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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
14 hours 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

Jul 26, 2024
Chicago
Practice Tips

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
6 months 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

Jan 22, 2024
Atlanta
Practice Tips

ERA // Manufacturing Consumables & Packaging News

Ken Nixon of Expense Reduction Analysts is a member of XPX Tri-State
Ken Nixon
Expense Reduction Analysts
10 months 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.

Sep 20, 2023
Tri-State
Practice Tips

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
10 months 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

Sep 11, 2023
Chicago
Practice Tips

Selecting the Right Sales Training Platform for Your Business

Mike Lindert of Sales Xceleration is a member of XPX Chicago
Mike Lindert
Sales Xceleration
10 months 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

Aug 31, 2023
Chicago
Practice Tips

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
11 months 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

Jul 31, 2023
Chicago
Practice Tips

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.

Jun 29, 2023
Tri-State
Practice Tips

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. 

Apr 5, 2023
Maryland
Practice Tips

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”

Feb 27, 2023
Chicago
Practice Tips

Will ChatGPT Replace My Brain?

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

Yea, a headache that’s a good example. A headache is a symptom, but the problem could be from lack of sleep or food or a myriad of other things. So what do most people do? Grab a couple of Motrin to try to help alleviate the symptom instead of using their brain and asking, “When was the last time I ate. Oh, it was eight hours ago. I betcha, that’s why I have a headache. Maybe I should eat something.” So is ChatGPT a good thing or a bad thing? As you can see, we had some fun writing this article. As for ChatGPT, we think it’s a good thing, but the jury is still out on how much it will help or hinder certain human behaviors, how much reliance people put into it using it as a crutch instead of tapping into their own creativity, how it will be regulated for authenticity, and if it will just push us all further into our devices instead of bringing us closer together. If, however, it’s used to help us be more creative and more productive together without losing everything that makes us human (sense of humor, diverse perspectives, truly, etc.), and our brands stand for something truly unique, I’m all for it. So go. Explore 

Feb 1, 2023
Maryland
Practice Tips

3 Ways to Manage Your Personal Brand

Yvonne Levine of YGL Enterprises, Inc is a member of XPX Charlotte
Yvonne G Levine
YGL Enterprises, Inc
1 year ago

Effective branding includes everything that influences the opinions of consumers about you, your product, or your service. The ability to be authentic and humanize your brand provides a critical connection to your customers—one that engenders loyalty and increases sales. Your brand is your most important asset. Fact: Everyone has an existing brand, whether intentional or not. The key is to be proactive about your personal brand. Whether you are a budding entrepreneur, a mid-level executive looking to move up in your organization, a business owner, or a professional services specialist, paying careful attention to your personal brand is essential for long-term success. This article explores the importance of managing your personal brand. YOU HAVE A BRAND, WHETHER YOU LIKE IT OR NOT One word: Google If you don’t take ownership of your brand, the Internet will do it for you. Have you ever Googled yourself? Go ahead. What are the results? Are you surprised? Is it the lack of information or some surprising uncomfortable results? It’s time to embrace your personal brand. If you have neglected your brand presence, it’s not too late. As with any endeavor, focus and consistency will generate positive results. Add search engine optimization (SEO) to the mix, and you will find that your brand will advance and opportunities will increase.

Jan 13, 2023
Charlotte
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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
14 hours 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

