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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.
2 weeks 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.

Preparing Your Business for Sale: The Impact of Staffing, Retention, and Unemployment Tax

Marci Caudle of Tagro Solutions is a member of XPX Philadelphia
Marci Caudle
Tagro Solutions
3 months ago

Preparing your business for sale involves more than just financial tidying; it requires a holistic approach to optimize all aspects of the organization. By focusing on staffing and retention, and understanding the impact of unemployment tax, you can significantly enhance your business’s attractiveness to buyers. Leaders should be mindful of several key human capital implications beyond staffing and retention. Here are some additional factors to consider: 1. Leadership and Management Continuity ·      Stability at the Top: Ensure that the leadership team is stable and that there are succession plans in place. Buyers often look for continuity in leadership to maintain operational stability post-sale. ·      Management Depth: Assess the strength and depth of your management team. A strong, experienced management team adds value and confidence for buyers. 2. Workforce Skills and Competencies ·      Skills Inventory: Conduct a thorough assessment of the skills and competencies within your workforce. Identify any gaps and develop plans to address them. ·      Training and Development: Implement robust training and development programs to enhance employee skills and ensure they are aligned with the future needs of the business. 3. Employee Engagement and Culture ·      Engagement Levels: Measure and improve employee engagement. Highly engaged employees are more productive, loyal, and contribute to a positive work environment, which is attractive to buyers. ·      Company Culture: Foster a strong, positive company culture. A healthy organizational culture can significantly impact employee retention and overall company performance. 4. Compensation and Benefits ·      Competitive Compensation: Ensure that your compensation packages are competitive within your industry. This includes salaries, bonuses, and other incentives. ·      Benefits Programs: Evaluate your benefits programs to ensure they meet employee needs and are in line with industry standards. Attractive benefits can improve employee satisfaction and retention. 5. HR Compliance and Risk Management ·      Regulatory Compliance: Ensure that all HR practices comply with local, state, and federal regulations. Non-compliance can lead to costly fines and legal issues that could deter potential buyers. ·      Risk Management: Identify and mitigate HR-related risks. This includes having clear policies and procedures, proper documentation, and handling employee relations issues promptly and effectively. 6. Performance Management ·      Clear Metrics: Implement a robust performance management system with clear metrics and regular feedback. This helps in identifying high performers and areas needing improvement. ·      Recognition Programs: Develop programs to recognize and reward employee achievements. Recognition can boost morale and productivity. 7. Employee Communication ·      Transparent Communication: Maintain open and transparent communication with employees about the potential sale. Keeping employees informed can reduce uncertainty and maintain morale. ·      Change Management: Develop a change management strategy to guide employees through the transition. This includes providing support and addressing any concerns they may have. 8. Organizational Structure and Efficiency ·      Streamlined Operations: Evaluate and streamline your organizational structure to eliminate inefficiencies. A lean, efficient organization is more attractive to buyers. ·      Technology Integration: Ensure that your HR systems and technologies are up-to-date and integrated. This can improve efficiency and provide valuable insights into workforce performance. Minimizing Unemployment Tax to Maximize Your Sale Appeal When planning to sell a business, every aspect of the organization comes under scrutiny, from financial performance to operational efficiency. One often overlooked yet critical factor is staffing and retention, specifically how these elements impact unemployment taxes. Understanding Unemployment Tax Unemployment tax, a mandatory contribution that employers must pay, is influenced by the turnover rate within a company. Higher turnover rates lead to increased unemployment claims, which in turn raise the unemployment tax rate. For businesses looking to sell, a high unemployment tax rate can be a red flag to potential buyers, signaling underlying issues in workforce management and financial health. The Connection Between Retention and Unemployment Tax Employee retention plays a pivotal role in controlling unemployment tax rates. High retention rates generally indicate a stable and satisfied workforce, reducing the number of unemployment claims and, consequently, lowering the unemployment tax rate. Here’s how improving retention can benefit your business: 1.     Cost Savings: Lower turnover reduces recruitment, training, and onboarding costs. It also minimizes the administrative burden associated with managing unemployment claims. 2.     Increased Productivity: Long-term employees tend to be more productive, having accumulated valuable experience and knowledge over time. This boosts overall business performance, making your company more appealing to buyers. 3.     Enhanced Reputation: A strong retention rate reflects well on company culture and management practices. Buyers are more likely to invest in a business with a positive reputation for treating employees well. The Bottom Line When preparing to sell a business, addressing these human capital implications can significantly enhance the attractiveness of your company to potential buyers. By focusing on leadership continuity, workforce skills, employee engagement, compensation and benefits, compliance, performance management, communication, and organizational efficiency, you can create a solid foundation that not only improves your company’s valuation but also ensures a smooth transition post-sale.   Tagro Solutions is here to help you navigate this complex process, providing the expertise and support needed to position your business for a successful sale. For more information on how we can assist you, visit our website or contact us directly. Let’s work together to make your business an irresistible opportunity for potential buyers. info@tagrosolutions.com

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
6 months 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. 

