levels if you adopt the right mindset. A little bit of inner preparation can go a long way toward helping you focus outside of yourself, which is the best way to meet others. © Larry Gard, Ph.D.  2023

Selecting the Right Sales Training Platform for Your Business

Mike Lindert of Sales Xceleration is a member of XPX Chicago
Mike Lindert
Sales Xceleration
1 year ago

INTRODUCTION Effective sales strategies are crucial for success in the dynamic landscape of modern business. Business owners recognize the pivotal role that sales teams play in revenue generation and customer acquisition. As a result, they must invest in training programs to enhance the skills and capabilities of their sales force. Two complementary approaches are “Sales Skills Training” and “Sales Training Platforms.” The first half of this article focuses on the distinction between “Sales Skills Training” and “Sales Training Platforms,” the second half focuses on which types of Sales Training Platforms and Sales Skills Training align better with certain types of businesses. I’ll also leave you with a table listing the various sales-related business attributes (relationship vs. transactional, long sales cycle vs. short, etc.) to illustrate which types of sales training platforms align best with your business. Sales Skills Training: Fostering Personal Mastery Sales Skills Training programs, often illustrated by the offerings of Dale Carnegie, Franklin Covey, Huthwaite’s SPIN Sales Training, and many of the Sandler Sales Training programs, typically focus on honing an individual sales representative’s skills and capabilities. These programs often focus on developing interpersonal skills, communication techniques, and emotional intelligence. While some emphasize developing a relationship and becoming a “trusted advisor,” most promote more direct sales techniques to motivate a customer to sign. The core premise of most sales skills training is to equip sales professionals with the training, tools, and finesse to navigate diverse customer personalities and tailor their approach to identify and quickly develop solutions that meet specific customer needs. Dale Carnegie’s program, known for its enduring legacy, emphasizes relationship-building as a cornerstone of successful sales. It teaches participants how to establish rapport, handle objections gracefully, and foster genuine connections with prospects. Sandler Sales Training takes a more direct approach, emphasizing the importance of customer pain points while probing and quantifying the impact of inaction while trying to persuade the customer to take quick action. Both are effective given specific circumstances but are not interchangeable because they rely on different approaches. Each is most effective when aligned with the type of sale you’re executing. For example: Is it transactional- or relationship-based? Is it an indirect sale with a standard contract or a complex deal with a highly engineered solution, customized agreement, and multiple decision makers/influencers? Sales Training Platforms: Systematic and Comprehensive Approach Contrasting with, and yet supplementing, the individual-centric Sales Skills Training described above, Sales Training Platforms like Miller Heiman’s “Strategic Selling,” Holden International’s “Power Base Selling,” and Wilson Learning’s “The Counselor Salesperson” all provide a more systematic and comprehensive approach to sales training. These platforms offer structured methodologies and frameworks that guide sales teams through various stages of a more complex, relationship-based sales process. Individual Growth vs. Team Alignment One of the primary distinctions between Sales Skills Training and Sales Training Platforms lies in their focus on individual growth versus team alignment. Sales Skills Training programs prioritize enhancing personal skills, allowing sales representatives to refine their ability to engage and persuade clients effectively. These programs are particularly beneficial for developing rapport and trust one-on-one. In contrast, Sales Training Platforms emphasize a collective approach. They provide a unified framework that ensures sales teams operate cohesively, following a structured process that aligns with organizational goals. This team-oriented approach is especially relevant when dealing with complex, multi-stakeholder sales scenarios where coordinated efforts can make or break a deal. Adaptability vs. Systematic Consistency Another key difference revolves around adaptability versus systematic consistency. Sales Skills Training programs often equip sales representatives with a toolkit of interpersonal skills, allowing them to adapt to various customer personalities and situations. These programs empower sales professionals to think on their feet and adjust their approach as needed, fostering flexibility. Conversely, Sales Training Platforms offer a consistent methodology that guides sales teams through standardized steps. While this approach may appear rigid, it can be highly effective in maintaining quality control, especially in organizations with a large and diverse sales force. It provides a common language and process that everyone follows, ensuring a streamlined and predictable sales process. Conclusion One of the most critical aspects of developing an effective sales training program for your business starts with understanding the distinction between Sales Skills Training and Sales Training Platforms. While Sales Skills Training focuses on enhancing individual sales representatives’ interpersonal skills and emotional intelligence, Sales Training Platforms offer systematic methodologies that guide teams through the sales process with consistent and coordinated efforts. Both approaches have their merits, and the choice between them should be based on an organization’s specific needs, go-to-market strategy, and the complexity of the deals they pursue. Ultimately, whether through the personal mastery cultivated by Sales Skills Training or the systematic consistency of Sales Training Platforms, the goal remains the same: to empower sales teams to achieve unparalleled success in a competitive business landscape. If your business needs a comprehensive, customized sales training program to elevate your Sales Team’s performance, let’s