Jul 26, 2024
Chicago
Practice Tips

Southern States Fight Back Against Union Wins in South

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

For five decades, the southern United States has been an attractive location for automakers to open plants thanks to generous tax breaks and cheaper, non-union labor. However, after decades of failing to unionize automakers in the South, the United Auto Workers dealt a serious blow to that model by winning a landslide union victory at Volkswagen. In an effort to fight back, three southern states have gotten creative: they passed laws barring companies from receiving state grants, loans and tax incentives if the company voluntarily recognizes a union or voluntarily provides unions with employee information. The laws also allow the government to claw back incentive payments after they were made. While these laws are very similar, each law has unique nuances. If you are in an impacted state, you should seek local counsel. In 2023, Tennessee was the first state to pass such a law. This year, Georgia and Alabama followed suit. So why this push? In 2023, the American Legislative Exchange Council (“ALEC”), a nonprofit organization of conservative state legislators and private sector representatives who draft and share model legislation for distribution among state governments, adopted Tennessee’s law as model legislation. In fact, the primary sponsor of Tennessee’s bill was recognized as an ALEC Policy Champion in March 2023. ALEC’s push comes as voluntary recognition of unions gains popularity as an alternative to fighting unions. We recently saw this with the high-profile Ben & Jerry’s voluntary recognition. Will this Southern strategy work to push back against growing union successes? Time will tell. Brody and Associates regularly advises its clients on all labor management issues, including union-related matters, and provides union-free training.  If we can be of assistance in this area, please contact us at info@brodyandassociates.com or 203.454.0560.  

Jul 25, 2024
Tri-State
Business Value Growth

My Interview with Jerry West on Management

John Dini of The Exit Planning Coach is a member of XPX San Antonio
John F Dini
The Exit Planning Coach
2 weeks ago

I once had the thrill of interviewing Jerry West on management. He was “The Logo” for the NBA, although back then they didn’t advertise him as such. Only the Laker followers knew for sure. In 1989 the “Showtime” Lakers were coming off back-to-back championships.  Pat Riley was a year away from his first of three Coach of the Year awards. 

Jul 9, 2024
San Antonio
Owner Life & Legacy

Can You Offer too Many Product Versions to Your Customers?

Steven Lustig of Lustig Global Consulting is a member of XPX Atlanta
Steven Lustig
Lustig Global Consulting
2 weeks ago

Can you Offer Too Many SKUs to Your Customers? The short answer is YES! A SKU, or Stock Keeping Unit, defines each different product version that you sell and keep inventory of.  There may be different SKUs of the same overall item based on size, color, capacity (think computer or cellphone memory), features, and many other parameters.  For build to forecast businesses, that number of variations can quickly explode and become difficult to manage. Your customers are busy and want ordering simplified. Of course, they may need (or want) more than one variation of a product. That is reasonable and a common aspect of business – one size does not fit all! But there is a point where too offering too many SKUs is not value added either for your customer or your business.  In his April 30, 2013 article “Successful Retailers Learn That Fewer Choices Trigger More Sales” in Forbes, Carmine Gallo discusses his experience and a study about “choice overload” by other authors. He writes about a retailer that “has discovered that giving a customer more than three choices at one time actually overwhelms customers and makes them frustrated…when the customer is faced with too many choices at once, it leaves the customer confused and less likely to buy from any of the choices!” Choice overload is well-documented in consumer studies but can apply in B2B as well. While customer satisfaction is important, another key concern is the often-hidden costs associated with a business offering and managing a large number of SKUs for a given product type. These costs include holding inventory, S&OP (Sales and Operations Planning) team time, small production runs, and scrapping inventory. Holding inventory takes up space, which may come with a cost or utilize racks that could be used for other products. Scheduled inventory counts take up employee time and may result in blackout periods when the warehouse is not shipping product.  The more SKUs there are, including extra SKUS, the greater the potential impact. The Sales team’s forecasting and the Operations team’s purchasing reviews that are part of the S&OP process can occupy more of their valuable time if they need to consider these times. If small orders or forecasts require a new production run, this could be costly and create excess inventory. Whether from this new production or past builds, eventually it will make sense to write off and scrap old inventory, another cost impact to the company. How do you know which SKUs to focus on if you wish to look at reducing your total number of SKUs? Start by examining SKUs that have: Low historic sales over a period of time Small variations between SKUs that customers do not value Older technology or model when newer option SKUs are available This requires a true partnership between Sales and Operations. It starts with educating both teams on the costs involved – neither group may be aware of the money and time impact to the company. Periodic (such as quarterly) reviews of SKUs that meet the above descriptions should become a fixed part of the calendar. A review of the data and other available for sale options should result in the identification of SKUs which may not be needed. At that point, it is helpful to have a customer friendly EOL (End of Life) Notice process by which you inform customers of last time buy requirements for this SKU and alternates available. It is usually best to provide some time for the last time buy in the interest of customer satisfaction, although that may not always be necessary. At a company that designed and sold electronics, a robust SKU rationalization process was implemented to help address these issues. A representative from the Operations team analyzed SKUs that met a version of the above criteria and suggested candidates for the EOL process. Next, a member of the Sales team reviewed them and, where appropriate, issued product change or EOL notices to customers, providing them time for last time buy orders when needed. These steps helped reduce the work involved in maintaining these SKUs while not leading to any customer complaints. A final note – sometimes it makes sense to continue offering low selling SKUs – to support customers buying other items (hopefully in larger quantities). It may be worthwhile to encourage them to keep coming back to you for all of their product needs and this may be a way to accomplish that. But it helps to understand that this is truly the case and not assume that this customer would not be equally happy with another, more popular, SKU.   Steven Lustig is founder and CEO of Lustig Global Consulting and an experienced Supply Chain Executive.  He is a recognized thought leader in supply chain and risk mitigation, and serves on the Boards of Directors for Loh Medical and Atlanta Technology Angels.