Starting with the End in Mind – webinar for business owners and buyers May 16 , 2024

Paul Cronin of Touchstone Advisors is a member of XPX Greater Boston
Paul Cronin
Touchstone Advisors
9 months ago

Starting with the End in Mind – webinar for business owners and buyers May 16 at 1PM (EDT) If you have the following questions, this webinar is for you! How do I strategically think about my end game? In other words, how do I figure out what game I am playing? What makes a business hard to sell and limited in market value? What are some major value enhancement strategies available to my business? What are reasonable timeline considerations in growing, preparing, and selling my business and what capacity needs are required to be added? How do I build a team of advisors? Speakers include: Amanda A. Russo: CEO of Cornerstone Paradigm Consulting Ryan Goral: CEO of Gspire Group Paul Cronin: three-time founder and M&A Advisor at True North Advisors Group For event details and registration, click

Choosing ERP/WMS Software for Your Company

Dan Kaplan of SMC Data Systems is a member of XPX New York
Dan Kaplan
SMC Data Systems
9 months ago

The Red Sea disruption forcing ships to go around Africa creates a new Supply Chain reality. It can lead to late deliveries of inventory resulting in disruptions affecting business globally. One of the noticeable issues is the Reuters report, “Tesla, Volvo Car in Europe Pause Output of Certain Car’s models.” Besides the production disruptions, late inventory arrival can result in order cancellations, often creating excess inventory which affects the warehouse. Besides the additional labor cost, it often results in using a 3rd party warehouse or purchasing/leasing additional warehouse space. These disruptions can lower profit margins and cause cash flow issues. Today’s reality of business disruptions makes companies realize that their outdated ERP Software, should be replaced with new integrated ERP/WMS Software that has a Warehouse Management module enabling companies to avoid business disruptions by having the features below: • Inventory availability after it was allocated for production or future orders. • Real-time Analytic information reflecting sales activity, what products should be ordered, and when. • From which vendor to purchase based on analytic information of promised delivery dates. • Customers’ buying patterns of products ordered. If the customer’s current purchases are less than in the past, the reason for this should be investigated. • If the accounts receivable overdue payment days have increased, the customer’s financial stability should be evaluated. Selecting New Software Before the software selection search starts, a committee should be established. Its members should be key people from each department and a requirements list should be developed. • The end users can provide important information that will be needed when the demos are conducted and they will have emotional investment once the software implementation starts. • The developed requirements list should be addressed at each demo. • All the demos should be a “workshop style” rather than a “slide show” with “bells and whistles.” • Not having the “workshop style” demo often results in purchasing the wrong software that does not meet the business’s unique requirements. • Having to change the business model to meet the software requirements will result in business disruption and the end users having a large learning curve. • Software functions that are beyond the users’ ability to learn will result in long implementation, and the project might be eliminated. • Before the decision to purchase the software is made, a visit to the software provider’s client in the same industry should be arranged. • Three people should be met at the vendor’s client site: the CEO, CFO, and IT manager. • The main question the above people should be asked: “How good is the software house hotline support?” • This is a crucial factor that should be considered. Not having good hotline support will result in severe business disruptions when an issue occurs and immediate support is not provided. Issues Arising from Multiple Software Often companies that have legacy software choose rather than replace it with new integrated ERP/WMS Software that has Warehouse Management they choose to buy it from Warehouses Software Vendor and have it integrated with the legacy software. Doing it will result in the issues listed below. • Stand-alone warehouse software can result in integration issues resulting in inaccurate inventory. • Having multiple software platforms creates issues when it’s upgraded. • Excess user efforts accessing multiple software results in business disruptions. • Often when one of the vendors has a software upgrade it might result in integration issues. • When having to contact multiple hotlines, vendors often don’t take responsibility resulting in business disruption. Case Study: Multiple Software • Large Food Manufacturers/Distributors decided not to upgrade their legacy software and purchased four software platforms from different vendors hoping it would enable them to meet their business requirements. • It resulted in the users having to access multiple software platforms resulting in excess efforts retrieving the needed information. • When one of the software platforms was upgraded sometimes it affected the main software platform or the other platform resulting in business disruptions. • When connecting the software hotlines each vendor claimed it was the other software vendor that caused the issues. • After a few incidents the management team decided to purchase new single database software that will have all the software modules needed supported by one vendor. • Before starting the software, a search committee was established having key end users for each department and a requirements list was generated. • The list was presented to each software vendor who gave the demo and made sure