Looking after Your Wealth

We’ve all seen businesses rise and fall. But, why do some businesses implode while others flourish? We’re fascinated to find the different answers to this question which has perplexed entrepreneurs since the onset of commerce. That’s why Robert and I are constantly exploring the critical components and conditions that make entrepreneurs and their businesses succeed.

It turns out that one of the fundamentals to determining success or failure hinges on an often unspoken assumption: entrepreneurs equate business success with their wealth. But, what happens when that isn’t the case? What happens when an entrepreneur’s long-term wealth is hampered by their very own life’s work (i.e. their business)?

In BusinessCast #117 — Family. Business. And, Wealth — Robert and I explore how entrepreneurs can ensure long-term wealth by sitting down with Thomas Deans, author of the widely-acclaimed book: Every Family’s Business. Thomas takes a truly practical — and sometimes controversial — approach to ensure that entrepreneurs can build and sustain the wealth they’ve worked so hard to build…even if that means drastically changing their relationship with the business that’s been in their family for generations. While that might sound sacreligious to many, his disciplined approach and rationale is a wake-up call to every entrepreneur.

Whether you’re managing a family business, selling a family business, investing in a family business or purchasing a family business, you’ll want to listen to Thomas’ insights in this episode of the BusinessCast podcast.

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More Free Business Resources

Robert and I are constantly gathering and sharing useful business resources with BusinessCast podcast listeners. For example, last month, we gave away a Blackberry Bold to an intrepid entrepreneur in our Entrepreneur Be Bold!” contest.

And, we’re always adding to our library of practical business books. In fact, recently, we added several new titles including:

  • Business Lessons from the Edge – Learn How Extreme Athletes Use Intelligent Risk Taking to Succeed in Business
  • Digital Strategies for Powerful Corporate Communications
  • Financial Statements Demystified
  • Click: Ten Truths for Building Extraordinary Relationships
  • Fearless Leadership
  • Winning Sales Letters
  • Every Family’s Business – 12 Common Sense Questions to Protect Your Wealth
  • Turn Small Talk Into Big Deals

To get any of these free resources,  just send a note to robert@BusinessCast.ca.

Later this week, we’ll be posting an interview with Tom Deans, author of Every Family’s Business. Because this book is focused, practical, easy-to-read and truly universal, it’s become¬† a “BusinessCast Essential” book — that is, a critical resource that we believe all entrepreneurs should spend time with. Tom takes a fascinating, controversial and unique approach to ensure that every entrepreneur — buying or selling a family business — can retain wealth.

Remember: Subscribe to the BusinessCast Podcast at iTunes

Business Succession — Making the Most of the Opportunity

All entrepreneurs, at one time or another, must contend with business succession. For example:

  • Are you buying a business from someone?
  • Are you planning to sell your own business?
  • Are you taking a back seat/different role in the business you’ve built?
  • Have you taken over the helm of a business for an aging/exiting family member?

Regardless of the circumstances, you’re going to face succession issues and challenges. And the way, you deal with these issues will have a tremendous impact on you, your friends, your family and your business.

That’s why in BusinessCast Podast #110 Robert and I sat down with succession-management guru John Geddes who recently authored one of Canada’s business top sellers Succession and the Family Business: A Road Full of Potholes or Paved With Gold“. The old school of thought for succession had been “get the legal and accounting issues dealt with and everything would be fine.” But, John’s worked with enough entrepreneurs to know that the interpersonal challenges unique to family businesses must be dealt with properly to ensure a successful and smooth succession. And, that rule applies whether you’re an entrepreneur taking over a family business or an entrepreneur making plans to leave a family business to take on other opportunities.

But, John’s wisdom is universal. His insights about the emotional dynamics that play out in family businesses during succession can help any entrepreneur who serves or sells to family businesses going through difficult transitions.

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