Jul 9, 2024
Atlanta
Business Value Growth

Owners are a Minority

John Dini of The Exit Planning Coach is a member of XPX San Antonio
John F Dini
The Exit Planning Coach
3 weeks ago

When it comes to careers, business owners are a minority of the population. In conversations this week, I mentioned the statistics several times, and each owner I was discussing it with was surprised that they had so few peers. According to the Small Business Administration (SBA), there are over 33,000,000 businesses in the US. Let’s discount those with zero employees. Many are shell companies or real estate holding entities. Also, those with fewer than 5 employees, true “Mom and Pop” businesses, are hard to distinguish from a job. The North American Industry Classification System (NAICS) Association, lists businesses with 5 to 99 employees at about 3,300,000, and 123,000 have 100 to 500 employees (the SBA’s largest “small business” classification.) Overall, that means about 1% of the country are private employers. Owners are a small minority, a very small minority, of the population. Even if we only count working adults (161,000,000) business owners represent only a little more than 2% of that population. So What? Where am I going with this, and how does it relate to our recent discussions of purpose in business exit planning? It’s an important issue to consider when discussing an owner’s identity after transition. Whether or not individual owners know the statistics of their “rare species” status in society, they instinctively understand that they are different. They are identified with their owner status in every aspect of their business and personal life. At a social event, when asked “What do you do?” they will often respond “I own a business.” It’s an immediate differentiator from describing a job. “I am a carpenter.” or “I work in systems engineering,” describes a function. “I am a business owner” describes a life role. When asked for further information, the owner frequently replies in the Imperial first person plural. “We build multi-family housing,” is never mistaken for a personal role in the company. No one takes that answer to mean that the speaker swings a hammer all day. Owners are a Minority We process much of our information subconsciously. If a man enters a business gathering, for example, and the others in the room are 75% female, he will know instinctively, without consciously counting, that this business meeting or organization is different from others he attends. Similarly, business owners accept their minority status without thinking about it. They expect that the vast majority of the people they meet socially, who attend their church, or who have kids that play sports with theirs, work for someone else. There are places where owners congregate, but otherwise, they don’t expect to meet many other owners in the normal course of daily activity. This can be an issue after they exit the business. You see, telling people “I’m retired” has no distinction. Roughly 98% of the other people who say that never built an organization. They didn’t take the same risks. Others didn’t deal with the same broad variety of issues and challenges. Most didn’t have to personally live with the impact of every daily decision they made, or watch others suffer the consequences of their bad calls. That is why so many former owners suffer from a lack of identity after they leave. Subconsciously, they expect to stand out from the other 98%. “I’m retired” carries no such distinction.       This article was originally published by John F. Dini, CBEC, CExP, CEPA on

Jul 1, 2024
San Antonio
Owner Life & Legacy
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