that besides addressing the business requirements the end users could master it without a large learning curve. Benefits of Single Data Base ERP/WMS Software • The end users without having to access four different software platforms instantly find the information needed. • The customers were able to place orders on smartphones and have a web portal where they could view various needed information. • Inventory in the warehouse is picked by using Voice Pick which has multiple language capabilities addressing today’s labor reality and RF Guns. • Streamlining the operation resulted in lowering operating costs and improved customer satisfaction. Overseeing Software Implementation Manufacturers and Distributors, who had outdated software, experienced production, and inventory control issues. It resulted in shipment delays leading to products being returned, excess inventory in the warehouse, and penalties affecting the accounting department which had to issue credits and adjustments, often missing the vendor’s early payment discount date. When the shelves were consolidated to receive new inventory, products sometimes were misplaced and were not found until the physical inventory took place. This resulted in excess inventory becoming obsolete. To resolve these kinds of issues, new ERP/WMS Software was purchased from the company we represent. The computer manager designated to oversee the software implementation was related to the president. Unhappy with the decision, feeling that the 20-year-old software he developed met the company’s requirements, he decided that purchasing the new ERP/WMS Software was the wrong decision and became an obstacle to implementing the software. His behavior resulted in implementation delays. The users, seeing his attitude, lost interest in the project and did not practice what they were taught. The president, with whom I had a long-term working relationship, asked me to meet him for lunch and expressed his concerns about the ERP/WMS Software going live on the targeted date. I asked the president to assign a different person to oversee the project. To prevent a family rift resulting from this action, I suggested the person be called the computer manager’s “assistant.” Extensive individual training should be given to the manager to enable him to get over the fear of learning the new software. After the training ended, the manager got comfortable with the new ERP/WMS Software, assumed the project’s responsibilities and the end users practiced what they were taught every day. Case Study: Benefits of the New Software Twelve months after the company went live with the new ERP/WMS Software, the president invited me for lunch again and told me: “I would like to thank you for helping resolve the issue I had with my relative. It prevented a family rift. The new integrated ERP/WMS Software streamlined the production and enabled my company to ship the products the same day, The company operating costs were lowered and the inventory accuracy is 99.6%.” Key Person Overseeing Implementation The large Distributor who bought the ERP/WMS Software from the company we represent had a computer manager who was eager to learn the new software functions. As soon as the project started, he addressed the users’ concerns about learning the new software and made sure they practiced daily. It resulted in going live on the estimated date and budget. The end users, before having the new ERP/WMS Software, had to access multiple software platforms to retrieve needed information. They were happy being able to retrieve information instantly without having to access multiple screens. this resulted in decreasing their workload and improved customer service. Implementing Software without Parallel Run • Before the Software implementation is conducted, the business requirements study should be conducted and a test environment should be established. • The legacy software data should be downloaded to the test environment daily and verified for accuracy. • Data verification will eliminate the need to run parallel software. • The end users should be trained in a test environment that has the information they are familiar with. • Software vendor key personnel should be assigned to each department i.e. accounting, warehouse, and purchasing. Going Live with New Software • Company-wide tests should be conducted in which the end users create errors in the “test environment” and then be able to correct their mistakes. • If the users cannot correct their mistakes, the going live date should be postponed and additional training should be given. • After going live with the new ERP/WMS Software, the training and technical staff should remain on-site to assist with any issues that might arise. ERP/WMS Software Case Study Attending the event at a major accounting firm I met the large Food Manufacturer/Distributor CEO who was the keynote speaker describing his experience of going live with the new ERP/WMS Software he bought from the software company we represent. “I had a sleepless night before we went live with our new ERP/WMS Software concerned about shipping the daily 800 orders to our customers who depend on us. I was relieved that we didn’t have any issues because the ERP/WMS Software House training and technical team were at our location. If any of the users had an issue, it was immediately resolved. The training and technical team stayed at our location until they were convinced that our users were proficient. I was also pleased that our ERP/WMS Software house Hot Line support personnel are all technical. When my users call, they get an immediate response, and any issues they experience are immediately being resolved.” About SMC & Dani Kaplan: Since 1980, Dani Kaplan has worked with Manufacturers, Distributors, and Food companies as a trusted advisor helping them lower their operating costs, streamline their operations, and control the inventory. Dani can be reached at Dani.kaplan@smcdata.com  

