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Reflections

Hold up our mirror to your business, as we share fresh Bank Your Moment® insights

Business is like a puzzle

Building long-term value in your business is like putting together a puzzle. Up until that last piece is in place, you have that sense of incompleteness. As you near placement of the last few pieces, you can feel the momentum and satisfaction growing. It's the same with building your business except for the fact that the end stakes are significantly greater. As I frequently meet with company owners and CEO's, a very common question I get is, "how much time will it take me to prepare my business for a great future exit outcome?"

My answer is when you have the 5 key puzzle pieces in place, you can begin your exit and will have the confidence and liklihood of achieving a great outcome. However, if lacking one of these puzzle pieces, my experience has shown 2 years at a minimum is required. This is because you need to allow time for planning the improvement, making the change and allowing time for the change to take hold and prove the targeted result. And if your business is missing multiple pieces of the puzzle, you are looking at several years of hard work remaining. This is why I encourage owners and CEO's to begin preparing their business now and getting the 5 puzzle pieces underway and in place. The longer you wait, the longer it will be to experience the euphoria of a great exit. To learn about the 5 puzzle pieces, (Click here)

This is the time of year when many business owners are giving thought to their strategic direction and plan for the year(s) ahead. For many, they jump in to their planning, discussing and capturing ideas for new strategic initiatives to be addressed in the period ahead and setting off to implementation phase. In leading my businesses over the years, I learned first hand the benefit of beginning strategic planning by asking a simple question of myself and my team - "Do we have an effective organization and culture in place for both developing and implementing an effective strategic plan?" My advice to small and mid-size business owners is before jumping in to strategic planning mode, first do an honest assessment of this question. Putting all your efforts in to developing a potentially great plan and yet not having an effective organization and culture in place for successful implementation, will only utlimately lead to disappointment and frustration.

The next effective question to discuss with your team is - "How did we do this past year in implementing our current strategic plan?" Faciliate a dialog to do an honest assessment on where you may have had gaps in effective implementation of strategic plan initiatives. Failing to identify these gaps and reasons that kept some or all of your supporting initiatives from being implemented may very well be the basis for why your team will struggle going forward again even with a new plan. Discuss with your team tangible targets and metrics from the prior year and assess how you did in terms of the actual results. Invest the time to look closely at prior established key strategic iniatives your business identified last year for acting on and assess how you and your team actually did. Doing so can result in identifying organization and culture barriers that still exist and unless addressed, will hold back your results in the period ahead.

 

We often hear about great leaders and what they did and continue to do that makes them so respected. What we seldom ever hear about is what they decided NOT TO DO. In helping private business owners build their company value, I often hear how busy their teams are and how hard they are working. In many cases this is true. But too often these hard working employees are spending energy on things that might have added value months or years earlier, but are no longer delivering the same value. Brave leaders know when and how to identify what their teams are working on and they tackle the tough decisions on what things should stop getting resources so they can be redirected to inititives or activities that will accelerate building company value. As you lead your company, remember that leadership is equally about knowing what to do as it is what not to do. You build long term value in your company by having an equal balance of both.

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Use Greenpoint Testing to Achieve Your Desired Exit Valuation

It only takes 106 questions, scanning 10 essential business functions, to stress test your readiness for a successful exit.

However, these questions require thoughtful commitment to achieve your desired exit valuation.

During this up to hour-long online testing, you'll see questions such as the following.

Sample Question 02

After internalizing each question, select among three answer options – Agree, Unsure and Don’t Agree – choosing the answer which best describes you and your business.

Then, complete the Greenpoint questionnaire to unlock your personalized report, which will reveal any gaps in your planning, pointing to the action steps needed to maximize your desired exit valuation.

Format: Digital

Delivery method: Email

Report included: Your Greenpoint results

Stethoscope Frees You to Work On Your Business, Beyond In It

120 questions, scanning 10 essential business functions, free you to work ON your business, rather than solely IN your business.

With each question requiring thoughtful commitment to identify opportunities to further your success.

During this up to hour-long digital Q&A, you'll see questions such as the following:

Sample Question 02

After internalizing each question, select among three answer options – Agree, Unsure and Don’t Agree – choosing the answer which best describes you and your business.

Complete the Stethoscope questionnaire to unlock your personalized report, which will expose gaps [if any] in your planning, and tips for future growth, resulting in action steps needed to maximize your thinking as a business leader.

Format: Digital

Delivery method: Email

Report included: Your Stethoscope results

Be Ready for The Probe of Due Diligence

109 questions, scanning 10 essential due diligence disciplines, to prepare for a roadblock free Probe of your business in anticipation of sale.

And to potentially increase the value of your business by your professional transparency.

With each question requiring thoughtful commitment to identify opportunities to further your success.

During this up to hour-long digital Q&A, you'll see questions such as the following:

Sample Question 02

After internalizing each question, select among three answer options – Agree, Unsure and Don’t Agree – choosing the answer which best describes you and your business.

Complete the Probe Diagnostic Tool questionnaire to unlock your personalized report, which will expose gaps [if any] in your planning for a due diligence Probe, resulting in action steps needed to maximize your readiness when diligence is due.

Format: Digital

Delivery method: Email

Report included: Your Probe results