The EntreLeadership Podcast

Avoid Business Failures and Restore Your Profits

Aug 21, 2023

Learn how to reopen a failed business, the keys to small business success, promoting team members, buying and running a business, attending the EntreLeadership Master Series, and helping a 72-year-old step back from a family business.

45:10

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Quick takeaways

Develop a comprehensive succession plan to facilitate the transition of ownership and allow your dad to enjoy his life while ensuring the longevity and success of the business.

Collaborate with your parents to develop a solid financial plan that allows for a smooth transition and ensures the ongoing financial stability of both your parents and the business.

Deep dives

Transitioning Ownership and Enjoying Life: Helping Your Dad Step Back from the Family Business

As a manager in your family's wholesale accessories business, with your father and mother as the other two employees, you are concerned about your dad's ability to step back from the business and enjoy life. To create a plan for succession, it is crucial to hire someone to replace your role so that you can take on your dad's responsibilities. By doing so, you can free up his time and ensure that the work will continue without his direct involvement. Additionally, it is important to have open and honest conversations among the family members to establish a timeline for transitioning ownership and to address any concerns or fears your dad may have. Maintain a focus on honoring your father's contributions and the legacy he has built while emphasizing the need for planning in order to ensure the longevity and success of the business.

Introduction

2min

Dealing with Lingering Issues

7min

Boosting Business with a Rebranding Strategy and NetSuite

2min

Small Business Success and Employee Care

6min

Promoting a Team Member and Dealing with the Ripple Effects

5min

Buying and Running a Business: Advice and Strategies

9min

Entre Leadership Master Series and Motivational Leadership

3min

Helping a 72-Year-Old Step Back from the Family Business

9min

Today we’ll hear about:

• How to reopen a business that’s a good concept but failed under prior management

• A business owner who’s making $16 million a year and growing

• The top things you should watch out for when buying a business

• Why it’s so important to have a succession plan in place with a family business

Links mentioned in this episode:

• The EntreLeadership Podcast

• EntreLeadership Master Series

Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask

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