Family businesses form a large segment of the small business sector. Transitions can often be difficult when new ownership takes over. OED Certified Advisor Laurie Russelberg provides great insight into the concern of the transition on family members who seek to remain with a company.
Q. Our nephews each work for us, along with our kids. Is it true they’ll be looked at as “old wood” by new ownership? How do we ensure buyers know they are critical, not just family pulling paychecks?
A. This is central concern for family businesses considering a sale. Depending upon the situation and buyer, some or all positions may be in jeopardy. Is the potential buyer an existing business that has its own workforce? Or is the potential buyer an individual who will need to depend upon the current workforce?
Each situation is unique, but the best protection for future employment is to ensure the new buyer sees the family members as vital, contributing members of the company. A few suggestions to consider:
Ensure that each family member has a detailed job description. Can business performance be linked back to each employee and their respective job descriptions?
Can this be effectively communicated to the potential buyer? Don’t be shy about promoting the family members as vital to the wellbeing of the company.
After a sale, will the family members be able to adjust to the new ownership and a changed work environment?
Laurie Russelburg is an OED Certified Advisor and founder of Bridge Business Consultants, Orlando, FL. Contact Laurie via LinkedIn to help your business grow, prosper and transition.
Fostering the entrepreneurial spirit!
Showing posts with label linkedin. Show all posts
Showing posts with label linkedin. Show all posts
Wednesday, December 21, 2011
Thursday, September 29, 2011
Jobs Act: Effective Ideas or Counterproductive?
Now that some time has passed since President Obama first unveiled his ideas in the American Jobs Act, we'd love to know what small business owners think. It appears, on the surface, that some of the politicians in DC are unsure of the plan, as evidenced by its lack of a sponsor to affix his/her name to the legislation. Some argue it's more stimulus spending, some argue it's a desperately needed infusion.
Scrolling through articles and blogs across the 'net, we're seeing some real concern by small business owners. General feedback seems to highlight that many businesses are not choosing to hire now due to the following:
-Uncertainty over impact of healthcare legislation on employee carrying costs
-Uncertainty over tax rates
-Trepidation over "double-dip" recession (though many also question if it ever left the first time)
-Constricted lending leading to reduced cashflow options
-Desire to pay down debt rather than incur new costs
So.... what do you think? Do you see yourself or your clients in this feedback? What do you think would help reduce unemployment in the US by one percentage point?
We're looking for productive dialogue, so no political slamming.
What do you think? Comment below or join the conversation in our LinkedIn group.
Scrolling through articles and blogs across the 'net, we're seeing some real concern by small business owners. General feedback seems to highlight that many businesses are not choosing to hire now due to the following:
-Uncertainty over impact of healthcare legislation on employee carrying costs
-Uncertainty over tax rates
-Trepidation over "double-dip" recession (though many also question if it ever left the first time)
-Constricted lending leading to reduced cashflow options
-Desire to pay down debt rather than incur new costs
So.... what do you think? Do you see yourself or your clients in this feedback? What do you think would help reduce unemployment in the US by one percentage point?
We're looking for productive dialogue, so no political slamming.
What do you think? Comment below or join the conversation in our LinkedIn group.
Friday, June 24, 2011
For Small Businesses, Facebook Leads The Pack
article reposted from Gaebler.com, an entrepreneurial resource we highly recommend.
Written by Resources for Entrepreneurs Staff
Published: 6/24/2011
"Small business owners are using Facebook, LinkedIn, and industry-specific networks most when utilizing social media.
Facebook is the social networking site most often used by the small business owners polled in the 2011 U.S. Bank Small Business Annual Survey released June 22.
Of the respondents who use social media in their businesses, nearly three-quarters said they utilize Facebook, followed by LinkedIn (57 percent), industry-specific communities (26 percent) and Twitter (23 percent).
The total number of respondents who said they use social media went up from 32 percent in 2010 to 39 percent in this year's survey. Among 11 regions considered individually in the survey, Washington state had the highest usage, at 45 percent. At 35 percent, Arizona had the lowest usage.
This breakdown coincides with a recent Zoomerang survey showing social media adoption by small businesses is more robust on the West Coast than in the Intermountain West region where Arizona is.
However, according to the Zoomerang survey, only 29 percent of West Coast businesses have a presence on a social media site, whereas the U.S. Bank survey not only shows a high rate of usage in Washington state, but 44 percent usage in Oregon and Southern California.
In related small business technology news, both Roost and VerticalResponse have recently released tools to help small businesses better use networking sites to connect with customers."
Where do you fit into the mix? What Social Media have you explored for your business, and which have you found the most effective to leverage?
Written by Resources for Entrepreneurs Staff
Published: 6/24/2011
"Small business owners are using Facebook, LinkedIn, and industry-specific networks most when utilizing social media.
Facebook is the social networking site most often used by the small business owners polled in the 2011 U.S. Bank Small Business Annual Survey released June 22.
Of the respondents who use social media in their businesses, nearly three-quarters said they utilize Facebook, followed by LinkedIn (57 percent), industry-specific communities (26 percent) and Twitter (23 percent).
