How to Get the Results You Want!

One of the greatest enemies of getting the results you want is disorganized thinking and unfocused actions. Look at the image on the left.

What do you see?  Disorganized thinking and unfocused actions. When operating in this mode, there’s lots of activity, but little is accomplished.

To get the results you want, those assets and actions have to be aligned and directed, like the image on the right. Look at the strength and power these two elements add.

Entrepreneurs tend to have lots of good ideas, usually function at high energy and are often impulsive. But what has the potential for a solid business often falls apart for lack of organization, structure, focus and direction. Actions are frequently taken haphazardly and sporadic without a goal or a plan.

The objective is to align assets and actions so they all go in the same direction – toward your goals. The sequence of steps is to identify and organize your assets (the value you provide to the marketplace), create a clear message and then strategically plan and take calculated, directed actions designed to lead to your goals.

In order to get the Results you want, you must align your Goals, your Strategy, your Plan and your Actions. Actions implement the Plan, which carries out the Strategy, which leads to your Goals. Therefore, Actions ultimately should lead to Goals. To the extent that Results match Goals, your Actions have been on-target and successful.

Answer the following questions to begin organizing and structuring a framework that will get you on track toward producing the Results you want.

Goals:

What results do you want from your efforts?

Total Revenue?

Sell X Number of products/services?

Generate X% revenue from New Market?

Strategy:

How do you plan to achieve your goals?

Identify and develop an untapped market?

Redefine our brand for New Market?

Plan:

What are the specific tasks to be accomplished? Who is responsible? When does each need to be done?

Actions:

When do you need to start and complete these tasks?  What is the sequence? What is the timeframe for each?

Results:

What are the measurable outcomes from your Plan and Actions?

Compare actual Total Revenue to Revenue Goal

Compare actual Number of products/services sold by target date to Product Goal.

Compare actual percent of Total Revenue from New Market

How close are the Results to the Goals? What succeeded; what didn’t? Each time you repeat the process, you get better at producing the Results you want.

Let’s look at a case in point.

With a background in retail merchandising, Jennifer started her business by purchasing quality overruns from women’s plus size manufacturers and opened a small store near another retailer of plus size clothing. Her intent was to capture some of the traffic attracted by the other store. She took out expensive ads in local papers and the yellow pages, but after six months still wasn’t getting the traffic or the sales she had hoped for. She wasn’t even covering her expenses. She knew she had a product that was needed and desired by her target market; she just wasn’t bringing in enough business.

Of course, Jennifer didn’t really have Goals, a Strategy or a Plan. Her actions were sporadic and without research. She was feeling very frustrated and considering giving up when she made the decision to organize her thinking and focus her actions.

To help organize her thinking she created a Market Research campaign and learned where and how her target market could be reached. Based on this research she created a marketing campaign that included specific, measurable Goals, a Strategy and Plan and specific Actions to carry out the Plan. Here is an excerpted picture of her process.

Goals: (for one year period)

1 – $2,500,000 in revenue

2 – A customer database of 10,000 and 20,000 transactions at an average sale of $125.

Strategy (excerpt from Marketing Plan)

1 a)  Create incentive for existing customers to bring or refer a friend.

   b)  Add online catalog.

2 a)  Hold fashion show and invite the press.

   b)  Capture customer info, including e-mail address and send monthly promos.

Plan:

1 a)  Offer high end accessory item for one referral, 10% discount on merchandise for second referral.

   b)  Use existing online catalog service and start with top 20% of items in each category (to test online market)

2 a)  Select show date, assign coordinator and write plan for show (to include online show).

   b)  Offer raffle of high end accessory in exchange for attendee/visitor info.

Actions:

1 a) Jennifer selected incentive item, ordered enough for marketing purposes, wrote and sent an introductory promotion to a targeted e-mailing list and existing customers. The incentive promotion was added to all marketing materials and promo coupons.

   b)  Jennifer directed research to find a suitable online catalog. Upon selection, she hired a web designer to design the page layout and a developer to set up the shopping cart and manage the site.

2  a)  Jennifer assigned the Assistant Manager the job of coordinating the fashion show, which took place in the early Spring, prior to the Easter Holiday. The show plan included both an in-store and online fashion show of featured items.

   b)  Coordinator developed a data gathering form and had it created in print (for in-store) and online. Database was updated to capture info being gathered.

