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Cash In: You Select the Sucessor

July 20, 2014

Predecessors Must Select Their Successor Dr. Leon Danco said it best about the successor. “You (as predecessor), must select, train and install the successor in your lifetime.” This is especially true if you have more than one sibling working in the business, you should not leave it up to a battle among siblings. That always […]

Cash In: Real Work Experience

July 13, 2014

The third step on the Executive Track is Real Work Experience. The first two steps are completion of the High School Track then Education (see previous articles). Once the educational component beyond high school is attained or maybe while it is ongoing, then the successor should get a job with a business outside of your […]

Cash In: Step One of the Executive Track

July 5, 2014

Most business owners don’t place the value upon our experience that we should. But who can blame us? After all, we started with nothing besides knowing how to make or do something and built a business from scratch. We rarely stop and think why it should be any different for OUR offspring. And that thinking […]

Cash In: Successor Tracks for Transitions

June 30, 2014

by Tom Crouser Once a business is organized around functions, one may logically train a successor. How this is done is important. It first starts with understanding career “tracks” within the business for being a member of the “lucky gene pool” isn’t enough to qualify someone to take over the business. Once understood, the “executive […]