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Saturday, 19 May 2012

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Coach West Blog

Preparing Your Business for the Next Generation

Saturday, 19 May 2012 20:40

Original Media Source: Inside Business

Business Profile:

Name: Private

Industry: Construction

Years in Business: 23

Location: Hampton Roads, VA

Problem: Our business has gotten to the point now where it is a not only profitable, but also positioned to continue its growth for the next decade or more. I am now reaching a time in my life where I need to consider a transition from the owner/operator to a more secondary and/or advisory role for my children, who then can run the business. What do I need to do to make this transition comfortable for everyone involved, including my family, my employees and customers?

Coach West: It is quite common for business owners to reflect on their exit strategy after several years of success. The company they have built has taken time from family, a lot of sweat labor and in many cases a great deal of financial commitment. Passing the baton to the next generation is a stressful process, because with it, you also sacrifice control over your business's long-term fate. So here are a few tips to make this transition easier.

Assume nothing: One of the most common mistakes I see when transitioning a family business is the assumption that the children would want to take over the business. In...

Developing Your Business Into a Sales Organization

Saturday, 19 May 2012 20:40

Original Media Source: Inside Business

Business Profile:

Name: Private

Industry: Construction

Years in Business: 2

Location: Williamsburg, VA

Problem: When we first opened our New Construction and Remodeling Company, it was just me and my husband. He has been in construction for over 20 years, and I committed to handling the bookkeeping, proposals, and administrative duties. Now due to our increased reputation, workload, and employees, I am finding it VERY difficult to stay on top of my tasks. Since we are still growing, I am not comfortable with hiring anyone full-time or part-time because the business wouldn’t be able to handle it financially. Is there anything I can do (other than hiring) to help offset the work load?

Prioritizing Our Marketing Dollars Within a Limited Budget

Saturday, 19 May 2012 20:40

Original Media Source: Inside Business

Business Profile:

Name: Private

Industry: Retail

Years in Business: 7

Location: Newport News, VA

Problem: Over the last few years, we have had to make several cutbacks in our business. Unfortunately, some have been in very critical places, like labor and marketing. Knowing already that it is more important than ever to keep yourself in the public’s eye when things are rough, are there places that we can advertise that will optimize our limited marketing budget?

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