The 8 Types of Sales Training High-Performance Sales Teams Use

Mike Lindert of Sales Xceleration is a member of XPX Chicago
Mike Lindert
Sales Xceleration
1 year ago

INTRODUCTION To maximize performance, it is essential that sales leaders provide comprehensive ongoing training and coaching to their sales team to become a high-performance sales organization. In this article, we will explore the 8 types of sales training high-performance sales leaders deploy to ensure their teams have the knowledge and skills necessary to excel. These training types include Company, Industry/Competition, Products, Systems, Sales Processes, Sales Skills, Sales Management, and Artificial Intelligence (AI). 1. COMPANY TRAINING Comprehensive knowledge of the company’s vision, mission, values, and culture is essential for sales professionals. Company training familiarizes sales teams with the company’s unique history and story, the organization’s goals, unique value proposition, target markets, and overall business strategy. This training helps salespeople align their efforts with the company’s objectives, effectively communicate the value of their offerings, and build trust with customers. By understanding the company inside-out, sales professionals can better represent its brand and deliver a compelling sales pitch. 2. INDUSTRY/COMPETITION TRAINING Understanding the industry landscape and competitive landscape is vital for sales professionals. Industry/competition training equips sales teams with knowledge about market trends, customer preferences, and the competitive landscape. This training allows salespeople to position their products or services effectively, address customer pain points, and differentiate themselves from competitors. By staying up-to-date with industry trends, sales teams can adapt their strategies and remain ahead of the competition. 3. PRODUCT TRAINING Product knowledge is the foundation of successful sales. Product training ensures that sales teams have a deep understanding of the features, benefits, and applications of the products or services they are selling. This training equips sales professionals to effectively communicate product value to customers, address specific customer needs, and handle objections. By being well-versed in product knowledge and high-impact use cases, sales teams can build credibility, instill confidence in customers, and close deals more effectively. 4. SYSTEMS TRAINING In today’s digital age, sales teams rely on various systems and tools to manage customer relationships, track sales activities, host video meetings, conduct webinars, query databases, generate pricing requests, and efficiently navigate sales processes. Systems training provides sales professionals with the necessary skills to leverage these tools effectively. Whether it is a customer relationship management (CRM) system, ERP system, order entry system, sales automation software, sales analytics, or a mobile platform, understanding how to navigate and utilize these systems optimally enables sales teams to work efficiently, enhance collaboration, and make data-driven decisions. 5. SALES PROCESS TRAINING A structured and standardized sales process is essential for consistent sales performance. Sales process training guides sales teams through the steps involved in a typical sales cycle, from lead generation to deal closure and post-sales support. This training helps sales professionals understand the importance of each stage, develop effective sales strategies, and improve conversion rates. By following a defined sales process, sales teams can identify bottlenecks, optimize workflows, and deliver a seamless customer experience. 