4 Common Misconceptions About Onboarding

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

Onboarding isn’t just about shaking hands on day one or drowning your new hires in an ocean of paperwork and procedural manuals. FIREPOWER Teams is here to help you find and grow the right team to fuel success and sustainable growth in your small business. Reach out to Maria Forbes and discover the potential of people-powered change in your organization.

Is it time to revamp your leadership team?

Xavier Lederer of Ambrose Growth is a member of XPX Hartford
Xavier Lederer
Ambrose Growth
10 months ago

Homogeneity among your leadership team is like a decadent creamy chocolate cake: it feels tempting, but when you resist it, you get in much better shape. Increasing diversity on your leadership team leads to better decisions – and better financial results. However we have a natural tendency to surround ourselves with people similar to us: diversity is harder. How do you know whether your leadership team is diverse enough? Why is diversity important? Plenty of research has demonstrated that increasing diversity on your team enhances your top and bottom lines. Among others, as this 

The e-myth – why entrepreneurs need to let go to maximize value

Robert Latham of IBG Business M&A Advisors is a member of XPX Houston
Robert Latham
IBG Business M&A Advisors
1 year ago

If the value of your company would suffer in your absence, the biggest threat to its marketability might be you. “Buyers generally aren’t interested in paying top dollar if the business is overly reliant on the owner for its success.” That excerpt from a long-ago IBG Business article (“article on industry rollups), the company may be worth its book value and little more. Solutions in Print. While Gerber does a masterful job of describing the problem, the real value of The E-Myth and its progeny is that they provide therapeutic steps that can help an entangled business owner execute a pivot, breaking free of their comfort zone and morphing into a more valuable leadership role, maximizing business viability and value separate from their incessant presence and hands-on involvement. In addition, Gerber’s 1995 sequel, The E-Myth Revisited, provides a business development process that serves as a framework for developing turn-key systems throughout an organization to produce predictable results and grow in a sustainable way. Guidance in Person. It should go without saying that we think the E-Myth series is a valuable read for business owners who, looking to sell some day, have decided to get serious about preparing their business to stand on its own two feet. And that’s where IBG often enters the story. For us, the business is the product. To help shape a good company into an attractive acquisition target, we often start our preparatory work two years before the company is ready to go on the market, focusing on such priorities as: cleaning up and recasting financial information; improving cash flows; selling off or disposing of unproductive assets, product/service lines, and inventory; diversifying client and vendor concentrations attracting and developing key employees and fostering an effective management team on which a new owner can rely; identifying and protecting intellectual property and other intangible assets (trademarks, patents, copyrights, and any other proprietary information) that set your company apart from competitors; documenting key processes; and identifying and building on the business’s competitive advantages and attractiveness to the best-fit buyer. In the process, we invariably invest time and energy in the owner, helping them prepare mentally and emotionally for the rigors of the sale experience, and identifying roles in the company’s management and operations that the owner should no longer fill if the business is to achieve optimum value. As a business owner, it’s important to recognize that the value of your company lies not just in its assets and profits, but in its ability to exist independently of its owner. This means taking steps to establish a structure, management environment, and culture that can thrive with or, ultimately, without you. That’s a tall order, one that you don’t need to tackle on your own. To find out how we might help, contact an

Three-Part Process: How CFOs Shore Up Finance Teams for Private Equity Resell

David P DeMuth
CFO Consulting Partners LLC
1 year ago

By Tim Jung As CFO, you have 60 months before the private equity firm sells your company again. And the newly installed CEO doesn’t like the company’s reports. Maybe the reporting isn’t timely or lacks the right numbers. Maybe it doesn’t tell a story from the progress that has been made, how you’re going to achieve higher revenues, who on the team are the right resources and when this will be realized. Executing this strategy will result in a higher sale valuation. If your lawn is green, you don’t think about it. But if your grass starts to turn brown, you start asking questions. In any case, you have already started the prep work for upgrading the Finance Department. You have a better understanding of where your team fits within the five buckets: People, Process, Technology, Culture and Governance. Now, it’s time to start a three-part process with overlapping stages. This system can take three to nine months depending on your needs. Stabilization This part of the process is mission critical. Stabilization is about making sure people know what they should be doing, what they need to do is being done correctly and when these actions need to be done so reports and analysis are readily available for timely review. Let’s say you make a sale and send the invoice. Was the sale recorded in a timely manner so that various stakeholders along the process could track, forecast and report sales, profitability and cash flow? These actions need to be documented and verified. The company is working hard at selling goods and/or services, however, it may be inefficient at reconciling goods or services sold with billing, accounts receivables and cash receipts.  It all may work, but having timely processes, data flow and reports are important to manage the business. If your Finance Department is sending out invoices late due to antiquated manual processes, cash flows could bottle neck from purchase order fulfillment all the way to collections of accounts receivables. Are some of your customers still sending manual checks? Given the trend towards a hybrid working environment, if your team is only in the office once a week, incoming checks may sit uncashed for an entire week. Time is money. To establish an acceptable level of cash flow confidence, you must ask questions pertaining to resources, process and technology. Resources Are the resources capable (e.g., skills, integrity, training) of assuring that the cash flows are being compiled, reconciled and reporting completely, accurately and timely? Do the resources have the capacity to carry out the processes and controls? Processes Is the process coordinated (e.g., information hand off points) from stakeholder to stakeholder along the operational flow so that each stakeholder is receiving what they need? Is the stakeholder passing data to the next stakeholder based on what that person needs as compared to what the prior stakeholder believes the next needs? Are there information gaps that are filled with reasonable assumptions? Technology Does the current technology limit the resources and influence processes (e.g., manual, paper based, spreadsheet-based processes), but in a way that it functions with the basic controls, reviews and process integrity, be it not the most efficient? Are there technology capabilities available that would improve the process and control flow that drives efficiency, cost-effectiveness and allows resources to perform more value-added activities?   Transform The second phase of shoring up a finance team—transformation—can begin once deficiencies and opportunities are identified while the stabilization phase is still in flight. During this time, resources can be presented and moved toward a better team-based cross-functionally coordinated approach. Processes can be retooled to remove unnecessary steps, so they provide each stakeholder with the necessary data needed to perform their function efficiently, effectively and timelier. In addition, technology can be enhanced to incorporate capabilities that are available, but not being utilized. Manual processes can be automated to save time and improve controls. In an earlier example discussed in the stabilization phase, several factors could cause your company to fall behind your competition, including uncoordinated processes, a lack of innovation and technology that does not leverage automation. For example, to speed up cash receipts, you could ask your customers to electronically debit your company’s bank account (e.g., ACH, wire transfer). Not only would you turn receivables into cash quicker, there would be less processing time for your finance and treasury teams. Embracing technology, such as utilizing AI functionality, will help the Finance Department with forecasting, which would yield better case management, analysis and decision-making. Leveraging technology may lead to an analysis of personnel and training, which are important variables in the equation. Transition The third and final stage in shoring up the Finance Department centers on transition. At this point, the finance operating platform is functioning, any significant deficiencies should be remediated and the road map to the target operating model has been prepared. If you are working with a third-party partner or an in-house committee, there will come a time when oversight of the program needs to be handed over to the permanent team members so they can carry on. Then, going forward, the finance team is set up for success. In some cases where new skills are required, the upgraded program could include existing resources and new ones. Retraining and, in some cases, recruiting resources that embrace change can continually enhance the process flow and controls to meet the changing business demands. Having the technical skills are the minimum standards. Possessing a forward-thinking attitude without fear of challenging the status quo will provide the framework to conquer whatever impact from the market, clients and accelerated technology. (This story originally appeared in

