Well, here we are. Perhaps you are thinking: “At last!” Work Session #52 of the 52-Week Family Business Case Study. Yes -- #52!
It’s really a momentous event.
The client and I have worked for about 16 months now. Even though it has been named a 52-week case study we experienced some delays here and there, including some meetings that had to be skipped and modified due to the exigencies of the reality of business. And that has resulted in the aforementioned 16 months or so.
It’s really an exciting event too – because there are some fascinating outlooks of the future to hear and to recall.
Let’s dive right into the main bullet points, the main conclusions, the main results of the 52 meetings, from the point of view of the future state of the business in the next 3 to 5 years. There are four items.
In-House Manufacturing will represent over 75% of the business revenue in the 3 to 5 year period...
Who can teach us leadership lessons?
Besides my dad and some great mentors, G.K. Chesterton taught some great
leadership lessons wrapped up in simple quotes:
Our great team assists clients daily with leadership challenges. We help principled leaders excel!
Ever been in a situation where in some kind of a Q and A panel or a presentation someone asks a question and you listen to minutes of excruciating commentary before getting eventually to an answer, and by which time you have lost the plot or moved on to checking your phone?
There is a simple business technique that many professionals, especially top-level people in the organization chart, still haven’t figured out.
Give the answer FIRST, and then follow with all the other supporting background information.
There is this excruciating habit some have of giving all the background and eventually leading to the conclusion. This is sort on an inductive method – but it is painful if used in business.
When someone asks a question in business, the answer should be “Yes” or “No” or “I don’t know” or “Yes we can” or “No we cannot” – THEN YOU SAY: "AND here’s why”. Once you give the answer...
How investment will work in the Catholic economy:
The reason to invest in Catholic businesses is, simply, to build more Catholic businesses. The end result is to support the Catholic family and allow us to engage the culture more on our terms. This can reduce the pressure on those employed in the corporate sector.
There are 3 types of support: grants, loans, and equity
Grants should be available to worthy Catholic start-ups and other businesses. People at the parish level, or wider, can contribute to a pool of funds that would be distributed to worthy businesses who had advisors.
Money could be granted with certain parameters and due diligence. Even if it’s a fairly small amount, like $10,000, it would help Catholic businesses survive and thrive. The good ideas would get funded while the poor ideas or the ideas that need more thought, would not.
We could have a pool of funds for loans at the local (parish) level or larger...
Today we embarked on the penultimate, or second last, session of our 52-week case study.
It’s been a captivating story:
Today I asked my client to summarize how the last 51 weeks have impacted him personally as the leader of the business.
What has he learned?
What would he do over?
What has changed about his perspective on the world and business?
Has he benefited from the mentor relationship that we have built over the past 51 weeks?
NOTE: Next week is the ultimate or last session in the case study -- #52 wherein we will look ahead and make a prognosis of the future state of the business, now that the past 52 weeks will have formed the foundation for growth.
Do you "ghost" in business email communications? Ghosting, as you know, is that thing people do when you send them an email, or other communication, and they don’t respond.
In personal communications it is understandable that some people just hate the idea of the proliferation of emails, that silly expectation that we are supposed to reply within minutes or else are considered to be committing some kind of irredeemable offense. We are already trapped into the dopamine cycle enough as it is. So why worsen it?
What about business? Should you bring your quirky personal habits to work? Or should you adopt some kind of a business etiquette, a courtesy, a sympathetic view of the world that says, in justice, other business people deserve an acknowledgement that you have received their message and are thinking about it, or that you received it okay, or that you are simply saying thanks for the information.
Otherwise the sender will wonder whether you received it – hence...
We have assisted clients in the past who are beginning their CEO gig or are part way through it and begin to see board “fatigue” (either in a business or not for profit setting).
What are best practices to deal with this?
Our great team assists clients daily with this and other strategy challenges. We help principled leaders excel!
Today the client and I discussed a singular moment that only happens about once a year – that special moment of high frustration where you just want to pack it all in and sell the whole thing to someone “this afternoon”!
Without getting into too much private information, here is the story:
Fast forward to the end of that episode.
Don’t worry. All’s well that ends well. The moment has passed. The business is not for sale and the boss has returned to his normal feelings of contentment with this business. It’s okay. Don’t worry.
But the episode did spark a...
That great moment arrives when you are actually in a real negotiation to exit your start-up. But it’s your first time and you want to avoid the usual traps.
Here's what to do:
Our great team assists clients daily with this and other business negotiation
Is there a new model for the dreaded strategic planning process?
Many entrepreneurs treat the strategic planning process as a task to be shown on the calendar and ticked off in an hour or two of work. Not good enough.