A Jukebox of Knowledge

Exit Coach Radio now has a "Jukebox of Knowledge" that can be featured on other websites. And we are proud to announce that one of those websites is the Galliard Family Business Institute for Advisors. Read the story here: http://satprnews.com/2016/12/06/exit--radio-interviews-featured-by-galliard-family-business-advisor-institute/

 

What are the "Basics" that must be covered if you die?

On Tuesday, September 27 at 10am Pacific Time, Bill Black will present a Webinar for Vistage Worldwide's Family Business Group. The topic is "Business Continuity - 5 Steps to Protect Your Family". The public is welcome to attend. To register, visit http://www.vistage.com/landings/family-network-webinar/ and enter "Employee of Vistage Member's Company" in the field "Vistage Relationship"

The presentation will start with a real-life story of a friend of Black's that died suddenly and unexpectedly and cover the 5 basics that everyone should have in place to protect their family from being the victim of an unplanned business.

Where do you Find an Exit Planner?

Exit planning is an emerging professional field. Today I am attending the BEI Annual Conference (www.ExitPlanning.com)  today in Denver. They are one of the largest groups that has been training Advisors to implement a professional Exit Plan for over 15 years. 

Over 200 attendees this year. Exit planners are CPAs, Attorneys, Business Brokers, Financial Planners, Valuation Experts, etc.  

These professionals are here because of you, the private business owner, who is looking for a "point person" that can manage their Advisor Team, come up with a prioritized Strategy list for implementation. 

The list of Certified Exit Planners is growing. Of the 200+ attending today, almost 1/3 are new members. 

Look for an Exit Planner that follows an organized process. It matters.  

Youvan find a directory of Certified Exit planners at www.Exitplanning.com 

John Brown, Founder of BEI, addresses Certified Exit Planners at their Annual Conference in Denver.  

John Brown, Founder of BEI, addresses Certified Exit Planners at their Annual Conference in Denver.  

Thinking Vs. Doing: The Owner’s Dilemma

There’s a steady breeze from the northwest, which cools the warm Caribbean afternoon. Framed between a palm tree and the turquoise water, you notice a man reading. He appears to be working, which seems strange given his appearance: shaggy blonde hair, linen shirt, surf shorts and flip-flops.

You squint and realize the man is Richard Branson and he just happens to be running Virgin Group Ltd., a multibillion-dollar conglomerate. He is working where he usually does, at Necker Island, a 74-acre retreat he owns in the British Virgin Islands.

Branson, of course, is far from a negligent founder, he has managers running the various businesses that make up the Virgin Group and visits his companies regularly, but he does not manage the day-to-day operations of any of his businesses, which frees up his time to think.

The train conductor vs. the thinker

Your role as a CEO can be divided into two buckets: one for managing and the other for thinking.

The managing bucket is where, metaphorically speaking, you ensure the trains all run on time. In this role, you’re establishing goals for your employees and holding them accountable for achieving their targets. You’re making sure your products and services are of a high quality and that your biggest customers are happy.

When you’re wearing your manager hat, you’re scouring your company looking for small enhancements every day. This obsession with continuous improvement is what big companies call “six-sigma thinking,” but you probably just think of it as building a great company.

The other bucket is reserved for thinking and it’s where you create the future of your company. In this visionary time, you get to design new products, imagine new ways of serving customers, or contemplate where you could take your business in the years ahead. 

Your visionary hours are spent dreaming and imaging what your business could be, instead of worrying about what it is today.

The most valuable companies

The question is, how much of your time should you devote to each role? If your goal is to create a more valuable business—one that someone might like to buy one day—our data reveals that you should start gradually increasing the time you spend on thinking and hire someone else to do the managing.

For example, after analyzing more than 20,000 businesses who have received their Value Builder Score, we have discovered that companies of owners who know each of their customers by first name (i.e., managers) trade at just 2.9 times their pre-tax profit, whereas the companies of owners who do not know their customers’ first names (i.e., thinkers) trade at closer to 5 times pre-tax profit.

Further, companies that would suffer if their owners were unable to come to work for three months, receive significantly lower offers when compared to companies that would not feel the absence of the owner for a month or two.

