In this short white paper, we look at five common misconceptions, or myths, business owners have about exit planning and how to frame the narrative to have a more realistic approach to “transition readiness.”

Last month, we discussed the importance of ensuring team members and those in leadership positions have clear successors in place. Each person’s role represents a “seat on the bus,” and empty seats must be filled quickly to keep things moving.

What does leadership look like in your business? Is it simply, “I’m the leader, so follow me,” or is there more to it? How do you, as a business owner, effectively make decisions and manage all aspects of your business without being mired in every aspect of the process?

As we enter 2024, what are your business New Year’s resolutions? What solid strategy have you put in place to achieve these ambitions? Many business owners think a business goal is just like a personal goal: have the right mindset, put in the work, and eventually you’ll get where you want to be.

First, we wish you a merry Christmas and joyous new year! Time off for the holidays reminds us why we are working in the first place. Building a business and focusing on growing its value allows us to provide for our families and spend more time with our loved ones. Ambitious business owners can sometimes lose sight of this as they charge forward day after day, working hard to stand above the competition.

A family can be a group of blood-related people or a collective group aimed at the same goal, as in a business environment. All business organizations fall between “strictly business” and “like family,” depending on their culture. At Eagle Corporate Advisors, when we are engaged with a business owner, helping them reach their personal and financial goals, we have to be like family. It’s the only way we can accomplish what we do.

As Halloween approaches, many are enjoying family time with little ones all dressed up and hoping for some fun frights. Meanwhile, grown-ups and business owners have real fears, too. These fears are often a tricky roadblock, one that can’t be overcome with a few handfuls of candy.

As fall begins, we are wrapping up the journey of two business owners who represent a composite of real-life problems clients face. If their stories were a movie, this would be where a fast-paced montage would gloss over all the hard work, as the characters level up in their circumstances and abilities.

A question we are often asked is, “So, what exactly do you do?” Any specialized skill can seem mysterious to someone who doesn’t have the same background. Just like a doctor doesn’t rely on a dice roll when prescribing medicine, and an engineer doesn’t guess where a structural beam should be built, we rely on proven methodologies to get real results.

As summer gets into full swing, let’s take a look at our business owners, Fred Jr. and Stan, as the heat gets turned up for each of them. Challenges that lurked under their radar have surfaced as immediate crises for their companies, causing distress and uncertainty.

Last month, as a way to look at how businesses face different challenges, we introduced two new business owners trying to stake out (or keep) their places in the auto repair industry.

We are going to take a look at two fictional companies and their decisions. Although they are not real businesses, they are made up of composites and circumstances we have dealt with and observed in our years as advisors. At points along the story, you may think you’d surely see things clearly and make the right decision if you were in that scenario. Remember though, decisions always feel right in the moment. This can be due to inexperience, overconfidence or simply not having access to the tools and resources that can help a business grow.

For many, the two most intimidating of the eight business fundamentals are financial and legal. Business owners get stuck in a pattern of doing things the way they’ve always done them, with the attitude of “good enough is good enough.” Couple that with the desire to avoid the expense of talking to an attorney or a CPA, and after a while you are routinely stepping over a dollar to pick up a dime, as the old saying goes.

Spring is almost upon us, and it’s normal to feel a sense of renewal as daylight hours increase, warm weather returns, and flowers bloom. How are you channeling some of this springtime energy into positive changes for your business?

As we continue looking at how some of the eight business fundamentals work together, it’s time to examine the relationship between marketing and sales. These two roles rely on each other, and it’s hard to overstate the importance of making sure a marketing team and sales team talk to each other and cooperate.