ERP Software Methodology to Avoid Business Disruptions

Dan Kaplan of SMC Data Systems is a member of XPX New York
Dan Kaplan
SMC Data Systems
1 year ago

  Methodology to Avoid Business Disruptions        A business requirements study is conducted before the software implementation begins.  The legacy software database is transferred to the test environment and verified daily for accuracy. Once test-environment data is verified for accuracy the step below will be taken. End users are trained in the test environment that has data with which they are familiar Software Implementation Project managers are assigned to each department i.e., accounting, warehouse, and purchasing. Data accuracy verification in the test environment eliminates the need to run parallel software. Prior to going live with the new ERP-Software, users’ proficiency is determined. To ensure successful going live with new software, training and technical staff remain on site.   Client’s Return-on-Investment Imperial Dade: Foodservice and Janitorial Supply The business grew through M&A integrating the acquired company’s software into the VAI ERP Software 100% ROI Payback in 1.1 years Savings: $ 1,194,353 Black River: Produce Distributor 45% ROI, Payback in 2.3 years Savings: $ 1,188,529 Autumn Harp: Cosmetics Manufacturer Boosted Productivity and Reliability Saved $100,000 in one year Dorcy International: Warehouse Automation Increased Efficiencies and Productivity Dropped from a $170,000 variance to less than $5,000 in one year SMC Data Systems,  Integrated ERP Software,

Supply Chain Software Upgrade

Dan Kaplan of SMC Data Systems is a member of XPX New York
Dan Kaplan
SMC Data Systems
1 year ago

The Steps Below Should be Taken to Prevent the Need for Running Parallel Software  Before the project starts, a business requirements study should be conducted. At each day end, the data should be transferred to the new software test environment. Transferred data should be verified on daily basis for accuracy. This data verification eliminates the need to run parallel software. The end users should be trained in the test environment. Project managers should be assigned to each department.     Prior to going live, users’ proficiency should be determined. The training and technical staff should remain on site to ensure successful going live. VAI Client’s Return-on-Investment Imperial Dade: Food service and Janitorial Supply Business grew through M&A integrating the acquired company’s software into the VAI ERP Software 100% ROI Payback in 1.1 years Savings: $ 1,194,353 Black River: Produce Distributor 45% ROI, Payback in 2.3 years Savings: $ 1,188,529 Autumn Harp: Cosmetics Manufacturer Boosted Productivity and Reliability Saved $100,000 in one year  Dorcy International: Warehouse Automation Increased Efficiencies and Productivity Dropped from a $170,000 variance to less than $5,000 in one year ERP Software Benefits Cloud or Server Options are available VAI ERP software source code is provided and easily customized to meet your various business needs rather than changing your business model to meet the ERP Software requirements Ability to buy unlimited users Integrates with various vendors’ software applications lowering operating costs and improving bottom-line profit Designed for mid-market manufacturing, distribution, and food companies that need fully integrated ERP software Customers’ success stories

Managing Today’s Reality of Excess Inventory

Dan Kaplan of SMC Data Systems is a member of XPX New York
Dan Kaplan
SMC Data Systems
1 year ago

The Domino Effect of Having Out-Dated Software Systems.   Not having real time information on the fast-moving products. Not having accurate information of the inventory level in multiple locations. No method of tracking Vendor Reliability of ON-TIME deliveries.   What are the Results of Excess Inventory? Late shipments will result in production disruption. Order cancellations will result in excess inventory. Reduction of Profit from reduced sales price to move excess inventory. Cash on hand reduced as funds are tied up in unsold inventory.   How to Manage the above issues! Replace the outdated software with real time software needed to: Better manage everything related to sales and inventory   The Benefits Resulting from Real Time Software! Understanding inventory turns to maximize inventory at item levels. Knowing Vendor Reliability to achieve better product availability! Understanding the inventory availability when managing multiple locations.   Customers’ success stories

What can you do to persuade your leadership team, who stubbornly doesn’t get your point?

Xavier Lederer of Ambrose Growth is a member of XPX Hartford
Xavier Lederer
Ambrose Growth
1 year ago

It felt like the only thing we could agree on, is that we couldn’t agree on anything. Have you been there before? We had been discussing our 10-year vision for 45 minutes with the board of directors, and the conversation was going in circles between two opposing views. I felt stuck. I was championing one of these views, I knew that my point of view was right, and I also knew that my emotions were clouding my judgment – I couldn’t see a way out of this deadlock. Why was the other side so stubborn? As the leader of the organization should I simply impose my point of view and be done with this? Arguing is not persuading As this experience illustrates, arguing to prove a point is not the best way to change the minds of other team members. “If anything, arguing makes people more intransigent,” explains 

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The Science That Transforms Your Timeline for Growth and Exit