Finally, in a recent survey of merger and acquisition (M&A) professionals, we asked who they like to see an owner hire if they can only afford one “C-level” executive. The M&A professionals overwhelmingly identified a general manager/second-in-command as the most important role a founder can fill ahead of a chief revenue, marketing or financial officer.

In short, the owners of the most valuable businesses have found managers to ensure the trains run on time while they spend an increasing amount of their energy thinking about what’s next for their business.

Want to see where YOU stack up? Get your Value Builder Score at www.BizGrowth123.com

When Great Minds Come Together, Something Funny Happens!

3 months ago, having an Intern Program wasn't on my Radar Screen. I had heard about the program and looked into it a couple of years ago but never pulled the trigger for some reason. Then, two months ago, I was reminded that Cal State Fullerton has a top-notch Communications College and their students need to work during the summer as an intern to complete their degree. The application process didn't take very long and within a couple of weeks I was happily surprised to have my initial quota of five students apply.  

In the next week or so another four students applied, then two backed out and I decided to go ahead and take on seven students and hoped I could find enough work to keep them busy. 

Over the last six weeks, they have logged nearly 400 hours of work and, more importantly, created friendships that will hopefully last well beyond this nine week program. 

The beauty of this kind of program in this day and age of technology is that they work virtually and we come together twice a week, once by conference call and once for a weekly update lunch. Besides having "how-to session", they share what they have learned and teach each other how to improve skills editing audio, video and creating books and materials. The work they are doing will ultimately help hundreds of thousands of business owners to protect their families, grow their businesses and someday transition out of their businesses in style. 

It has been rewarding and exciting to see them create friendships and improve their skills, and hopefully learn a thing or two about life along the way. They've certainly taught me a lot!

If you are considering starting an Intern program but something is stopping you, put it aside and take action. Everyone wins!

The 2016 Exit Coach Radio Interns: Colleen Hirk, John Carusillo, Katherine Ougarov, Christina Brandolino, Daniele Preyer, Alexandra Courtney. Not Pictured: Matthew Bruce

The 2016 Exit Coach Radio Interns: Colleen Hirk, John Carusillo, Katherine Ougarov, Christina Brandolino, Daniele Preyer, Alexandra Courtney. Not Pictured: Matthew Bruce

2016 Interns Tour AM830

One of the benefits of hiring College interns is to get fresh perspectives on issues, especially as topics like Media delivery change so rapidly around us. Today 6 of our 7 2016 Cal State Fullerton interns and I visited the KLAA AM830 radio station for a tour and a peek into what we assumed was a dying media - AM radio. What we discovered (mainly as a result of the brilliant questions from the interns) was that Radio still has a shelf life, particularly when the station owner has the foresight to use the Radio broadcasts to support a principal business. The LA Angels baseball team, in this case, is the prime reason that AM830 is valuable as a strategic broadcasting asset for the Team's owner, Arte Moreno, who has an ownership stake in both entities. A brilliant use of using Radio media to support an endeavor and we all walked away with better knowledge of how the many facets of media can work together to create a synergistic  marketing program. Thanks very much to the staff at AM830 for a wonderful tour!

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750,000 ... and Counting

Our online Podcast version of the Exit Coach Radio Show recently hit a milestone. For the 750,000th time someone clicked a play button to listen to a 20 minute interview, a 1 minute highlight or watch a video on our site.

It seems like only yesterday we were looking at the counts reach 10,000 and I remember then how grateful I was that business owners would take time from their day and actually listen to my brilliant guests. And how good it felt to know that in some small way, we were moving the needle on helping small business owners to be proactive in protecting their families and building a business that they could someday sell or transition successfully.

It still feels good....thanks for listening and please share the site with others you know!

Humbly.

Bill Black
Founder & Host

"Perspectives from 1,000 Interviews"

It's the title of my in-depth 3 hour talk for Business Owners, in which we discuss:

"Blindspots, Potholes and Business Killers -- Know Your Risks"

"Know Before You Go - Strategies to Help You Transition from Overtime President to Part-time Chairman"

"Friend or Foe? Preventing Key Employees from Becoming Competitors"

"Which Way to the Exit? How to Prepare for the Inevitable"

 

I'm looking forward to giving this talk, getting feedback, fine-tuning it and presenting it dozens of times over the next few years - it's great information and Business Owners need to hear it!

