Leadership Development

Today we are highlighting the FIREPOWER Owner Sweet Spot Sessions! We’re about to embark on a game-changing conversation that will revolutionize the way you approach your business. It’s time to shift gears and start envisioning the future of your company in a new personal role. The Small Business Universe: Common Concerns of Owners Similar concerns echo throughout the small business universe. Maybe you feel like you’re lacking the right leadership, or worse, you don’t have any leadership at all. Perhaps your workforce has hit a plateau, or you’re dealing with the frustrating challenge of high turnover. And let’s not even get started on the never-ending cycle of decision-making, where it feels like you’re carrying the entire load on your own. What is the Work that Only You Can Do? We’re here to share a secret to successfully moving your business into the future. It all starts with a simple question: What is the work that only you can do? It’s time to tap into your natural talents and abilities that have fueled your business success from its inception and then refocus your efforts in a new way. Now, brace yourself for a little revelation that’ll bring a smile to your face. The answer to that question is much less than what you’re currently doing. Yes, you heard it right. You’re probably sporting way too many hats, it’s time to bid farewell to those unnecessary responsibilities and rediscover your true sweet spot. Enter the FIREPOWER Owner Sweet Spot sessions. These sessions are crafted to help you pinpoint those burdensome responsibilities that are holding you back from doing the work your company desperately needs from you. We’re here to lift that heavy weight off your shoulders and set you free to focus on what truly matters in achieving your future goals. Deciphering the best use of your time is the key to solving both short-term challenges and long-term business goals. It allows you to stay fully engaged in the work that only you should do, helps your teams to know your true superpowers, and ultimately unleashes your full potential to lead your company into the future. At FIREPOWER, we truly get the challenge, we live it every day. We understand the struggles you face as an owner.  Juggling numerous roles and tasks can be incredibly overwhelming and downright draining. But here’s some fantastic news – it doesn’t have to be that way. By identifying your unique strengths, you can reclaim your valuable time, restore your energy reserves, and reignite your enthusiasm for your business. So, are you ready to unlock your Owner Sweet Spot? Then it’s time to bid farewell to all the hats you’ve been wearing, delegate those unnecessary responsibilities, and rediscover the true value you bring to your company. Our owner-focused approach led by Maria Forbes, will expertly guide you through the process, empower your team, and take your business to unprecedented heights. Conclusion Remember, sustainable growth flourishes when you harness the potential of your team and become laser-focused on the work that only you can do. The number of hats you wear will shrink, while the quality of your life expands. It’s time to embrace the FIREPOWER within you and achieve the success you’ve always dreamed about. Together, we can make it happen! Fuel your people power, Maria Forbes with FIREPOWER Teams

“I should demote myself!” joked the head of sales. “It looks like I am better at selling than at managing a sales team.” We were looking at his team’s individual sales numbers. He was selling more when he was a regular salesperson than his whole team today. We too often promote the wrong person into a senior leadership position. The reason is: the promotion criteria we use are poor predictors of people’s leadership potential. How can you better identify potential senior leaders and avoid painful mistakes – so you can grow faster and with less pain? Why are we so bad at promoting the right people into leadership positions? We are all biased. We tend to overestimate specific traits we mistakenly believe indicate leadership potential. Common biases include: Past successes. Unfortunately prior performance is not a good predictor of leadership performance. 

