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Agendas. Rivalries. Poor communications. Confusion. No clarity. Assumptions. Competing values. There are a lot of factors that can get in the way of successfully growing a family business, and I did not even touch on the 5Ds!    Building a family business is tough. It’s widely known that only 33% make it to the second generation, 12% to the third, and a mere 3% to the fourth. While the statics... Read the Full Story
2018 is officially in the books! It’s time to take stock of bright spots and disappointments and start planning for 2019.  Some people think this whole practice is a waste of time, but I find that taking time to stop and reflect on the past year is critically important to personal, professional and business growth.     As business people, we’ve all heard the axiom, “you get what you measure... Read the Full Story
  We got the call in May of 2014 – the lump in my wife’s breast was breast cancer.  In that moment, the world as we knew it was turned upside down.      But not for long.    Family, friends, and our church began to rally around us, providing support and inspiration to ‘fight like a girl’.  One of those friends was Steve Kalamar, who had just seen a video of a commencement speech given by... Read the Full Story
Posted by Tom Garrity on December 20, 2018
We're wrapping up our Value Builder series, where we have been talking about eight drivers of business value. This concept comes from John Warrillow the CEO of Value Builder. John discovered that when these drivers are incorporated into a business – and truly maximized – they really position a business to perform well in the marketplace. So let’s do a recap, click on each to revisit the 8... Read the Full Story
Posted by Tom Garrity on November 7, 2018
Business value is all about business transferability. That value initially started with you, your hard work and the relationships you built. Y-O-U. But the value cannot stay there with you. Why? Because the more transferable your business is, the more value it has.  And that comes down to one question: “Can your business run without you?”     One of the most important components of business... Read the Full Story
Peter Drucker, father of modern management, once said, “The purpose of a business is to create and keep a customer.”  That makes sense, but somehow we lose track of it in our pursuit of fixing problems and refining our processes.      Never forget, it’s all about the customer.    Keeping a customer starts with customer satisfaction.  Seems pretty simple, but the business world is a graveyard... Read the Full Story
  If all you do is match what your competition offers, you give your customer only one criterion on which to base their decision to buy from you – price. And that is a step into the commodity trap, a slow and painful death of lowering prices to get business.      Enter the Monopoly Control concept.  This is all about competitive advantage.  As Michael Porter, a leading strategy thought... Read the Full Story
It’s the holy grail of business – generating revenue without having to ‘resell’ the product or service.     Recurring monthly revenue provides cash flow, overhead coverage, value acceleration and peace of mind. This is a driver of business value that can provide a considerable advantage to growth, yet many businesses fail to capitalize on it.    Remember, when a buyer – whether a family... Read the Full Story
Posted by Tom Garrity on September 12, 2018
In my 30+ years in business, this concept has escaped most business owners who want to transition ownership/sell – the relationship of cash flow and business value, known as the Valuation Teeter Totter.  We call it that because it reflects the relationship between cash, or the company's ability to generate cash, and the value of the business.   If you recall as a kid sitting on a teeter-totter,... Read the Full Story
Posted by Tom Garrity on August 22, 2018
One of the breakthroughs in Scaling Up your business is finding your ‘great customer’ – big orders, easy to work with, repeat.  Then all of sudden you realize they are 50% of your business, and a new problem arises – if you lose them, it will have a major impact on the business.  The relationship also begins to change, as the customer begins to have more power to press their agenda. In the... Read the Full Story
Posted by Tom Garrity on August 8, 2018