6. SALES SKILLS TRAINING Sales skills training focuses on enhancing core selling skills such as communication, negotiation, objection handling, relationship building, and closing techniques. These skills are fundamental to establishing rapport with customers, understanding their needs, and influencing their buying decisions. Sales skills training provides sales teams with practical techniques, role-playing exercises, and real-world scenarios to improve their ability to engage customers, overcome objections, negotiate, and close deals. Continuous development of sales skills is essential for long-term success and adapting to changing customer expectations. 7. SALES MANAGEMENT TRAINING A well-structured and comprehensive training program equips sales managers with essential skills and knowledge to lead their teams effectively, resulting in improved sales outcomes and business success. Organizations can create a culture of excellence that fosters collaboration and consistency by providing managers with strategic planning, motivation, and performance management tools. According to a study by the Harvard Business Review (2018), companies that invest in sales management training experience a substantial increase in revenue and profit margins. Therefore, investing in sales management training is a wise and proven approach to elevating sales performance. Sales Xceleration offers an outstanding sales management training program called the Certified Sales Leader (CSL). It covers the foundations of successful sales leadership, including Sales Strategy, Business Planning, Hiring, Onboarding, Managing a Team, Motivating & Getting the Best from your Sales Team, Creating an Environment of Sales Success, Coaching & Sales Culture, Improving Poor Performance, Sales Meetings, Ride-a-longs, Roleplays, Understanding Customers, Forecasting, CRM, Compensation, and Mentoring. In addition to a certification exam, the CSL program includes practical tools, documents, and templates to improve all aspects of sales leadership. 8. ARTIFICIAL INTELLIGENCE (AI) TRAINING As technology continues to advance, sales teams need to harness the power of AI to gain a competitive edge. AI training equips sales professionals with knowledge about AI-driven tools and applications that can enhance their sales effectiveness. This training helps sales teams understand how AI can automate routine tasks, provide insights, and enable predictive analytics to improve customer targeting, lead generation, and sales forecasting. AI can be especially beneficial when developing templates, refining sales scripts, and improving marketing automation flows. By leveraging AI effectively, sales teams can optimize their workflows, identify new opportunities, and drive revenue growth. CONCLUSION To maximize your sales team’s performance, sales leaders and business owners must deploy a comprehensive range of training programs. Company, Industry/Competition, Products, Systems, Sales Processes, Sales Skills, Sales Management, and AI training are crucial elements that ensure sales professionals are equipped with the necessary knowledge and skills to excel in their roles. By investing in these training types, business owners can empower their sales teams to stay ahead of the competition, effectively communicate value, and drive revenue growth in an ever-evolving sales landscape. If your business needs a comprehensive, customized sales training program to elevate your Sales Team’s performance, let’s