Results:

1 a) Total revenue the first year was just under $2,000,000. (80% of Goal)

   b) Total number of customers in the database was 9,800 (98% of Goal) with 15,500 transactions (78% of Goal) and average sale of $129. (103% of Goal)

2 a) The fashion shows (using customers as models) received some media attention and produced 380 transactions at an average sale of $115.. A fall fashion show using the same format produced 300 transactions at an average sale of $128.

   b) E-mail promotions using the customer database attracted increased web traffic to the catalog. 60,000 visitors produced 1,650 transactions and 280 new customers. 11% of revenue came from online sales.

Conclusions:

Revenue results were 80% of Goal. Part of the shortfall was attributed to the fact that the online catalog took longer to develop than planned. Catalog revenue (11%) was less than expected. Average sale tended to be very close to target, so this can be used as a good gauge for future revenue projections. With early positive results from the online catalog, expansion of the catalog items and the overall product line should offer potential for additional revenue.

Jennifer was able to get her business on a solid footing with strategies and plans that she knew could produce the Results she wanted.

You, too, can organize your thinking and focus your actions to get the Results you want. Let’s schedule a complimentary phone conversation to talk about your business, your situation and what you’d like to accomplish.

How Can I Save This Sinking Ship?

Sinking ship with crew member bailing it out. Business metaphor.What causes a ship to sink? A leak in one of the systems? Too much weight? Hit by an unexpected object?

You’re on the high seas on the way to deliver a valuable cargo. Suddenly you get word from below that the ship has developed a leak that unless stopped could, over time, cause the ship to sink. What’s the most effective first reaction? Plug the leak? Find the source or cause? Protect your valuable cargo?

Or perhaps in your exuberance to maximize your profits you’ve taken on more weight than the ship can manage. It’s riding so low in the water that eventually it will be pulled down below the surface.

Of course, it could also be an undetected iceberg.

As captain of your business (your ship) you may be faced with similar situations.

A System Leak?

A business leak might be an employee skimming from revenue. I once had a client whose bookkeeper loved to gamble and would “borrow” money from the incoming cash, and of course, never pay it back. These kinds of leaks are insidious in that it’s often hard to even know there is a leak until things become bad. The business owner needs to have systems in place that match products and/or services provided to expected income. Yet, many small businesses do not.

Too Much Weight?

An overweight business has more expenses than income. It’s easy to forget that often the money doesn’t come in until well after the expense must be paid. If not corrected early, the business will find itself sinking deeper and deeper each month. At some point it’s too late. This business ship can be saved by preparing a monthly budget, observing expenses and income on at least a monthly basis. Considering the long term effect, it’s imperative that expenses must be brought down until the income can match them. Additional capital funding sources may be a short term answer, but eventually it has to be paid back.

An Unexpected Hit?

Then there’s the big lucrative client who had been buying from you for years. Suddenly, there’s a better mouse trap somewhere else and they are gone. Of course, you can try to get them back, but meanwhile the expenses go on. Having a strategy for dealing with the unexpected will help you get to the issue immediately.

These situations deal with systems, budgeting and crisis management. Every business at some point will likely experience similar situations. The answer to all of them is the same:  having a solid business management system. That means having time-specific measurable goals, a clear plan of action, consistent monitoring and decision-making based on results.

Now, don’t panic. This stuff is not hard to do. It’s just a matter of learning the techniques and tactics to run your business proactively rather than reactively. I’ve packaged a new six-month semester course called Captains School, which covers the gamut of what it means to function as captain. It provides the training, tools and support to give you the confidence to consistently make sound business decisions.

Aren’t you tired of bailing water?

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Don’t wait until it’s too late. If you’re getting that “sinking” feeling, send me a note and I’ll be in touch to schedule a phone call.

How to Identify Your Brand

Man standing in boat on water outside of city, how to identify your brandThere are many components of your business that need to be hashed out before you even open the hatch or sign for a loan. From the initial concept, to the goals you wish to achieve, to creating an actionable plan, you’ll need to have at least a rough draft of your brand first and foremost.

Here are some questions to ask yourself while identifying it.

What’s my business mission?

If you were a ship owner your vessel would have a name and it would have a mission. It would carry cargo or people, or it might be an Arctic icebreaker, or a defender with tools to serve its purpose. It may be out to explore new places or gather information. Your mission will help you determine your brand.

