When it comes to making decisions about their own business, some of the smartest leaders and best business people make the dumbest decisions, especially when it comes to selling. Today’s post is by Terry Monroe, author of Selling With Certainty (CLICK HERE to get your copy). I am shocked by how many successful entrepreneurs—smart folks who’ve devoted years to building their businesses—can be so casual and sometimes downright dumb when it comes time to sell their businesses. Regardless how successful someone may be, and I am talking about business owners who are making $5MM, $10MM, $15MM a year in net income, they are undermining and underselling when putting their businesses on the market. I believe part of the reason people behave in this manner is they think because they have sold things in the past such as vehicles, buildings, houses, or maybe even one time a business, they can sell what may be the largest financial asset they own, which is their business, by themselves. And armed with this uneducated self-confidence they proceed in attempting to sell what is basically their retirement account, themselves, and wonder why things didn’t work out. Either they are not finding the right buyer or are getting so frustrated they end up abandoning the sales process and continue to run the business. My goal is to help educate as many business owners as I can on how to determine if you are ready to sell your business and, if so, what steps need to be taken and how the process works.
About Ryan Shaw
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Entries by Ryan Shaw
Our reader poll today asks: What kind of matrixed environment are you operating in? Highly matrixed: lots of complexity and many stakeholders I answer to: Moderately matrixed: it’s complex but it’s a managable number of stakeholders: Not very matrixed: it’s a simple organization with a couple of key stakeholders: Not matrixed: it’s a very simple organization with no overlapping responsibilities: Complexity reigns supreme. A huge portion of you (71%) are operating in highly matrixed environments. The importance of clear accountability, proper goal setting, and constant prioritization of efforts is paramount. If you have lack of clarity on who is responsible for what or if goals are in conflict, your life will be a nightmare. If you haven’t been given that clarity, seek it out. Take a proposal to your multiple bosses for how you and your colleagues want to divide responsibilities and offer perspectives on how to reconcile goals that are in conflict. Many times your leaders don’t understand those conflicts as well as you do because you’re at the intersection of those issues. The more effectively you drive clarity, the easier it will be to execute well and achieve your goals. Do you agree with these poll results? Let us know in the comments below! – Mike Figliuolo at thoughtLEADERS, LLC Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!
Innovation in today’s society can be a difficult idea to grasp and an even more difficult idea to implement. In order to truly lead forward as an innovator there are a few key concepts to hold onto. Today’s post is by Dr. Joseph Walker, author of No Opportunity Wasted (CLICK HERE to get your copy). Lately, the term “innovator” conjures up the image of a young entrepreneur disrupting an industry with concepts like ridesharing, e-currency or meal-kit delivery. But it doesn’t have to. Whether you are 35 or 65, leading a start-up or a multi-generational business, you can be an innovator. In fact, you have to be if you’re going to keep succeeding. Being an innovator doesn’t just mean introducing a new idea; it also means tirelessly improving processes, finding solutions and refining techniques. And to truly lead with an innovative mindset, you must change the way you think – about success, about yourself and about your team. It won’t be easy. But it can be done. Here are the basics: Embrace Discomfort One of the biggest roadblocks to innovative thinking is discomfort. People – particularly people who already are successful – tend to shy away from it. After all, you achieved so much, and things have been working fine for you, so why change? But tradition is frozen success, not a roadmap for future opportunity. You can’t maintain success unless you adapt. Things change quickly today – tastes, priorities, people and peoples’ needs. So let go of any illusions that what worked in the past will work just as effectively today. It won’t.
Our reader poll today asks: When you have a high performer whose performance starts dropping, how do you handle it? I let it sort itself out — they know what they’re supposed to do: 6% I give them a pretty long leash but intervene before it goes too far: 47% I nudge them early to let them know something is off: 44% I jump in and start managing them much more closely: 3% To nudge or not? Folks seem evenly split on whether to nudge a high performer when they see something off in terms of performance. While many of you opt to not say anything, a large portion (44%) will make a small prod when they see performance slightly off track. Either approach is likely fine provided you give that high performer room to fix the issue. Sometimes just making them aware of something being amiss is more than enough to get things back on track. Regardless of which tack you take, know when they need to be bailed out. It’s a pretty terrible outcome to lose a high performer because you let their performance deteriorate beyond something they could correct on their own. Do you agree with these poll results? Let us know in the comments below! – Mike Figliuolo at thoughtLEADERS, LLC Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!
Executive presence is an element of leadership that’s easy to recognize but difficult to develop, but might be the difference in your career progressing forward. Today’s post is by Rob Salafia, a principal at thoughtLEADERS and author of Leading from Your Best Self (CLICK HERE to get your copy). Executive presence is an element of leadership that’s easy to recognize but difficult to develop. In fact, in a recent study by the Center for Talent Innovation, it was found that feedback on executive presence is often contradictory and confusing and that 81% of those who are instructed to improve their executive presence are unclear on how to act on it. For instance, can you relate to any of the situations below? You have been passed up for a promotion—even though your record demonstrates that you’re smart enough and capable enough. No one can put a finger on exactly what the issue is, but it’s enough to hold you back. Your boss or someone higher on the food chain has mentioned to you that, “you might consider improving your executive presence.” You walk away thinking to yourself, ok, now what? You’re a manager with a team member who you know has the capability to shine but is struggling to find their voice. Having spent the last 20 years helping executives develop executive presence, I have found the process to be something that people (regardless of gender, industry, country, and culture) struggle to understand and develop.
The biggest change in the office environment is choice and flexibility. People are finding different ways and spaces in which to work that make them happy. Today’s post is by Ira Sharfin, CEO, Continental Office. It’s not a question of if the workplace will change. It’s a matter of when. The days of mundane 8 to 5’s while stuck in a grey, uninspired cubical are rapidly becoming obsolete. Today’s workforce is finding different ways and spaces in which to work that make them happy and more productive. People are always surprised when I tell them the biggest change I’ve seen emerge isn’t, in fact, the open office. The most notable change over the past decade has been the arrival of choice and flexibility in the workplace. Truth be told, the open office plan does happen to be a popular design given the amount of buzz in recent years. But what’s most important is giving people control over “where” and “how” they work. By creating dynamic settings, we can have the most positive impact on today’s workforce. I’ve seen what the addition of choice and flexibility can do for both our clients and our own team. I remember when I first came to Continental Office. I wanted to change a traditional conference room by removing the large board room table and 12 chairs surrounding it. I enlisted the help of Nick, our EVP of Design. We brought in several new pieces, including couches and a white Eames lounge chair. We installed embedded LED panels in the wall and created a whole new environment. Some people thought it was a bit crazy. Others asked for the old furniture to be brought back in. Most believed no one would ever use the updated room.