In the fast-paced landscape of today’s organizations, the missing link that often separates successful ventures from mediocre ones is trust. Trust is the glue that binds leaders with their stakeholders, creating an environment where collaboration thrives, innovation flourishes, and everyone feels valued. To bridge this trust gap, we propose a formula that encapsulates the essence of effective leadership—the 5 C’s of Leadership. 1. Communication: The Foundation of Relational Trust At the core of the 5 C’s lies communication, the bedrock upon which trust is built. It goes beyond merely transmitting information; effective communication involves active listening to understand and speaking to be understood. Leaders must foster an environment where every voice is heard, creating a sense of openness and transparency. When communication flows freely, trust is nurtured, and stakeholders feel a genuine connection with the leadership. 2. Connection: Managing by Walking Around Connection is the second pillar, urging leaders to step out of their offices and immerse themselves in the daily rhythm of the organization. It involves spending quality time with team members, being present when they start their day, and showing appreciation at the day’s end. But connection extends beyond internal teams—it encompasses engaging with customers, vendors, and community leaders. By sharing the organization’s mission, vision, and values, leaders build bridges that connect diverse stakeholders, fostering a sense of unity and common purpose. 3. Commitment: Anchoring to Mission, Vision, and Values Commitment is the anchor that prevents leadership from drifting into uncertainty. Leaders must be steadfast in their dedication to the company’s mission, vision, and values. This commitment goes beyond lip service; it involves actively shaping and building the organizational culture. When stakeholders witness leaders unwaveringly dedicated to a common goal, trust is solidified, creating a stable foundation for growth and collaboration. 4. Care: Nurturing Your People Care is the empathetic thread that weaves through the fabric of trust. Leaders must genuinely care for their people, recognizing them as individuals with unique needs and aspirations. This involves not only professional development but also a focus on the overall well-being of the team. By demonstrating genuine concern for the individuals within the organization, leaders cultivate a culture of trust, where each person feels valued and supported. 5. Curiosity: A Leader’s Lifelong Learning Journey Remaining curious is the fuel that propels a leader’s journey towards growth and success. Acknowledging that there is always more to learn, leaders should invest time in asking questions, seeking different perspectives, and gathering input from diverse sources. This curiosity leads to a more robust decision-making process and better outcomes. Embracing a mindset of continuous learning not only inspires trust but also fosters an environment of innovation and adaptability. Incorporating these 5 C’s into leadership practices provides a comprehensive roadmap for building and maintaining trust with stakeholders. It is not a one-time effort but an ongoing commitment to fostering a culture of trust, openness, and collaboration. As leaders strive to implement these principles, they will witness the transformational impact on organizational dynamics. Trust becomes the catalyst for enhanced teamwork, increased productivity, and a shared commitment to achieving common goals. In an era where trust is often a scarce commodity, leaders who embrace the 5 C’s will stand out as beacons of authenticity and reliability, guiding their organizations toward sustained success and growth.

As we noted in Glassdoor identified that companies with a well-structured onboarding program improved new hire retention by 82% and outlined the following successes: 91% felt strong connectedness at work. 89% felt strongly integrated into their company culture. 49% reported contributing to their team within the first week. Employees were 18 times more likely to feel highly committed to their organization. In contrast, organizations without an effective onboarding process experience a 31% higher employee turnover rate within 6 months, and more than half of employees who received ineffective onboarding (52%) also felt negatively about the organization as a whole. The Impact of Poor Onboarding When employees leave within the first few months, it creates several notable problems: High Recruitment Costs Recruiting new employees is expensive. It involves advertising job vacancies, screening resumes, conducting interviews, and training new hires. When employees leave within a short time, you will incur these costs again, increasing your recruitment expenses. Loss of Productivity New hires take time to adapt to their new roles and responsibilities. When they leave within a few months, they have not completed their learning curve and are unlikely to have made significant contributions to your business.  They have also taken time from peers and others on training. This loss of productivity slows your business operations. Negative Impact on Morale High employee turnover rates can affect morale among the remaining team members. When employees leave without being replaced, other team members must pick up the slack and work longer hours. This can lead to burnout and decreased job satisfaction. Jeopardized Business Exit Strategy When you plan to sell your business, potential buyers look at various factors, including employee retention rates.  A high turnover rate is a factor in the perceived value of your company, making it less attractive to potential buyers. Benefits of a Proper Onboarding Plan New hires should be provided with a comprehensive onboarding plan outlining their role’s expectations and responsibilities. This plan should include an introduction to the company culture (i.e., shared values, attitudes, behaviors, and standards that make up a work environment), a detailed role description, and training timelines should be completed. A well-designed onboarding process will help your business in several ways: Increased Employee Retention An effective onboarding program can significantly improve new hire retention rates. When employees feel welcomed and supported, and their time is structured during their first few weeks on the job, and they have scheduled progress checks with supervisors, they are more likely to stay with your company. Enhanced Productivity A proper onboarding plan accelerates new hire productivity. When employees clearly understand their roles and responsibilities and receive proper training and support, they can start contributing to your business operations sooner. Additionally, new hires should be given access to the necessary tools and resources to succeed in their role. Improved Employee Morale A positive onboarding experience can boost employee morale and job satisfaction levels. When employees feel valued and supported, they are more likely to be engaged in their work and motivated to achieve their goals. Favorable Business Exit Strategy When you have a well-structured onboarding process in place, you demonstrate to potential buyers that you have a stable and committed workforce. This can increase the determined value of your business, making it more attractive to prospective buyers. Conclusion A proper onboarding plan is crucial for retaining employees, achieving business success, and increasing the perceived value of your business in preparation for a business transition or exit. Investing in a customized onboarding program designed by FIREPOWER Teams is critical to achieving long-term success for your business. Contact Maria Forbes at maria@firepowerteams.com today.