10 Ways to Reduce Freight Costs

Ken Nixon of Expense Reduction Analysts is a member of XPX Tri-State
Ken Nixon
Expense Reduction Analysts
1 year ago

Expense Reduction Analysts (ERA) are looking at numerous ways to help companies save money and improve processes in an inflationary environment. One of ERA’s most successful verticals in assisting companies with their freight costs. Need: Business leaders are looking at unique ways to combat inflation and reduce freight costs. Solution: ERA’s freight specialists put forward 10 unique ideas to combat rising freight costs as a catalyst to initiate a conversation with decision-makers and promote our expertise. Value: Decision makers who utilize ERA’s group of experts will save more than with their internal teams alone. Please take a look a the attached PDF. Reach out if you have any questions or if I can be of help.

IS YOUR BUSINESS RUNNING ON EOS®? HERE’S WHERE MARKETING PLUGS IN PERFECTLY!

Dina Wasmer of Incite Creative is a member of XPX Maryland
Dina K. Wasmer
Incite Creative
1 year ago

If your business performance is lackluster, take a closer look at how it’s operating. And if you’re a business owner already running your company on EOS® – the Entrepreneurial Operating System — congratulations! You’ve already taken an essential first step toward gaining clarity around your goals and organizing the milestones for how you and your team will achieve them. But where and when does marketing fit into the equation? EOS® plugs marketing strategy into a two-day Vision Building™ Agenda and seven other important topics. That’s a great start, but it only scratches the surface. A comprehensive EOS Model® provides a visual illustration of a six-piece pie chart comprised of the components it deems essential to any business, including: Vision People Data Issues Process Traction Vision Powered by Marketing Strategy & Planning Arguably the foundation for success, and the focus of this article, a company’s vision typically encompasses its core values, purpose, passion, niche, and unique value. It is designed to inspire and motivate employees to work toward a common goal. So…what happens when there’s no clarity around the vision? No focused goal and zero hopes of achieving it. EOS® corrects this by getting everyone in the organization crystal clear about where they’re going and how they’ll get there. But here’s the thing — if you only consider yourselves in this vision, you’re leaving out an essential piece of the picture — your customers. Marketing plays a crucial role in clarifying a company’s vision. Effective marketing is about understanding your target audience and communicating your company’s purpose and values to them in a way that resonates. In other words, your vision needs to align with the needs and desires of your customers. By conducting Positioning Workshop, SWOT analysis, and competitive and industry research, you will unearth existing brand perceptions, gain vital insight to determine if those perceptions will help or hinder your value proposition, and allow you to adjust your vision accordingly. What if, for example, Patagonia’s vision to “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis” lacked a sizeable enough target market that cared enough about Mother Earth to pay $299 for a jacket? It would be a company without any customers and any profit. Luckily for Patagonia, the company’s vision seems to resonate with the strategic marketing plan to your operating system, and you’ll get the insight you need to realize your vision. And stay tuned for our upcoming contact Incite Creative. We have over 23 years of marketing expertise and have worked with businesses running on EOS® and welcome the opportunity to partner with EOS Implementers®. outsourced CMO services. In short, we become your company’s chief marketing officer and do so virtually and efficiently — saving you time and money. Since 1999 we’ve had the pleasure of building and boosting brands for a core set of industries. Our thoughtful process, experienced team, and vested interest in our client’s success have positioned us as one of the Mid-Atlantic’s most sought-after marketing partners for those looking to grow their brand awareness and bottom line. Stop paying for digital and traditional services you may not need. Our retainer, no markup model means our recommendations don’t come with any catch or commission. Our advice aligns with what you need and what fits within your budget. For more information, contact us at 410-366-9479 or info@incitecmo.com. 

Strategic Sales Recruiting

Mike Lindert of Sales Xceleration is a member of XPX Chicago
Mike Lindert
Sales Xceleration
1 year ago

Many relatively new macroeconomic and socioeconomic factors have changed how companies recruit, engage, and retain top talent. Factors include: Highly competitive labor market Wage inflation The Remote Workforce The Gig Economy The Great Resignation Has your recruiting process kept current with the changing business landscape? What does your strategic sales recruiting process look like, and how has it performed recently? When was it last updated? Is it time to reassess the effectiveness of your strategic sales recruiting process? I recently spoke to a sales leader struggling to find a new sales manager after his last sales manager left to join a competitor. He was frustrated because he had been unable to fill the position for over six months and had no qualified candidates in the funnel. To his credit, his sales team turnover was low, but it also revealed that because they hadn’t needed to use their recruiting process in years, they were unprepared when they needed to find this critical replacement. The market changed while they weren’t looking. They needed to update their entire strategic sales recruiting process – from where they looked for candidates, how to engage candidates, and the compensation plan they were offering. We discussed several options he hadn’t considered, including: Benchmarking his Sales Compensation Plan (see Amplify Article). Hiring outside his industry (“14 Techniques For Onboarding New Remote Employees”

Popular

What's Trending

Explore more

How to Post a Photo and Company Logo to Your Member Profile: A Step-by-Step Guide

Cheryl Centeno of XPX Global is a member of XPX
Cheryl Centeno
XPX Global
1 day ago