Having launched your business, you must have a strategy to address the market climate and determine where there are holes to be filled. What has you excited about embarking on this voyage? What do you plan to offer? How will your customers be served?

Beyond understanding your own destiny, consider those of your customers: who are they and what are they searching for? Develop a customer compass that identifies their personalities and lifestyles, what they spend most of their time doing, what they like and dislike. Whatever is important to your business is what you should be seeking to learn about your market.

What’s my brand personality?

Your brand (ship) should have a unique personality to set it apart from others, the same way your personality sets you apart from other people. Start exploring what your brand will convey, remembering that it goes beyond what your business merely looks and sounds like, but in fact embodies the core values of what you offer your customers.

Choosing a name, a look and a logo for your brand will either be the most fun or the most stressful part of the journey. You’ll want to go with an image that represents your products and services well; something that catches attention, is easy to remember and tells the right story about your brand (ship) while being relatable to your customer.

How is my brand communicating?

Your brand (ship) will be the first impression you make on prospects. It also gives a long-lasting impression to returning customers. You want it to speak to them in a consistent tone of voice, serving as a constant reminder of your business’ character.

An elevator pitch can serve as an oral representation of your brand (ship); a 30-second-or-less statement about your business’ mission, goals and values. Strength is in the brevity of your pitch as you’re forced to narrow down your services to just the specifics. This will help you greatly when networking with others who may soon develop a great interest in your brand.

Your brand is important because it cultivates trust between you and your customers early on in your business relationship. Without it, there might not be a relationship to follow. It’s important to not gloss over the details, but to clearly understand what impact your brand will have on the future of your company.

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Are you seeking help with identifying your brand? Prime Strategies offers the necessary guidance and expertise to help you develop your brand and create a strategy to build it into your own fleet. Ask for a complimentary session to get you started.

5 Fundamentals of Business Success

We have discussed why it’s important to build your business on a solid foundation, but it’s equally crucial to maintain certain fundamentals throughout the life of your business.  As the captain of your ship you are responsible for reaching your destination. You need to be in command as much as possible, so it’s important that you know and can apply the fundamentals of business success.

Set your compass using these 5 basics which, with the right care, will assure your small business will reach its intended harbor and be prepared for many more profitable voyages.

  1. Accurate Finances

It’s okay to admit if you’re not the best with numbers. If this is the case, consider investing in a professional to manage the books because it’s one of the most important components of your small business. You not only need a good accountant, you need someone who can help you interpret what the numbers mean. Access to this information will significantly improve your ability to make good business decisions. Sailing without a compass and checking status along the way will surely find you off course at some point.

  1. Customer Values

In the early stages of your business, it’s important that you identify who your customers are and what they want. But once you find your target, don’t stop. Every sale is an opportunity to understand a little more what matters to your customers. What products and services do they need to improve their daily lives? What expectations do they have of your business? What would they like but don’t yet have?

  1. Strong Crew

Don’t skimp on attention to detail when it comes to your crew. Whether your staff is large or small, ensure that you’re giving it your all from recruitment to training, incentives and promotion. Hire a staff diverse in skills and experience and foster a positive onboard experience for them to thrive in. Ask them to share their observations. Employee feedback is as important as customer feedback so be sure you’re keeping eyes and ears open at all times.

  1. Identifiable Brand

Your brand should have a personality that fits with your corner of the market. It should be something that resonates with your customers and becomes an identifying representation of what you offer; not just your products and services but your customer service and business values. Read our article on “How to Identify Your Brand” to gain more insight on the steps involved in brand development.

  1. Outside Help

The value of outside help is being able to gain an objective perspective and possible suggestions which you might not think of on your own.You can seek help at any stage of your business.  Seek a “mentor” with similar business experience or a captain’s coach who can help you navigate around the shallow harbors and keep you on course.  Getting help to safely sail through potential storms will minimize negative impact on your customers, employees and products. Save yourself from making avoidable mistakes by asking for help before it’s too late.

Marian Banker, MBA, trains today’s Business Captains. She works with small business owners who want to learn and practice the skill of leading a successful business.

 

The First Step in Creating a Successful Business

Successful Business blueprints and 3-D chartBy now you know how important it is to create your business goals, strategies and plans as the precursor to taking action. But there is something that comes before all that; it’s your business Vision.

Think of it as if you were going to create a painting or build a house. You would envision what the end result would look like. You’d know what you are going to create before you started. You’d think through the details. The same is true in building the business you want; one that will satisfy your needs and fulfill your dreams. So how do you get started with that?