“You don’t belong here: you are a fraud! Why would smart people ever want to listen to you?” whispered the manager to the salesperson. Galvanized by this wake-up call that he desperately needed, the employee rose to the occasion and exceeded all expectations. Does this sound realistic? Of course not! Who would feel upbeat by such senseless, demotivating speech? This scenario obviously never existed – and yet the speech is 100% authentic: I heard it from a sales executive last week. It wasn’t directed at a team member though: it was directed at himself. Your inner critic: your #1 judge. We all have an inner voice that continuously judges us. Its main message varies from person to person; in next week’s newsletter, we will see how to identify your inner voice’s main messages. In this week’s newsletter, we will discuss its negative impact on yourself and on your ability to grow your business, and what to do about it. One of my client CEOs’ inner voice calls him a “loser who sets the wrong example to his team and will never be a successful entrepreneur” when he doesn’t take over what his team members fail to accomplish. My inner voice calls me “lazy and complacent who will fail as an entrepreneur and a father” when I am idle for more than 2 minutes, even on vacation – and makes me feel guilty and shameful every single time it happens. Our inner critic pretends to be helpful and necessary to our success, but its long-term impact is unequivocally negative. Why do we keep listening to our inner critic, even though it is obvious that its message is utterly uninspiring and demotivating? What can we do about it? How does your inner critic afflict your performance? Our inner critic constantly finds faults with self (for past mistakes or current shortcomings), with others, and with circumstances. This judge sounds helpful at first sight by shedding light on our shortcomings. While it has the appearance of a helper, it is a bully that blackmails us with shame and guilt, with pretty dramatic consequences in the long run. It tells you: “Without me pushing you, you will be unworthy of love / attention / success.” Your inner critic negatively affects you in three significant ways: Your inner critic has a long-term damaging impact on your own performance. Your inner critic acts like a radioactive armor: it pretends to be protective but its long-term impact on your performance is always disastrous. Let’s get back to the two examples above: Client CEO: To respond to the guilt of not being the ideal leader his inner critic describes, this CEO feels the pressure from his inner critic to micro-manage his team when they don’t deliver, at the risk of becoming his company’s #1 growth roadblock – with the negative consequences on his team and on business growth that you can imagine. In response to my guilty feeling of missing out on learning opportunities for my children (and hence of not being a good father) if I am idle on vacation, I take them on high-tempo sightseeing trips (“We only live once, let’s get the most out of it”, right?) –  with, here again, the exact opposite long-term impact on my effectiveness as a father. “The inner critic is harmful because it triggers our self-protection mode, MIT Sloan sr lecturer Giardella says in

Do you want to get rich quickly? Very simple: Buy a business for its actual value, and sell it back right away for what the business owner values it. Many business owners overvalue their own business (after all, isn’t your business the most beautiful baby in the world?). What do you need to pay attention to in order to make sure that you get the valuation you want when the time is ripe? Looking at your business through the eyes of a buyer Regardless of whether you want to sell your business (or pass it on to your children) in one or in 100 years, looking at your company through the eyes of a buyer can help you identify your top priorities to develop a stronger business – and ultimately get the valuation that you want. Based on experience, readings, and many conversations with experts in the business of buying and selling companies, I have identified 10 key points that can derail your company value. There are obviously many more – I selected these 10 because of their considerable impact on business valuation. The goal of this article is to generate self-reflection through two questions: On a scale from 1 through 10, how is your company performing on each of these 10 points below? Which of these points should be your top priority for improvement? What defines the value of your business? “There are two pieces to valuing a business, says Mark Campbell with 