The total number of respondents who said they use social media went up from 32 percent in 2010 to 39 percent in this year's survey. Among 11 regions considered individually in the survey, Washington state had the highest usage, at 45 percent. At 35 percent, Arizona had the lowest usage.
This breakdown coincides with a recent Zoomerang survey showing social media adoption by small businesses is more robust on the West Coast than in the Intermountain West region where Arizona is.
However, according to the Zoomerang survey, only 29 percent of West Coast businesses have a presence on a social media site, whereas the U.S. Bank survey not only shows a high rate of usage in Washington state, but 44 percent usage in Oregon and Southern California.
In related small business technology news, both Roost and VerticalResponse have recently released tools to help small businesses better use networking sites to connect with customers."
Where do you fit into the mix? What Social Media have you explored for your business, and which have you found the most effective to leverage?
Tuesday, September 14, 2010
Social Media for Small Businesses: Engage, Convince, Become!
OED Certified Advisor Eyal Bino shares Social Media tips with small businesses enagegd in B2B marketing.
According to BizReport.com, 86% of B2B firms are using social media, compared to 82% of B2C firms. However, only 32% of B2B firms engage consumers daily via social media channels, while 52% of B2C firms do.
B2B firms are eager to jump on the social media train before it takes off (has it already?), but they're forgetting what it means to have a social media strategy. While many are successfully engaging consumers, it's clear that most of them could take some clues from B2C firms' strategies.
B2B firms probably have a more daunting task than B2C firms when it comes to social media: B2C firms have to engage and convince; B2B firms have to engage, convince, and establish themselves as thought leaders. B2B firms aren't entering relationships with consumers; they're exploring partnerships with other businesses and have much more than reputation at stake.
The rewards of dedicating time to a focused B2B social media strategy are plenty. Here are some tips to leverage your B2B firm's online presence.
Twitter & Facebook
Share content that is valuable to your followers & fans. That is, your current and potential customers. Here is your chance to share interesting articles, links, websites, and news that are relevant to them. Ask them questions and invite them to engage with you, and each other! You can engage them by crowdsourcing for suggestions, or polling them on their opinions.
Linkedin
Many firms are using Linkedin as a vital piece of their social media strategy. Discussion boards are the meat of the tactics here, providing ample space for exchanging ideas and giving tips & suggestions. What's best is that you're engaging a network of professionals, who are likely to refer you once you've established yourself as a thought leader.
Blog & Website
The final piece of the puzzle. All of your social media efforts have been driving traffic to your website, and it is here that they shall be convinced! Clear, efficient, and to-the-point copy is a requisite; avoid wordy descriptions. A slick, simple, and intuitive website will make for easy navigation.
Ultimately, your blog should serve as a platform for current and potential customers to exchange information, and more importantly, to receive valuable information from you.
Tip: if your B2B firm is a one-man or one-woman show, make sure your profile is personal, so your customers know they are communicating with a human being. It makes the whole "online world" less devoid of personality, and ultimately more engaging.
Make sure to join our mailing list at http://www.born-global.net/ for more tips and suggestions on becoming a successful entrepreneur!
For more small business promotion strategies, visit OED's online community.
According to BizReport.com, 86% of B2B firms are using social media, compared to 82% of B2C firms. However, only 32% of B2B firms engage consumers daily via social media channels, while 52% of B2C firms do.
B2B firms are eager to jump on the social media train before it takes off (has it already?), but they're forgetting what it means to have a social media strategy. While many are successfully engaging consumers, it's clear that most of them could take some clues from B2C firms' strategies.
B2B firms probably have a more daunting task than B2C firms when it comes to social media: B2C firms have to engage and convince; B2B firms have to engage, convince, and establish themselves as thought leaders. B2B firms aren't entering relationships with consumers; they're exploring partnerships with other businesses and have much more than reputation at stake.
The rewards of dedicating time to a focused B2B social media strategy are plenty. Here are some tips to leverage your B2B firm's online presence.
Twitter & Facebook
Share content that is valuable to your followers & fans. That is, your current and potential customers. Here is your chance to share interesting articles, links, websites, and news that are relevant to them. Ask them questions and invite them to engage with you, and each other! You can engage them by crowdsourcing for suggestions, or polling them on their opinions.
Many firms are using Linkedin as a vital piece of their social media strategy. Discussion boards are the meat of the tactics here, providing ample space for exchanging ideas and giving tips & suggestions. What's best is that you're engaging a network of professionals, who are likely to refer you once you've established yourself as a thought leader.
Blog & Website
The final piece of the puzzle. All of your social media efforts have been driving traffic to your website, and it is here that they shall be convinced! Clear, efficient, and to-the-point copy is a requisite; avoid wordy descriptions. A slick, simple, and intuitive website will make for easy navigation.
Ultimately, your blog should serve as a platform for current and potential customers to exchange information, and more importantly, to receive valuable information from you.
Tip: if your B2B firm is a one-man or one-woman show, make sure your profile is personal, so your customers know they are communicating with a human being. It makes the whole "online world" less devoid of personality, and ultimately more engaging.
Make sure to join our mailing list at http://www.born-global.net/ for more tips and suggestions on becoming a successful entrepreneur!
For more small business promotion strategies, visit OED's online community.
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