Enhance your member profile by adding a photo and your company logo! It’s a great way to personalize your presence and showcase your organization. Follow these simple steps to update your profile: 1. Log In to Your Account First, make sure you’re logged in to your member account by going to www.exitplanningexchange.com and clicking on the Log In button on the top right-hand corner of the page. Remember to use the email address associated with your member profile as your username. 2. Go to Your Profile Once logged in, navigate to your member profile. You can usually find this by clicking on your profile picture or your name at the top of the page. 3. Select “Edit Photo” Look for the “Edit Photo” button—typically located near the top of your member profile’s dropdown menu (photo below). Click on it to upload or update your high-res photo.

New Years Resolutions: Why They Miss the Mark, and What to Do Instead

Maria Forbes of FIREPOWER Business Catalyst, LLC. is a member of XPX Atlanta
Maria C Forbes
FIREPOWER Business Catalyst, LLC.
5 days ago

Entrepreneurial business owners, is it time to consider a new approach to setting goals in the New Year? We’ve all been there. January 1 rolls around, and we set resolutions with the best intentions. “This will be the year I double my business,” we say. An article in Forbes 1 states by mid-February, 80% of people have made their resolutions a distant memory. Why? Because we have high ambitions hinging on mostly unrealistic and unsustainable methods, setting broad, lofty goals without a roadmap is like trying to sail a ship without a compass—directionless and daunting. There is a simple fix for this problem.  Start the road map with some pre-work. The root issue? New Year’s goals should always start with who you are, how you want to serve, and what you want to enjoy. If you start a New Year’s Resolution with what is trending in the world, in business, or in society, you will leave some or all your resolutions behind as you realize there is a misalignment between who you are and what is trending. It’s all one path! As business owners, we are bombarded with tasks that can be exhausting and lack enjoyment. Goals should be derived from envisioning a picture of your personal world: God, business, family, your unique personal desire to share creatively, and the core of who you are, so your business and your world are synced within a set of goals. What should your world look like in the New Year? Don’t compartmentalize! Your business cannot be separated from all the rest; successful business owners know who they are and how they intend to serve.  Get reacquainted with who you are, your personal talents to serve (clients, friends, family), and how you can get back to enjoying your life. Now we can talk about Business Resolutions You know what you want to achieve for your business. Now, make it a team effort. Go beyond your own efforts to engage your team in goals that are well aligned with their strengths and do it in a doable fashion that engages the spirit of growth together. The Problem with Most Resolutions Resolutions lack specificity, accountability, and, most importantly, our teams’ collective firepower. Transformative change doesn’t come from wishful thinking but from actionable, measurable steps involving everyone on deck. So, what’s the game plan? Shift from solo resolutions to team-powered actions. Set Specific Goals: Break down that big vision into smaller, achievable milestones. “Increase sales by 10% in Q1” beats “Double my business” for clear targets. Harness Team Strengths: Every member has unique skills. Use them to your advantage by assigning roles that match their strengths and watch motivation soar. Perform Regular Check-Ins: Make accountability a team effort. Frequent updates keep everyone on the same page and moving forward together. Celebrate Wins: Whether you hit a small target or make significant progress, celebrate as a team. This will help you feel more united and keep the momentum going. Making Sustainable Resolutions Remember, a sustainable resolution starts with the core of who you are as an owner, how you want to serve, and what is enjoyable to you.  Once you know what you want to achieve for your business your team can help you get there. With some pre-work, a New Year resolution might spark the fire, and then your team’s day-to-day actions will keep it blazing.

Quantum Computing Investments: Key Players, Risks, and Opportunities for 2025

Billy Amberg of Bloomwood is a member of XPX Atlanta
Billy Amberg
Bloomwood
6 days ago

Listen to this post as a podcast: www.adviserinfo.sec.gov). Please read the disclosure statement carefully before you engage our firm for advisory services. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.   The views expressed in this commentary are subject to change based on the market and other conditions. These documents may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.    All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.  There is no representation or warranty as to the current accuracy, reliability, or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. Bloomwood is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Bloomwood and its representatives are properly licensed or exempt from licensure. 730 Starlight Lane, Atlanta, GA 30342.