Close Your Eyes and Imagine… Five years from now, what do you see? An expanding, bustling empire? A business just as small as the day you started it? Do you have hundreds of employees or just one? Have you already cashed out to lay  on the beach, drink mai tais and reminisce about business ownership? Or are you actively working in the business either full time or part time? If you don’t know the answers to these questions, you’re not ready to move past this part, so get creative. Let your mind wander, see yourself and your business as you would like to be. Consider the kinds of services or products you’ll be offering, who will be your customers, your work environment, the support services you will have, the bottom line profit you will make. You might even consider writing yourself a personal letter from the future (5 years from now) detailing all of your business successes. Or just write freely about your hopes and dreams with regard to this venture and see what comes out that you didn’t already know.

When All Else Fails…Use the Q & A method. Entrepreneur.com suggests asking yourself some straightforward questions if you’re still having trouble with your Vision. Questions such as:

  1. How much am I willing to sacrifice to see this succeed? My own money? Long work hours and no vacations? No income for possibly years?
  2. If this venture doesn’t work out, then what?
  3. What annual revenues do I expect this business to make?
  4. Will this serve a niche market or sell a broad range of products and services?
  5. If I decide to delegate responsibilities, which will remain mine and which will I share?
  6. Could I work with a partner or investors? How comfortable am I under authority?
  7. Do I want to keep this business in the family and private or do I want it to someday go public?


Test Your Idea Against Two Major Components

Financial: If your business makes no economic sense now, it likely never will. Put your idea against financial challenges such as whether or not ( and when) you expect to see a return on your investment, what the projected profits over time might be and if you can devote yourself wholly to this venture monetarily.

Lifestyle: Your business will require a big commitment from you, but if you feel comfortable once you’ve figured out the details, you’ll know what you’re in for. Consider where you’ll live, what might happen if you get sick, if you’ll earn enough to maintain your desired lifestyle and if your family is on board with your choice.

Don’t Waver! If you can make it past this envisioning phase, then you’ll also have tested your commitment (and passed!), so remember that when things feel overwhelming. Having a clear Vision of where you are going with your small business can exponentially improve your odds of success, so take one step at a time and stick with it. Don’t lose sight of your Vision.

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Want professional guidance in creating a Vision with potential for success? In 30 minutes you will have a Vision that will motivate you and become the guiding light for your future success. Request your free 30 minutes here.

If you’re experiencing challenges in your business and not sure where your priorities should be, consider downloading the Business Challenges Checklist help you see where you need to focus now.

4 Things to Do Before Starting Your Own Business

Starting a business of any kind comes with its challenges, but if you’re passionate about what you’re offering, meeting your initial challenges will be easier. Even better, these actions will help give you a better understanding of your product or service, thus giving you more confidence as you head into this new adventure. Here are four things to do before starting your business.

Understand the Law

There are some general laws that apply to any new business, but your particular industry may have a set of its own as well. Determine what kind of insurance or licenses you will need, the tax information you’ll need to file and grasp the necessary details of human resources if you’ll be hiring staff. Be sure you understand the practical, legal and  strategic aspects now rather than later.

Write a Business Plan

Putting your overall business idea, marketing intentions and future goals on paper is a great place to start. Are you filling a void in the market, allowing customers a shopping experience or product they wouldn’t get otherwise? What will make your business different than others that may offer the same product or service? Answering these questions and organizing them into a business plan will provide an “operating plan” that will be a solid foundation on which to build a strong and profitable business.

Get Help

Entering this new world alone is tempting, but it may not be the best idea. There are many things to factor in to creating a business and it might be best to seek the help of an expert, someone who’s been there before and has helped others build successful businesses. Think of the time and money you’ll be saving by having things in place from the beginning.  There will be lots of questions. Having someone who has been there to help you identify what’s important and how to make the right decision will keep you from making costly mistakes.

Choose a Location

Luckily, technology today makes it easier for businesses to operate without a physical location. But that all depends on what type of product or service you offer. Consider the financial aspects of overhead; rent, utilities, taxes. If you don’t need it, look into how you might be able to set up shop online and ship your products. Maybe for your business, a healthy combination of both is needed. Don’t skimp on the research, make sure you’ve examined all of your needs and options before making a choice.