At FIREPOWER, we’re here to help our leaders achieve growth and innovation through their biggest asset: their people. Together, let’s achieve the hardest growth goals and go beyond the surface-level approach of employee reviews by learning how to balance people, processes, and technology to establish an empowered workforce. It’s time to unlock the true potential of your workforce and create a thriving culture of unwavering team enthusiasm that drives business growth and sustainability. The Real Deal? Let’s face it, leaders who simply “dabble” in traditional methods such as annual performance reviews or employee surveys are only getting a snapshot of the workforce influences on business growth and sustainability, you are missing out on the real deal! To hit those hardest goals and unlock the full potential of your team, you need the right talent infrastructure to create real human synergy. Trust us, it’s like unleashing a powerhouse of growth and innovation. More Than Buzzwords When your leaders are equipped with the right tools and strategies to engage their team members, they become unstoppable. Your team’s engagement and enthusiasm become more than just the latest buzzwords – they become the driving force behind your success. Your team feels valued, motivated, and fully invested in the mission and vision of your business. And here’s the amazing part: when leaders prioritize team engagement and enthusiasm and in turn create a culture of growth and innovation, they not only achieve those hardest goals but also become magnets for the best buyers when it’s time to sell. Who wouldn’t want to acquire a business that has a thriving, engaged, and enthusiastic team firing on all cylinders? “It’s your employees who create all the economic value for your enterprise. You need, therefore, to stage a remarkable employee experience.”- B. Joseph Pine II, internationally acclaimed author. So, let’s revolutionize your approach to employee engagement. With FIREPOWER, we’ll help you create the right talent infrastructure to achieve and activate real human synergy. Say goodbye to surface-level tactics and hello to a culture that fosters growth, innovation, and long-term success for you, your leaders, and your team.  Together, let’s attract and retain your top talent, achieve those challenging goals, and create a business that is not only successful but also sustainable. It’s time to tap into the untapped potential of your team, ignite their passion, and watch your business skyrocket.

Hey there, hardworking business owner! We know you’ve been hustling and adapting like a champ over the past year. Remote work became the norm, and you made it work! But now, a moment of truth is upon us: the option to return to the office. While remote work definitely had its perks (like sweatpants and a commute that involved rolling out of bed), there are some undeniable benefits to gathering your team back at the office. So, gear up, and let’s dive into why returning to the office can be a game-changer for your business. Unleash the Collaboration Beast Picture this: you’re sitting at your desk, surrounded by your crew of superstars, whiteboard markers in hand, ready to brainstorm and tackle challenges as a team. That’s the power of in-person collaboration at its finest! Returning to the office means bringing together minds that think differently, work off each other’s energy, and create magic through collaboration. From casual water cooler chats to spontaneous brainstorming sessions, the possibilities for innovation and problem-solving are endless when you’re physically present. Foster a Thriving Team Culture Culture is the secret sauce that fuels successful businesses. Returning to the office allows you to shape and nurture the unique DNA of your team. Imagine the infectious energy of joint victories, the camaraderie built over Friday donut runs, or even the playful banter during lunch breaks. These moments might seem small, but they create a sense of belonging and foster connections that can’t be replicated in video meetings. Flexibility within the Office Walls Let’s talk about flexibility. Returning to the office doesn’t mean throwing all your remote work gains out the window. It’s all about striking the right balance. By working together in the office, you can create a hybrid work model that allows for a mix of office and remote days. This means you can reap the benefits of face-to-face collaboration while still giving your team the freedom to rock those sweatpants and work from home when it makes sense. Boost Your Business Mojo Here’s the thing – when your team is firing on all cylinders, amazing things happen. Returning to the office allows for quicker decision-making, streamlined communication, and the ability to tackle challenges head-on. Being physically present in the office fuels productivity and creates an environment where ideas can flow freely. Plus, the office is the center of inspiration and motivation as you witness your team’s collective drive and determination. The Office as an Oasis Sometimes, a change of scenery can be exactly what you need to rekindle your entrepreneurial flame. The office offers a dedicated space away from the distractions of home, where you can fully immerse yourself in work mode, ready to conquer the world surrounded by like-minded individuals fueling your business mojo. Embrace the Best of Both Worlds Returning to the office doesn’t mean abandoning the lessons learned during remote work. It’s about embracing the best of both worlds – combining the power of in-person collaboration, the flexibility of hybrid work, and the safety measures necessary to thrive in today’s reality. Your team is a force to be reckoned with, and the office is the rallying point where they can unleash their collective potential. So, gear up, rally your troops, and get ready to conquer new heights. It’s time to return to the office and unleash the untapped power of teamwork that will propel your business to the next level.

In today’s ever-expanding “gig economy,” outsourcing entry-level tasks and job roles has become commonplace. But a growing number of organizations are exploring and adopting outsourcing for higher-level functions, too. Small to mid-sized sales organizations are increasingly outsourcing the sales function – from the sales rep role to executive sales management – and finding success with this new paradigm. What are some key reasons for sales outsourcing (and some reasons why a company might not want to)? Let’s take a look: Advantages of Outsourcing Your Sales Function While businesses have learned it can be lucrative to outsource frontline sales functions such as lead generation, now, small to mid-sized businesses are beginning to understand benefits at higher levels – sales leadership levels – in the sales organization. The use of outsourced fractional sales leaders, is rapidly gaining recognition as a means of attaining an essential competitive advantage in the marketplace.