What to Expect in 2025: Changes to the Three Branches of Government

Robert Brody of Brody and Associates, LLC is a member of XPX Tri-State
Robert G. Brody
Brody and Associates, LLC
2 weeks ago

As we enter 2025, businesses face a rapidly evolving employment law landscape shaped by dynamic shifts across all three branches of government. With a new president set to take office, significant developments at the Supreme Court, and the Republicans securing control of Congress, 2025 is shaping up to be a year defined by upheaval. Each branch of government will be different than any of us have seen in decades. The Executive Branch First and foremost, Donald Trump’s second presidential term is set to begin on January 20. Over the last four years, the Biden administration, known for their pro-employee policies, ushered in a wave of regulations aimed at expanding worker protections. Conversely, the Trump administration is expected to continue their pro-employer, laissez-faire approach that prioritized deregulation and employer flexibility during his first term. (Interestingly, the Trump Administration has started supporting more union issues and no one knows how that will impact his second term.) Significantly, labor and employment law developments often arise from action on behalf of various agencies such as the National Labor Relations Board (“NLRB”) and the Department of Labor (“DOL”). Because these agencies are part of the Executive branch, the president is effectively charged with overseeing them, and therefore plays a significant role in the implementation of their policies. Employers should expect Trump to utilize these agencies to implement his pro-business agenda. It is worth noting, however, that a 2024 Supreme Court decision (Loper Bright Enterprises v. Raimondo) overturned the long-standing Chevron doctrine, a legal principle that directed courts to defer to federal agency’s interpretations of law that agency is empowered to enforce. As a result of this decision, the Executive branch was effectively weakened, shifting greater interpretative authority to the Judicial branch. It will be interesting to see how much impact this change will have on the balance of power among our branches of government. The Judicial Branch Loper was not the only Supreme Court decision in 2024 that contributed to the shift in power in favor of the Judicial branch. The Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization, overturned the landmark abortion decision Roe v. Wade. Historically, courts, including the Supreme Court, follow precedent created by earlier decisions. But now the Supreme Court showed its willingness to overturn longstanding precedent based on a difference in their opinion of what is right or wrong. This shift away from strict adherence to precedent allows the Supreme Court greater latitude to reinterpret past decisions. With more flexibility to pursue a wider range of cases, as well as greater interpretive authority, the Judicial branch is shaping up to be much more powerful than it has been in the past. The Legislative Branch Lastly, in the 2024 election, the Republicans secured a majority in both the House of Representatives and the Senate. This means that the Legislative branch will have broad authority to enact their agenda over the next two years. Additionally, with Donald Trump in the White House, the likelihood of presidential vetoes decreases significantly.  This alignment will increase the likelihood that Congress will pass more new laws than is typically seen under a divided legislature. As a result, employers should closely monitor what new laws Congress enacts. Employer Takeaways Overall, the three branches of government are all undergoing significant changes. Donald Trump is likely to resume his pro-employer agenda, albeit with a slightly weakened Executive branch in the wake of the Loper decision. The Judicial branch is as powerful as ever, exemplified by the Supreme Court’s willingness to overturn longstanding precedent. Lastly, with Republicans in control of both the Senate and the House, the Legislative branch is primed for significant activity through 2026. With all these changes taking place, it is crucial for businesses to keep abreast of developments in labor and employment laws to ensure compliance and minimize legal risk in the new year. Brody and Associates regularly advises management on complying with the latest local, state, and federal employment laws. If we can be of assistance in this area, please contact us at info@brodyandassociates.com or 203.454.0560.