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

How would it feel to shorten the time to productivity? Why does someone need to do their job the way they do? How can people become productive faster? Introduction: As a small business owner, you wear many hats. You’re the visionary, the marketer, the accountant, and often, the HR department. However, having the right people in the right roles is key to your success. It’s not just about filling seats; it’s about aligning talent with the demands of each department. This is where Kolbe comes in – a powerful tool that can help you unlock your team’s natural strengths and optimize your business’s performance. The Problem: Mismatched Skills and Frustration We’ve all seen a detail-oriented person struggling in a fast-paced, idea-generating role or a creative mind bogged down by rigid processes. Mismatches like these lead to frustration, decreased productivity, and, ultimately, higher turnover. This is especially damaging in a small business where every team member’s contribution is crucial. You might be tempted to use traditional methods, like resumes or personality tests. While these have their place, they don’t always get to the heart of how someone naturally gets things done – the key information the Kolbe A™ Index provides. Enter the Kolbe A™ Index: Understanding Your Team’s Conative Strengths The Kolbe A™ Index isn’t about measuring intelligence or personality. It measures a person’s conative strengths – their instinctive method of taking problem-solving action and getting things done. It reveals how they prefer to: Fact Finder: Do they need to gather data or rely on intuition? Follow Through: Are they good at meticulously executing plans, or are they more adept at improvising? Quick Start: Do they prefer to start new processes or refine existing ones? Implementor: Are they good at taking something complex and making it simple, or are they adept at handling intricate details? The Kolbe Index places you on a spectrum for each mode of action and gives you a number (ranging from 1-10) for how you naturally prefer to act within each mode. Map Roles to Kolbe Strengths: Now it’s time to analyze the demands of each department and role within your business. For instance: Marketing: You might look for individuals with high “Initiator” and “Fact Finder” scores. Operations/Production: This might be an area for those with a stronger “Follow Through” style. Sales: Those with a strong mix of “Initiator” and “Implementor” could excel here. Accounting/Finance: Look for those with a high “Follow Through” preference and a strong preference for “Fact Finder”. Open the Dialogue: Have open and honest conversations with your team. Share their Kolbe results (with their permission) and discuss how their strengths align (or don’t align) with their current role. Make Strategic Adjustments: Consider making adjustments based on the Kolbe results and those conversations. This might mean moving someone to a different department, shifting responsibilities within a team, or modifying a team member’s workflow to better utilize their strengths. It’s critical to remember that this is not a tool to punish or demean anyone but to place them in their best role, where they can thrive. Embrace Team Diversity: Each Kolbe profile offers unique strengths and values. A team of people working in the exact same way is not as effective as a team that balances diverse strengths. Benefits of Using Kolbe in Your Small Business: Increased Productivity: People who work within their natural strengths are more efficient and engaged. Reduced Frustration: Fewer mismatches mean less frustration, which leads to improved morale. Lower Turnover: Happier employees are less likely to leave. Improved Team Collaboration: When people understand how their teammates approach work, they can collaborate more effectively. Enhanced Problem Solving: A well-balanced team with diverse Kolbe profiles can tackle challenges more creatively. Better Decision-Making: Understanding the different ways each person naturally approaches a problem can lead to better decision-making in the long run. Rethink your Growth and Exit Planning: As a small business owner, you’re constantly looking for ways to optimize your operations and create a thriving work environment. Using Kolbe is not about forcing square pegs into round holes. It is about understanding the natural approach of your team and putting everyone in a place where they can thrive. Investing time and resources to understand your team’s conative strengths will pay dividends in increased productivity, happier employees, and, ultimately, a more successful business. So, take the first step, explore the power of Kolbe, and watch your team’s potential flourish. Call to Action: Are you ready to understand the power of your team’s strengths? It is important to have a Certified Kolbe Consultant guide you on how to use this data to attract, engage, and develop your team so you can grow and exit on your terms.

Stop Paying a Premium for Terrible Investment Management and Start Paying a Premium for Planning that Delivers Massive Value