Since the pandemic, many companies have negotiated new rhythms for workplace productivity. While a number of companies are fully “back at the office,” there are many others that remain committed to remote work, or to allowing their employees some flexibility via a hybrid work option. Remote work certainly offers many perks, and studies have shown that many employees prefer the flexibility that it provides. However, when you have employees who don’t work in the same physical space together, goals related to team building or company culture can be more challenging to achieve. Here are a few tips to keep in mind as you seek to engage remote employees in your company culture. Keeping Remote Employees Engaged with Your Culture Have your CEO or primary leader host a regular “coffee hour.” This is an approach that many companies have found incredibly effective. Schedule a regular, virtual “coffee hour” once every week or two, for maybe 30-minute blocks. Your CEO or primary leader should host this event, taking the time to introduce new employees, to share big-picture strategic updates, and to take questions from team members. This can be a great way to ensure that remote employees feel like they are in the loop. Ensure that company leaders are highly visible. It’s important for managers, supervisors, and other primary decision-makers to lead by example, even in a remote or hybrid environment. That means turning cameras on during Zoom meetings, promptly responding to instant messaging, and being intentional about reaching out to check in on employees. Provide ways for remote employees to receive ongoing professional development. Here’s where HR can play a direct and active role in engaging remote employees. Develop online learning opportunities that can allow all employees to cultivate new skills, without the need to travel to a workshop or seminar. Also ensure protocols are in place to recognize employees who complete these programs, or who have other notable workplace achievements. Allow remote employees to take the lead. Here’s a tactic that’s simple yet incredibly effective. Nothing helps employees feel invested in an institution or a culture like placing them in charge of a project or a team. Engage remote employees by providing them with opportunities for leadership and autonomy. Prioritize one-on-ones. As we’ve noted before, 

Nobody likes a micromanager. In fact, studies confirm that just the opposite is true: Employees tend to be much happier and more engaged when they are afforded some autonomy to make their own decisions. And leaders benefit, too, when employees are given some leeway to act independently: It tends to result in a higher-quality of creative work, and a team that takes greater ownership of what they accomplish together. Alas, even for leaders who are theoretically committed to the idea of an empowered employee base, it’s all too easy to slip into the mindset of, “Well, it’s easier if I just do things myself.” And to be sure, some leaders have been burned by bad experiences, entrusting employees to make wise decisions and then being dismayed by the outcome. The good news is that there are some guardrails you can put into place. Here are a few tips for equipping your team members to make thoughtful, judicious decisions, exercising their independence in a way where everyone wins. Tips for Empowering Your Team to Make Autonomous Decisions 1) Be thorough in evaluating your personnel. You don’t want to impart important tasks to just anyone. Instead, you want to really know the people on your team, allowing you to ensure that you’re entrusting the right tasks to the right personnel. Make sure you evaluate your employees’ current skills and their natural abilities, but also their interests; whenever possible, you’ll want to give important jobs to employees who really want to do them. A harmonious alignment of interests is key. Finally, always be sure to evaluate employees’ time. Be respectful of those workers who already have too much on their plate, or who are at a higher risk of burnout. 2) Remember, delegation and empowerment are two different things. Delegation means taking something off your plate and putting it on someone else’s. This usually benefits you, allowing you to free some time, but it doesn’t necessarily benefit the other party. Empowerment means more than just giving someone a task; it means providing them with the space and the freedom to make decisions on their own, not just following your instructions but setting the direction for a project or task. This is how your employees grow, develop, and become more engaged in their work. 3) Check-in frequently. Once you’ve empowered an employee to do a specific task, make sure you check in with them regularly, simply assessing their progress and offering help as needed. This is not the same as micromanaging. It’s simply about showing that you haven’t forgotten them; that you care about the project they’re working on and want to support them however you can. 4) Avoid retracting power. What if you empower someone, and they don’t handle the task quite the way you’d hoped? In this situation, your natural inclination may be to retract power, but this can be hugely deflating to the employee. Instead, create a safe space for mistakes and failure, and provide coaching opportunities before the next task. Show that you still believe in them, not that you’ve given up on them based on one goof-up. Learn More About Empowering Your Team An empowered team is an engaged team. To find out more, reach out to 

