Family Business Succession Planning

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Family Biz Show - June 2nd, 2020: Guest Speaker George Isaac

How do you know when it's time to grow the business, transfer it, or straight out sell it? Tune in as we talk with George Isaac about this conundrum and what strategies you can implement NOW to ensure family success later.
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Family Biz Show - May 26, 2020: Guests Terry Schaefer & Tom Garrity

Four ways to leverage times of crisis and strengthen the rising generation in family business.
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Family Biz Show - May 19th, 2020: Guest Speakers Mike Goldman & Cathy Carroll

This week we host Mike Goldman and Cathy Carroll as we talk about how family business leaders can create and lead incredible teams
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Family Biz Show - May 12, 2020: Guests Jeff Savlov and Ira Bryck

Episode 4: "Why Family Business Consultants Cry Themselves to Sleep at Night"
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Family Biz Show - May 5, 2020: Guests Ella Chase and Steve Legler

This week we talk about how what's happening right now with the Covid-19 crisis is a good test of your family governance and the five silver linings of this crisis. Tune in, as we talk with industry thought leaders Ella Chase and Steve Legler!
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Family Biz Show - April 29, 2020: Guests Daniel Van Der Vliet and Timothy Belber

Tune in this week as we talk about what companies TODAY are doing to innovate through isolation. This week's episode guest stars Dann Van Der Vliet of the Cornell Family Business Institute and Tim Belber from the Alchemia Group.
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Family Business Webinar with guests Dennis Jaffe and Pierre duPont

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The 401k Advantage

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Find Out How We're Helping Our Clients During These Turbulent Times

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Simple Solution to Hiring the Perfect Financial Planner for You

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Understanding Standards of Service

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Ready to Outsource the 401K RFP Process to a 401K Specialist?

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Understanding Financial Professional Designations and Titles

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Scaling Up Strategy

Among other necessities, strategy requires a handful of executives to meet at least once a week, not once a quarter. You must spend time working on the business, not just in it. Core Values Harnish sees these as the rules and boundaries that make up the company’s character. In times of confusion they can be a final should/ shouldn’t for employees to rely on to avoid operational issues or resolve them much quicker. The Harvard Business Review article “Building
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The Fee Questions

There should be some flexibility when discussing fees. A fee is not always a bad thing as long as you’re getting something more valuable in return than the money you are investing.Here are a few questions to focus on: What are the fees for setup?Are there platform fees?How much is being paid to the TPA? The financial advisor?What, if anything, happens to the 12b-1 fees?Conversion fees are how much?What are the charges for plan administration?Is there a fee for moving assets?What ar
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The Cybersecurity Questions

Cybersecurity is sometimes overlooked, but we all know that, today especially, it is very important. As a firm it is crucial that your information and your employee’s information is secure. Ask the vendor who is the security provider?Has there been a security breach in the past?Where is my information stored and how can you assure me that all information will be safe?
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The Participant Account Access Questions

All participant information should be available to employees online or via phone. The online data and information via the phone should be easily accessible. Most vendors will offer internet access through smart phones, computers, and iPad/tablet. A helpful question could be: How often is the website updated?When and how do I access this online information?How much information is easily found on the initial page?How many steps does it take for a participant to reallocate or exchange...
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The Service Questions

It is important that whatever vendor you choose provides great service. This is a factor that will really differentiate the vendors. When looking for a vendor it is crucial that the vendor is reputable, easily accessible, and helpful. You are going to be paying them so it is important that they commit to earning it through good customer service. The other thing to consider here is to understand who is responsible for what. You will want to be very clear as to the duties and responsibilit
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The Investment Questions

It may be helpful to consult an investment or financial advisor when exploring investment options.The vendor you pick should have solid performing investment options. The options should be diverse and low cost. The following factors should be discussed prior to choosing your fund line up: turnover, yield, expenses, style, risk, return, manager tenure and history, alpha, and performance versus peer group. It may be helpful to ask: What information will be received about the investments?
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The General Questions

How long have they been in business?How many 401k plans do they administer?How many clients left them last year and why?Are there any pending litigations against the firm? It is also important for you to ask about the trust/custody or recordkeeping system. This is a huge part of a 401k plan that sometimes gets looked past. It may be helpful to ask the vendor what kind of options they offer for 401k (some options include: Traditional, Roth, Safe Harbor, New Comparability).
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Scaling Up Contact

My team and I used Scaling Up to grow our business and we were extremely happy with the results. Even more importantly, clients noticed the changes and were happy with the services we were providing them. One of our clients asked us to work with them as an accountability coach and help them through the Scaling Up process. We have since added the Scaling Up process to our business transition process. We realized that regardless of whether or not the business will be transferred to family or sold
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Scaling Up Cash

As Harnish says, “growth sucks cash” and many businesses either fail or face significant losses due to not keeping an eye on their cash flow. It can be easy to overlook cash flow and focus on other business processes, but cash flow is much more important than some think, even more so for scaling up a business. Cash Conversion Cycle As Harnish says, this term is simply how long it takes for money that has been spent to find its way back through the business and into your pocket...
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Scaling Up Execution

Of all of the execution tips and ideas within Verne Harnish’s book, the Rockefeller Habits Checklist is quite possibly the most important set of information. The list is comprised of 10 must-know habits that enable the successful execution of your strategy. It greatly increases profitability and reduces the time it takes to manage the business. But take note, these are not habits to enact all at once. This is a process of focusing on one to two habits a quarter and then refreshing
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Scaling Up People

Verne Harnish suggests that the first step to ensuring that you are scaling up your business properly is drawing in the right candidates, hiring them and retaining them. Topgrading is a method of hiring “A” Players and was co-created by Brad and Geoff Smart. “A” players are the specific individuals that make up the top 10% of the available talent interested in the position that you are offering.For starters, your interview process is going to have multiple levels,
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Maximizing Business Value

Jack Stack, best-selling author of The Great Game of Business, said it best in his testimonial, “Imagine walking into a library and finding one book that captures the ideas of all the books in the library. Scaling Up is that business book. You will not have to go any farther.” Which is exactly why we felt it was worthy of its own space on our website. We recommend that every one of our family owned businesses not only read this book but put it into practice.
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