The EntreLeadership Podcast

Is Your Business Safe From These Landmines?

Jan 22, 2024

Avoid family succession issues, increase profit in plateaued businesses, danger of not having a lease with a landlord, potential growth sabotage, overcoming challenges to expand market share, making informed decisions about renting or buying property for a business, finding better real estate options, managing growth and hiring for success.

52:18

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Quick takeaways

Clear plans and effective communication within the family are crucial for a successful business succession process.

To achieve sustained growth, small businesses should explore new avenues by either expanding their market reach or diversifying their project types.

Deep dives

Balancing family dynamics and legal processes in succession planning

The podcast episode features a caller who is the third generation in a construction company and is planning to take over the business in the future. However, they are facing challenges with their aunt, who doesn't want to include the caller and his wife in the business. The podcast host advises the caller to focus on working with his father, who is open to co-owning and running the business with him. The host also suggests sorting out the legal processes and evaluation of the business, addressing the issue of separate entities (LLC and corporation) along with real estate considerations. Ultimately, the host emphasizes the importance of having clear plans and effective communication within the family and solidifying the succession process.

Introduction

2min

Family Dynamics and Business Succession

8min

Differentiating Between Buying a Business and Purchasing Real Estate

5min

Strategies for Business Growth

5min

Expanding Market Share, Overcoming Plateaus, and Making Real Estate Decisions

5min

Making Informed Decisions in Renting or Buying Property for Your Business

12min

Finding Better Real Estate Options and Promoting the On-Tree Leadership Summit

3min

Managing Growth and Hiring for Success

10min

Today we’ll hear about:

• How to avoid convoluted family succession plans

• The best way to increase profit when your business has plateaued

• A business owner who doesn’t have a lease with her landlord (and it’s putting her business in danger)

• The three primary things that will sabotage the growth of your business if you don’t pay attention

Links mentioned in this episode:

• The EntreLeadership Podcast

• EntreLeadership Summit

• 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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