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What is your goal for your business? As fractional CFOs, when we first meet with our clients, this is among the first questions we ask. Your goals will inform much of our work supporting your company – whether we focus on preparing you for a near-future exit or growing and building the value of your business over time. This is what makes our fractional CFOs – many of whom are also CEPAs – a vital (and often missing) piece of the exit planning puzzle. Many business owners enlist exit planning experts as they approach the exit process, bringing in an army of resources to make the most out of what has already been built. A fractional CFO, however, becomes embedded in your business over time and, in the process, comes to serve as a value growth advisor – a financial expert who can help you 

ROBS – or use funds from their existing personal 401(k) or other retirement accounts as capital for buying a business.   In addition to creating cash flow and minimizing the use of debt, ROBS are an attractive source of funds unlocking value from an individual’s retirement savings to fund a business, what are the tax advantages that make considering a ROBS strategy worthwhile?  First, there is the aspect of tax deferral. Financing through ROBS avoids the early withdrawal penalty normally incurred when funds are withdrawn from retirement savings prior to retirement. When you use the capital from your 401(k) to fund a new income taxes or penalties, more money is available to go into the business, thus maximizing your available capital.  In addition to increasing capital efficiency, you avoid loan obligations because ROBS is not a debt product. It’s simply accessing the equity you already have built up in your retirement plan, so there’s no monthly repayments or interest like you would incur with a loan.  Accessing Business Capital Through ROBS  Here are some points to remember about how the flow of money works when using a ROBS strategy:  The new business entity to be funded must specifically be established as a C-Corp.  After a new 401(k) or profit-sharing plan is the business advisory space and how to implement a ROBS strategy. For a consultation on your business plans and objectives, please contact us at 770.740.0797 or email info2@SJGorowitz.com. 

As a small business owner, your instinct might tell you to seize every opportunity that knocks on your door. Let’s face it: saying yes can be a thrilling ride into new ventures. Sometimes, you need to remind yourself of your organizational Sweet Spot.  Does your team have the bandwidth, the people power, and the infrastructure to take it on? Sometimes, saying no is not just the better option; it’s a powerhouse move that aligns your business with your growth goal. Here’s the lowdown on when, how, and why flexing your “no” muscle is your smartest play. The Unmanageable Yes When you’re overcommitted and under-resourced, every additional yes is like adding more weight to an already overstretched team. If saying yes means sacrificing the quality of your work, spreading your resources thin, or burning out your team, then it’s time for a firm, resolute “no.” Remember, quality over quantity isn’t just a great saying – it’s the golden rule for sustainable growth. The Misaligned Opportunity Some opportunities seem golden on the surface, but they won’t help you achieve your business mission, vision, or values. Listen up: Your business is your compass; every decision should steer you to your true north. If it doesn’t fit, say no. It’s not just about avoiding the wrong turn; it’s about staying true to your course and your team’s potential. The Power of Prioritization Here’s a reality check—you can’t do it all. When you say no to less important things, you say yes to more focus, energy, and time for what truly matters. Embrace the art of prioritization because knowing what to decline is as vital as knowing what to pursue. Make your yes count! Cultivating Respect Saying no isn’t just about protecting your time and energy; it’s about setting boundaries. Assertiveness isn’t rude; it’s a sign of respect – for yourself, your team, and your business’s vision. When you respect your limits, others will follow suit. It signals to the world that your time, team, and resources are valuable. Conclusion Saying no is a tough decision. It’s not a negative judgment; it’s a selective choice. Think of the word no as a complete sentence and a powerful tool to guide your business to where it truly belongs. So, the next time you’re faced with a request that doesn’t feel right, plant your feet, take a deep breath, and remember that saying no is not just okay—it’s essential for your business’s health and ongoing success.   Do you need to get in your Owner Sweet Spot?

GAAP traps often occur when a business owner sells a company to a third party. The transaction is commonly memorialized by a Purchase Agreement. That agreement contains certain representations (or “reps”) and warranties. Some of these are common sense and should pose no problem to someone who has operated a good business. The Accounts Receivable represent money that is actually owed to the company. Taxes have been filed on a timely basis. The seller doesn’t know of any pending litigation. The owner has the right and authority to enter into a sale agreement. There is one, however, that is frequently required by attorneys who don’t understand privately held business, and agreed to by owners and their attorneys who don’t understand what they are guaranteeing. They are Generally Accepted Accounting Principles, or GAAP. What is GAAP? To start, the term “Generally Accepted” is misleading. It could easily be interpreted as “what everyone typically does.” Nothing could be further from the truth. GAAP is determined by two organizations, the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC). Per I

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