 

 

2016 INTERN PROGRAM KICKS OFF AT EXIT COACH RADIO

MAY 31, 2016: THE EXIT COACH RADIO 2016 SUMMER INTERN PROGRAM BEGAN TODAY WITH AN OUTSTANDING LINEUP OF CAL STATE FULLERTON STUDENTS, INCLUDING ALEXANDRA COURTNEY, CHRISTINA BRANDOLINO, MATTHEW BRUCE, KATHERINE OUGAROV, JOHN CARUSILLO, DANIELE PREYER AND COLEEN HIRK.

BILL BLACK SAYS "THE INTERNS WILL PRODUCE A MASSIVE AMOUNT OF CONTENT TO HELP SMALL BUSINESS OWNERS FROM OUR ARCHIVE OF 1,000+ INTERVIEWS. THE RESULT WILL BE SHORT AUDIO AND VIDEOS, BOOKS AND SYNDICATED SHOWS FOR AM RADIO STATION AFFILIATES. THEY WILL ALSO PRODUCE A RESEARCH REPORT ON "MEDIA TRENDS - THE OLD, THE NEW AND THE NEXT" THAT WILL BE PRESENTED TO CSUF'S DEPARTMENT OF COMMUNICATIONS AT THE END OF SUMMER".

Define Your Team's Strengths

Brandon Miller discusses the importance of defining your team member strengths.

This is a 1 minute preview of one of today's featured Guest. Give it a listen and share it with your friends, and if you like the content be sure and listen to the full 20 minute interview!

Transcript:

Bill: If there were one diagnostic tool that creates the operations manual for a human being, would it be Strengthsfinder, in your assessment?

Brandon: I think so, and here's why. Dr. Clifton, who is the founder of Strengthsfinder in 1949, had the question, what would happen when we think about what's right with people, rather than what's wrong? And the man devoted his entire life to studying this idea of strength and talent. His conclusion was, we have so many words to describe what's wrong with us in psychology, where are all the words to describe what's right? And, he happened to live in the same city with George Gallup. Ended up purchasing Gallup, which, at the time, was providing the world with polling data, sampling for making decisions, understanding what we thought. Well, there hasn't been a comprehensive study in it's kind. Over 40 years, 2 million people surveyed, in my experience working with the instrument, with all of the academia behind it, all of the analysts, they're all available publicly, it's fascinating to learn how they arrived at their conclusions. This is a marvelous tool. I think it really provides a broad inventory, because not only can you see your top 5, but for a little more of an investment you can see all 34, so you actually see all the talents you use everyday, but you also can learn the ones that you don't use, that aren't a part of you. Which aren't meant to grow them, but meant to understand, "wow, if I have these, and my fellow leader has a different set, it helps me understand our differences," and those differences are actually advantages, not intended to be annoyances, so we learn how to leverage both. So, I would answer yes to that question, and actually feel very strongly about that. 

To hear more tips from over 1,000 Advisors, visit exitcoachradio.com

 

Know When to Mediate

Bill Black Interviews Jan Schau, who discusses legal strategies and the importance of knowing the best time to mediate.

Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com

 

Transcript: 

Jan: There are lots of good times to mediate. One of them is before a lawsuit is filed. Another is right before trial, now we're really gonna have to spend the money, take the risk, put 12 strangers in a box, inconvenience people...they're not gonna understand me, and maybe I'm not gonna get what I want out of it, anyways. A third is even during trial. I had an arbitration that happened to an age discrimination matter, and I listen to this old guy for 4 or 5 hours, and the next morning I said to the two lawyers, "do you guys want to talk?" and sure enough, they really did. He had been able to get everything off of his chest, they were able to work it out. So, there's lots of interval spaces, and part of it is you the disputant, and your lawyer, have to talk about when's the right time, when's the best time.  

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