Developing Leadership Depth for Business Exit Readiness

Marci Caudle of Tagro Solutions is a member of XPX Philadelphia
Marci Caudle
Tagro Solutions
2 weeks ago

A robust leadership pipeline is crucial for any business, but it becomes particularly vital when preparing for a business exit. Whether you’re planning a sale, merger, or leadership transition, ensuring that your leadership depth is strong can significantly enhance the attractiveness and value of your business. This HR Insight explores how strategic human resources management can cultivate leadership depth to support a smooth business transition. The Importance of Leadership Depth in Exit Planning Leadership depth refers to a company’s ability to fill key leadership roles from within, ensuring business continuity and operational stability. For businesses considering an exit, strong leadership depth reassures potential buyers and investors of the company’s resilience and future performance potential. A well-prepared leadership team can effectively manage transitions, uphold company values, and drive growth, even during periods of change. Strategies for Developing Leadership Depth Leadership Development Programs: Implement comprehensive leadership development programs tailored to your company’s needs. These programs should focus on nurturing high-potential employees with critical skills such as strategic thinking, decision-making, and change management. Methods might include formal training sessions, mentorship programs, and leadership retreats that emphasize real-world business challenges and leadership responsibilities. Succession Planning: Effective succession planning is essential for ensuring that key positions can be filled quickly and competently. HR should work with current leaders to identify potential successors for each critical role. This process includes assessing the skills and readiness of potential leaders and providing targeted development opportunities to prepare them for future roles. Talent Identification and Management: Use talent management tools and assessments to identify employees who have the potential to become future leaders. Once identified, provide these individuals with customized development plans that align with their career aspirations and the company’s strategic goals. This approach not only prepares them for leadership roles but also helps retain top talent by actively investing in their career growth. Performance Management: Align performance management systems to leadership development goals. Regular performance reviews and feedback sessions help potential leaders understand their strengths and areas for improvement, ensuring they are on the right track to taking on more significant roles within the company. Cultivating a Leadership Culture: Foster a culture that promotes leadership from every level of the organization. Encourage employees to take initiative, lead projects, or mentor others. This environment supports leadership development organically and can identify and elevate hidden talents within the organization. The Impact of Leadership Depth on Business Valuation A strong leadership team can significantly enhance a company’s valuation during an exit. It demonstrates to potential buyers and investors that the company is well-managed, has a clear direction, and is capable of sustaining growth without the original owner or current leadership team. Additionally, companies with effective leadership transitions are more likely to maintain performance levels during and after the exit process, reducing risks associated with the transition. Developing leadership depth is not just about filling positions but about creating a sustainable framework that supports the company’s long-term goals and ensures a legacy of success. As businesses prepare for exit, the role of HR in cultivating this environment becomes a cornerstone of strategic exit planning. By investing in leadership development, companies not only enhance their marketability and potential sale value but also secure a stable and prosperous future for all stakeholders. At Tagro Solutions, we bring our deep expertise in Human Resources consulting to the table, aligning HR strategies with business objectives to enhance company performance and prepare for successful transitions. Our approach integrates seamlessly with the philosophy of the Exit Planning Exchange, which fosters collaborative exchanges of information and experiences among its members. Together, we aim to empower business owners through strategic insights and actionable solutions, making the journey from business operation to exit as profitable and smooth as possible.

New York City Mayor Signs Legislation Regulating Hotel Safety: What Employers Need to Know

Robert Brody of Brody and Associates, LLC is a member of XPX Tri-State
Robert G. Brody
Brody and Associates, LLC
1 month ago