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

Listen to this post as a podcast: Click here to talk to Bloomwood about your finances. Are you ready to take control of your finances and maximize your after-tax income? If so, you’re in the right place. I’m Billy Amberg, founder of Bloomwood, and today, we’re going to explore a financial case study that affects everyone—whether you’re just starting out on your wealth-building journey or you’re a seasoned investor with substantial assets. The 1% Financial Advisor Fee: Is It Worth It? The financial advisory and wealth management industry invests massive marketing dollars to convince you that paying a 1% portfolio management fee is worthwhile. But is it really? Let’s break it down. For those with financial advisors who provide significant value through tax planning, estate planning, and comprehensive financial strategies, paying 1% can be justified. If you have a complex trust or unique investment needs, that fee might also make sense. However, if your advisor is merely managing your portfolio, responding to your questions reactively, and failing to offer proactive financial planning, then you are overpaying. Many advisors hold periodic meetings about investments, but that alone doesn’t justify the 1% fee. Why Paying 1% for Just Investment Management Is Too Much To understand why paying 1% for basic investment management isn’t worth it, we must first explore key investment principles. One of the best ways to structure your investments is by using the Three Buckets Approach: Cash Reserve Bucket: This is your safety net, typically covering 6 to 12 months of living expenses in case of an emergency. It also provides liquidity for investment opportunities, such as purchasing real estate. Fixed Income Bucket: If you need stable income to support your lifestyle, especially in retirement, this bucket consists of low-risk investments like bonds, ensuring steady cash flow. Long-Term Growth Bucket: Everything else belongs here. This is where equities and growth-focused investments come into play, aligning with long-term wealth accumulation. Understanding Risk Tolerance and Why It Matters Less Than You Think Many investors are familiar with risk tolerance questionnaires used by financial advisors or platforms like Vanguard. While these assessments provide insight into your comfort level with risk, they are not the ultimate determinant of investment strategy. For example, a young professional with limited financial resources who fears market volatility might lean toward ultra-conservative investments. However, avoiding equity exposure could mean they never accumulate enough wealth to retire. An advisor’s role should be to educate and coach clients through investment realities rather than just accommodating risk aversion. Why Beating the Market Is Nearly Impossible Many financial advisors attempt to justify their fees by claiming they can outperform the market. However, history shows that even professional fund managers struggle to consistently beat benchmark indices like the S&P 500. Consider this: The NASDAQ (Technology Index) has significantly outperformed the S&P 500 in recent years. The S&P 500 itself remains a difficult benchmark to beat even for top-tier investment professionals. The only funds consistently outperforming the market are quantitative hedge funds like D.E. Shaw, Citadel, and Two Sigma—which charge exorbitant fees and require massive investment minimums. If professional fund managers can’t consistently beat the market, how can an individual financial advisor do so? The answer is simple: they can’t. The True Cost of Active Management vs. Index Funds Rather than paying a financial advisor 1% to actively manage investments, many investors can achieve better results with low-cost index funds. Vanguard, for instance, offers index funds with fees as low as 0.05% per year. Additionally, for just 0.30%, you can get a Certified Financial Planner (CFP) through Vanguard, which is more than a third cheaper than the typical advisor fee. How to Determine If Your Advisor Provides Real Value Before you continue paying a 1% management fee, ask yourself: Is my advisor providing value beyond just investment management? Am I receiving proactive tax planning, estate planning, and financial strategy sessions? Can my advisor point to tangible financial benefits I’ve received beyond portfolio returns? If your advisor’s only contribution is managing your portfolio, you are likely paying for underperformance. Paying 1% for an actively managed fund that fails to beat the market is counterproductive when low-cost index funds offer superior long-term results. The Bottom Line: Are You Getting a Fair Deal? If you’re paying 1% for asset management, it should come with significant added value, including tax planning, estate planning, and personalized financial strategy. At Bloomwood, we focus on delivering real, tangible benefits beyond just managing investments. If you want to learn more about investing and getting massive value through financial planning, check out our other content: Kickstart Your New Year with Smart Financial Planning: A Comprehensive Guide Tax Planning: How Buying Tax Credits Can Cut Your Tax Bill and Boost Profits Disclosures Bloomwood does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly. We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice. We recommend that you seek the advice of a qualified attorney and accountant. For additional information about Bloomwood, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (

Life After the Sale

Michelle Fritsch of Retirement Wellness Strategies is a member of XPX Charlotte
Michelle Fritsch
Retirement Wellness Strategies
3 days ago

We know that a way higher-than-acceptable percent of those who sell their company have many regrets a year later.  A piece of that is how well did they plan life beyond the sale?  Purpose is a huge part of that, and we have many XPX members who are retirement coaches and help people plan for purpose.  That is incredibly important. And there is so much more.  How is that person going to thoughtfully, proactively remain healthy, minimize their health-related risk factors, stay mentally sharp, have a robust social network since so much of their current social network is wrapped up with the business, partners, clients, etc. And then what about knowing when and how to include family members so that inevitable changes in the future are fully planned?  We have XPX members who plan the financial, the estate, the insurance pieces which are all important.  There is a much deeper personal side that is rarely planned and leaves families not knowing what to do when a crisis happens, health declines, a spouse is lost, or other unexpected events. All of this can be planned, and when it is, the future is brighter and more secure. Selling the business just opens the door to new phases of life that are just as fulfilling and engage those prior business owners in new ways to engage with their community, their family, and their unique interests. Purpose is not busy-ness.  In a future article we will talk about how very important that differentiation is.

The Future of Quantum Computing and AI: A Powerful Partnership

Billy Amberg of Bloomwood is a member of XPX Atlanta
Billy Amberg
Bloomwood
2 weeks ago