Addressing these starter challenges will put you in prime position to get your business off the ground on a good foundation. Remember that many have come before you and it’s a good thing to seek the advice of someone who can help you tackle problems before they start. Good luck!


If you’re just starting a business and would like a reality check as to whether you’ve covered all bases, send a Contact request and I’ll be in touch.

Business Partnership as a Couple

We have discussed the ups and downs of business partnerships here and hopefully you have an insight into what makes for a successful business partnership. But have you considered a business partnership with your life partner?

Jo Ann and Bob Shirilla of Poland, OH have been married for 39 years, most of which they were working in two very different industries. Jo Ann, 62, ran and operated a gift shop while Bob, 64, spent 30 years in the information technology field.

Jo Ann knows what kind of flexibility working for yourself can provide, as her time in charge of the shop afforded her the chance to care for the couples’ two daughters. But when their children grew up and finished college, the two decided to retire. The rest was history.

Jo Ann closed her store but had plenty of leftover gift shop inventory so Bob used his tech-savvy to help her set up an e-commerce website. Bob tells Forbes he was “neither financially nor emotionally ready to fully retire,” and with their daughters out of college, they felt a financial risk was in the cards. So Keepsakes Etc. became an online personalized gift shop that fulfilled both of their desires to only semi-retire. Things were going so well the couple has even expanded to a second website and a much larger inventory. Their second website, Simply Bags, sells backpacks, totes and fashionable bags for everyone.

The couple’s success might have something to do with the complementary skills they’re able to offer to the business. Bob is in charge of business processes, internet marketing and technical difficulties while Jo Ann runs operations and merchandising. But since opposites don’t always attract, Jo Anna and Bob make sure to do their respective work in different locations to ease any potential tension.

While it might seem like the two are busy, they’re not so busy that they’re missing their retirement. The stores offer the Shirillas a much-appreciated flexibility in hours. They’re able to travel together all around the country reaping the full benefits of no longer having to punch a clock. They’re having such a great time that even though Jo Ann warns against the potential financial risks of going into business for yourself, she offers that her only regret is that “I wish we would have done this earlier.”

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If you’re a late-life entrepreneur seeking help with a new or existing business, Prime Strategies can offer the necessary guidance and expertise to help you reach your goals.

Challenges of Transitioning from Executive to Entrepreneur

We love a good small business success story here at Prime Strategies, and open forum’s telling of Charles Henagan’s is a great example of someone moving from executive status to becoming a successful entrepreneur.

Embarking upon what appeared to be his dream job, Henagan was tasked with bringing new life to a legendary brand of vodka. Nearly 50, he was given new life with his exciting schedule of travel, meetings and strategy sessions while staying connected to his younger colleagues over post-work drinks.

Only 6 months into his new role, spirit sales began to sink internationally in response to the recession. As a result, Henagan was let go, leading him from the work force to becoming an unemployment statistic.

Henagan decided against looking for another corporate job in such delicate economic times, so he established Market Edge International, a New York City-based consulting firm that helps clients create sales teams and marketing strategies.

Henagan laments “The U.S. economy is changing so dramatically that in most industries, even when things pick up, the management structure will be fairly flat.” He felt exiting that scene and starting his own company was the most logical and dependable solution.

Not all victims of the down-turned economy have landed on their feet. Flexibility and long-term experience saved Henagan from the unemployment line but for some, starting their own business with a corporate executive mindset is slightly trickier. Most at the executive level are used to collaborating on big decisions and spending corporate money. Having sole responsibility for all decisions and tasks, can be a difficult mindset to accept. Plus it’s tough to deal with the loss of status. Some even experience anger, denial, depression, and so entrepreneurship is not for every transitioning executive.

Henagan, however, considers himself lucky to have made a smooth transition into entrepreneurship as opposed to pursuing another corporate job. He’s busy at work applying his acquired skills and new knowledge to his growing business. It works for him.

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If you’re an entrepreneur seeking help with planning for 2014, Prime Strategies offers One-Day Fast-Track Planning  to guide you in creating a solid Action Plan that will lay the foundation for a successful and profitable year.

Internet Marketing 101: Part-1

Marketing your brand and getting customers in the door is a complicated but necessary component to the success of your business. It can be expensive to implement the right kind of advertising strategy which makes the internet all the more appealing.

But in addition to being mostly free, the internet can be overwhelming, especially for late-life entrepreneurs who didn’t grow up Tweeting and Facebooking and LOLing. This is new to you and it’s easy to get lost in the shuffle. Here are some tips for staying calm and making the most of your internet use.

