Posts
No. 27: How to write a book!
I just finished two books in eight months. Both books in this series were about 75,000 words. My wife says I make it look easy. It’s not. In each of my four total books so far, I find that I reach a magical place about half way through when I go into “total immersion mode.” …
No. 26: Postponing Your Last Day
In many succession plans, G1 (or the founding owner) gradually sells their equity all the way down to 0.00% ownership at some point before they retire. The successor team of G2s and G3s are tasked with gradually buying all of G1’s equity even as, especially as, the value and price of the equity grows. Let’s…
No. 25: When G1 says “No” to additional owners
More than a few times in my consulting career, G1, individually or as a group of similarly aged founders (or G1 for Generation One), says “No” to admitting new, next-generation owners. Alternatively, the answer is “Yes,” but for a relatively nominal amount of equity (i.e., 3% or less) and with no promises or hint as…
No. 24: Making a Living vs. Building Wealth
This is an excerpt from my new book, Acquiring Your Future Through a Succession Plan: A Primer for Next Gen Professionals (Chapter One, Section 3) – written specifically for today’s younger professional service providers: As a PSP, or a Professional Services Provider in your chosen venue, there is nothing like feeling the satisfaction of providing…
New book just published!
Exciting news – “Acquiring Your Future Through a Succession Plan: A Primer for Next Gen Professional Service Providers” has been published and is available on Amazon.com in paperback, eBook, and hardbound formats. An audiobook is due out next month. This is book No. 2 in a two book series. Acquiring Your Future Through a Succession…
NO. 23: THE BASIC PREMISE (of my newest book for next generation professional service providers, due out March 7th!)
This book is about one generation helping another. But as a thirty-something year old Professional Service Provider (or PSP), you actually have several good choices in front of you. Time is on your side. Your choices include working as an employee or a contractor indefinitely, buying another PSP’s practice and/or starting your own small business,…
No. 22: The Power (& Joy) of Self-Publishing
I just finished the second companion book in my two book series for Professional Service owners, this one for the next generation prospects or G2s/G3s, and before I move on to my next book, I want to share with you my writing experience. I now have two books formally or traditionally published, and two books…
No. 21: Grants and Gifts of Equity
Let’s get straight to the point. My advice to every founding owner that I’ve consulted with over the past 30 years has been simple and consistent on this issue. Stock, or any form of equity, in a valuable Professional Services business should never be treated like a birthday present. As applies to most small business…
THE SECRET FORMULA FOR PERPETUATING A PROFESSIONAL SERVICES BUSINESS
Multiple owners and multiple generations of ownership working together to build a valuable, growing, investable, and sustainable Business. Each new generation of ownership requires a broader base of talented individuals to support the after-tax, buy in costs. This process is gradual, purposeful, and powerful—a team built for the ages.
No. 19: Building a Business Around Equity (Part 2 of 2)
Many Professional Service owners begin as forces of one, and if not as an actual sole proprietorship, then a single owner S-Corporation or LLC. From this point on, I’ll refer to the preferred entity structure as “Newco, LLC”, or “Newco” since it can basically adapt to any cash flow or tax structure, upon election, that…