Listen to this post as a podcast: Click here to talk to Bloomwood about your finances.   Quantum computing and artificial intelligence (AI) are two transformative technologies that have the potential to reshape industries and solve some of the world’s most complex challenges. Together, they form a dynamic duo capable of driving breakthroughs in fields ranging from healthcare to manufacturing. In this post, we’ll explore the synergy between quantum computing and AI, the challenges involved, and the exciting future ahead. What is Quantum Computing? Quantum computing offers the potential to solve problems that classical computers struggle with, such as those in drug discovery and material science. Quantum computers operate using quantum bits, or qubits, which can exist in multiple states simultaneously (superposition). This ability to represent both 0 and 1 at once allows quantum computers to solve problems much faster than classical systems. How AI is Transforming Industries Artificial intelligence, particularly machine learning, is already transforming industries such as healthcare, finance, and defense. By analyzing large datasets and making predictions based on that information, AI systems are helping organizations make more informed decisions and predictions. In fields like healthcare, AI is improving diagnostics, personalizing treatment plans, and advancing medical research. In finance, AI-powered algorithms are being used for fraud detection, risk assessment, and market prediction. The Challenges of Building Stable Quantum Computers Despite its potential, building stable quantum computers remains a significant challenge. Quantum states are incredibly fragile, and any disturbance can cause errors in calculations. This makes developing reliable quantum computers a difficult task. Furthermore, quantum encryption is a concern, as quantum computers could eventually break current encryption methods. Researchers are already working on developing quantum-resistant encryption to address these challenges. The Rise of Quantum Sensing Quantum technology is not limited to computing. Quantum sensing is emerging as a powerful tool for detecting small changes in physical properties such as magnetic fields, gravity, and time. This could lead to breakthroughs in medical imaging, environmental monitoring, and navigation, with applications in everything from precision healthcare to transportation. The Economic Impact and Job Creation The growth of the quantum and AI industries is expected to generate over $1 trillion by 2035, creating hundreds of thousands of jobs across various sectors. By 2030, it is predicted that 250,000 jobs will be created in the quantum sector, with that number rising to 840,000 by 2035. These technologies will not only fuel economic growth but also provide opportunities for innovation and creativity across a range of industries. How Companies Can Capitalize on Quantum and AI Advancements Companies looking to thrive in the quantum and AI space must: Adopt early: Be early adopters of quantum and AI technologies to establish themselves as leaders. Create value: Apply these technologies in ways that solve real-world problems in industries like healthcare, finance, and manufacturing. Innovate rapidly: Keep pace with technological advancements and remain adaptable in a fast-moving market. Invest in infrastructure: Have the financial strength to fund R&D and build the necessary infrastructure. Leverage marketing: Effectively communicate innovations to the public and industry stakeholders.   Key Companies to Watch in the Quantum and AI Space Tech Giants Leading the Way Companies like IBM, Microsoft, Apple, Amazon, and Nvidia are heavily investing in quantum computing and AI technologies. These tech giants are positioning themselves for long-term leadership by developing cutting-edge solutions and forging strategic partnerships in the space. Industry Disruptors Smaller companies like Square, Chime, Clario, and Anduril Industries are harnessing AI and quantum technologies in unique and innovative ways. Particularly in finance, healthcare, and defense, these disruptors are pushing the envelope on what’s possible with these technologies. Innovations in Telecommunications and Manufacturing Telecommunications: The Future of Quantum Communication In telecommunications, BT is exploring quantum communication to enhance the security and efficiency of digital networks. IQ Go is leveraging AI to improve network management, optimizing resource allocation and improving network reliability. Manufacturing: Virtual Models for Optimization In manufacturing, companies like Forge are using AI to create virtual models of manufacturing processes. This allows them to simulate, optimize, and improve production lines with digital twin technology, resulting in greater efficiency and cost savings. Democratization of Quantum and AI Technologies One of the most exciting developments in the quantum and AI space is the democratization of these technologies. Cloud-based services now allow small businesses to access powerful quantum and AI tools without needing their own hardware. This mirrors the early days of the internet when once-exclusive technologies became available to the broader public, sparking innovation across industries. Quantum Startups Making Waves Several startups are making significant contributions to quantum computing. For instance: Reggetti Computing combines quantum and classical computing in a hybrid approach to enhance performance. IonQ is pushing the boundaries of quantum computing with trapped ions as qubits, offering high fidelity and long coherence times. Zapata Computing provides platforms for quantum algorithm development, making quantum computing more accessible to those without deep expertise in the field. Key Concepts in Quantum Computing To fully appreciate the potential of quantum computing, it’s essential to understand some key concepts: Superposition: Qubits can exist in multiple states simultaneously, allowing for parallel computations. Entanglement: A quantum phenomenon where qubits are linked, enabling instantaneous communication and increasing computational power. Fidelity: The accuracy with which qubits can be manipulated. Coherence Time: The duration for which a qubit can maintain its quantum state before it decays. Will Quantum Computers Replace Classical Computers? While quantum computers are powerful, they are not meant to replace classical computers. Instead, they are designed to tackle problems that classical systems cannot handle, such as complex simulations and optimization tasks. The future will likely see a hybrid approach where both types of computers complement each other, each playing to its strengths. Responsible AI Development As AI continues to evolve, it’s crucial that we develop it responsibly. This means addressing issues like bias, transparency, and accountability. For example, if an AI system is trained on biased data, it may perpetuate and even amplify those biases in its decision-making. In fields like healthcare and finance, transparency is essential. We must ensure that AI decisions are understandable and explainable, particularly when they have a direct impact on people’s lives. Similarly, accountability is key: if an AI system causes harm, we need to determine who is responsible. The Future of AI and Quantum Computing As we look ahead, the future of AI and quantum computing is filled with possibilities. These technologies have the power to revolutionize industries, create new economic opportunities, and solve some of humanity’s most pressing challenges. But with great power comes great responsibility. We must ensure that these advancements are used ethically and transparently to benefit society as a whole. The quantum era is here, and it’s full of opportunity. Whether through AI’s ability to enhance communication or quantum computing’s ability to solve complex problems, these technologies are set to transform our world. Check out our other recent article on investing in quantum computing! 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.

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
2 weeks 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.

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