On November 4, 2024, NYC Mayor Eric Adams signed into law the Safe Hotels Act (Int. No. 991-C) aiming to promote hotel safety and boost tourism. The Act, taking effect May 3, 2025, requires hotel licenses, restructuring of employment agreements, and a number of new staffing requirements. Hotel License Requirements Hotel operators defined as persons who own, lease, or manage a hotel, and control day-to-day operations, must obtain a hotel license from the Department of Consumer and Worker Protection (DWCP) to legally operate a hotel. Hotel operators must file an application with the Commissioner of the DWCP to obtain a license. The application must contain contact information as well as details of safeguards and procedures which show the hotel is in compliance with the Act’s staffing, safety, employment, and cleanliness requirements. The application will differ if the operator has a collective bargaining agreement (CBA) with a union. If the operator has a CBA which contains the required information and references the CBA in their application this may satisfy the Acts notification rules. The notification requirement will be satisfied for the term of the CBA or 10 years from the date of the application (whichever is longer). The commissioner must be notified if there are changes to the CBA which remove references to the Act’s requirements. The hotel license may be denied or revoked if operators fail to comply with the Act, however there are a number of notice requirements for the Commissioner prior to revoking a license. The Commissioner must notify the licensee of a potential revocation in writing. The licensee must be given 30 days from the notification to remedy the violation and this notice must be in writing. A license will not be revoked if it can be demonstrated that the condition has been resolved in the 30-day period. Evidence of this correction can be delivered electronically or in person. Upon the Commissioner’s decision, the licensee has 15 days to request a review of the decision. A license will not be revoked in the following situations: service disruptions such as construction work noise; conditions that the hotel is aware of and treats within 24 hours such as bed bugs, rodents, etc.; unavailability of hotel amenities for a period of 48 hours; unavailability of utilities for a period of 24 hours; and importantly any strike, picketing, lockout, or demonstration at or by the hotel. Hotel operators must display their license in a public area.   Employment Agreement Requirements The Act requires hotel owners, with 100 or more guest rooms, “directly employ” all “core employees”, except a single hotel operator to manage operations on the owner’s behalf. This rule effectively eliminates intermediaries such as staffing agencies or management companies. Core employees include those whose work relates to housekeeping, front desk, or front service. Valets, maintenance workers, parking security, and employees mostly working with food and beverages are not considered core employees. This provision greatly impacts employers who utilize subcontractors; however some contracting agreements may be grandfathered in if they are entered into prior to the effective date and have a specific termination date. Violating this provision may serve as the basis of license revocation. Staffing Requirements In order to maintain safe conditions for guests and hotel workers, the Act implements a number of new staffing requirements. One employee must provide front desk coverage at all times (during night shifts a security guard who has received human trafficking training may take this employee’s place). Hotels with more than 400 guest rooms must have a minimum of one security guard providing continuous coverage while any room is occupied. Hotels must maintain cleanliness and not impose fees for daily room cleaning. Core employes must receive training on how to identify human trafficking within 60 days of employment. Hotels must not accept reservations for less than 4 hours. Penalties and What Else Employers Need to Know Hotel operators are strictly prohibited from retaliating against any employee who discloses a potential violation or assists in an investigation. Hotel operators are also prohibited from retaliating against employees who refuse to partake in a dangerous activity that is not part of their job. As previously discussed, noncompliance can result in a hotel operator’s license being revoked, but that is not all. Anyone alleging a violation can seek a civil action within 6 months of the alleged violation. Furthermore, the Act provides for civil penalties which vary based on the number of violations: $500 for a first violation, $1,000 for a second, $2,500 for a third, and $5,000 for subsequent violations. The Commissioner is expected to issue rules by which this law will be enforced. A timetable for their issuance has yet to be set. Brody and Associates regularly advises management on complying with the latest local, state and federal employment laws.  If we can be of assistance in this area, please contact us at info@brodyandassociates.com or 203.454.0560  

Previous
Next

Explore the Knowledge Exchange

Search
Make XPX Part of Your Business Plans
Attend an event
Join a chapter
Start a chapter
Find an advisor
Explore
Learn
Account
Connect
Help & Support

© 2025 XPX Global LLC.          Privacy Policy         Norms & Principles          Site Map           Terms of Use

Paper-plane Linkedin Youtube

© 2025 XPX Global LLC. All Rights Reserved.