Find Your Target Market

One of the first mistakes most business owners make when using the web for marketing is they yell at the masses instead of networking with a more relevant pool of people. Let’s face it, there’s a lot of content online and a lot of people online. Not every web surfer is going to be your potential customer so instead of getting lost in all the yelling, target who you need to.

Chances are you already know your target market, assuming you’ve gotten that far in your business plan. The next step is to figure out where these folks hang out on the internet. What kind of websites do they visit? Which blogs do you think they read? Are they more likely to use Twitter or Facebook to connect with their friends and family? Age, gender and other demographics are a great way to figure this out. Doing some research online (Google any doubts away, always) can steer you in the right direction but in general, use what you already know. If your target customer is like you, find blogs you enjoy reading. Or simply find other people talking about the type of products you sell and get ready to tell them they should be buying yours.

Build Up Your Profile

Once you figure out which social platforms your target audience is using most, go there and become a part of it. Before you get started, make sure your profiles represent your business well. Be sure to include contact information; business address, phone number, website – if any. Make sure the aesthetics match your overall brand and include something personal so people can get to know you better. If you’ve been in business for 35 years, mention that you’re an authority with a lot of experience. If you’re just starting out, discuss how eager you are to get in the game and how much fun you’re having. Be you. That’s how you will attract listeners.

One of the more common misconceptions of internet marketing is that it will be quick and easy. But to get the right results and avoid wasting your time on the wrong demographics, it will take some time and patience. Don’t fear, though, because you’re not alone. Figuring out the nuances of internet marketing isn’t just challenging because you’re not entirely used to it; its complexities are blind to age, so why not join the race and see what you can make of it?

Stay tuned for next week’s post where we’ll conclude our internet advice with part 2 of Internet Marketing 101.


If you’re a late-life entrepreneur seeking support in business planning and management techniques, Prime Strategies can offer the necessary guidance and expertise to help you reach your goals.

10 Common Mistakes Made When Handing Down the Family Business: Part 1

Family Business Handoff helpIf you’re beginning to plan for the days ahead when you finally retire and allow the next generation to take over the family business, take heed to these first 5 of 10 common mistakes business owners make during the handoff.

1.  Not planning early enough for your succession

Passing down your family business is something that needs time and attention in order to run smoothly. You might be anticipating retirement, but to ensure a successful transition, plan even further ahead in case of illness, disability or even death. Since the success of your business handoff relies heavily on your family’s participation, experts suggest planning several years in advance.

2.  Assuming your kin will mobilize automatically

You can’t jump to conclusions about the next generation’s desire to take over the business. They may want to break from tradition and start their own business, or enter a new field entirely. Avoid presumptions and have open talks about all of the possibilities well enough in advance.

3.  Not seeking professional guidance in your exit planning strategy

As a business owner you should know when it’s important to seek out advice from professionals or people who may be better equipped to handle such circumstances. The end of your career as the owner or president of a company should be treated with the same delicacy and attention as any other part of it. There’s a lot to consider for yourself, for the business and for the family members who will continue to run it. Consult someone with experience in this spectrum who can help guide you through the transition making sure all your bases are covered.

4.  Filling key positions based on family politics

Deciding who will fill what role won’t be easy. This is where family life and professional life collide and it’s a tricky situation to be in. You want to be open to peoples’ differences and allow their strengths and weaknesses to find their way into the perfect role to help move your business forward.  Don’t be shy about making your choice based on what counts: who’s right for the position. Your son may want to be president but he might not have what it takes. Don’t let emotion overrun your professional thinking.

5.  Expecting the same passion as you have

You built this business from the ground up with your own blood, sweat and tears. This business consumed every aspect of your life and your dedication went into making it the success it is today. Your family might be excited to step in and continue the tradition but they may not have the same fiery passion that you have about it. While it won’t be easy, you’ll have to be accepting of that. See things from their point of view and trust that what they can bring to the table will be enough.

Handing off your family business is something that takes time, planning and a lot of consideration, but you’ve come this far so you know you’ve got what it takes. There are more mistakes to be wary of during this adventure so join us next time as we complete the list.


If you’re a late-life entrepreneur seeking support in business planning and management techniques, Prime Strategies can offer the necessary guidance and expertise to help you reach your goals.