Vol. 51 – Never Give Up! Never, Never, Never!

Churchill Image: I am an optimist2

At first, I figured it was too late to talk about surviving the economic storm we’re in … and then, I thought, hey, this isn’t over.

What does this recession really look like?

Maybe the sense of impending doom has dissipated but the reduced level of business activity and an increasing sense of frugality in a buyer-dominated market are going to be our unbidden passengers for quite a few more miles.

“Let us go into the storm … and through the storm,” said Winston Churchill as he prepared England to confront the Nazi regime in World War II.

As it applies to our current business climate, I thought this might be a touch of hyperbole, but then I recalled that Churchill’s odyssey raged for five years, not just the single year we’ve navigated since September 2008.

[pullquote]“Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” ~ Winston Churchill[/pullquote]

Imagine Churchill, FDR and others slogging for five dreadful years through the greatest threat to civilization we have known.

How do we carry on the fight over a longer period?

So, how do we get through four more years of this business cycle, a time frame proclaimed by many before employment gets back to 6 percent and more customary growth trends resume?

Consider these few concepts inspired by the triumph and tragedy of those years: (more…)

Continue ReadingVol. 51 – Never Give Up! Never, Never, Never!

Death … Taxes … AND Succession Planning!

succession-planning-handoffThe sudden resignation of Ken Lewis from Bank of America highlights, yet again, the risks that family and other businesses take in failing to prepare for the inevitable succession of leadership.

A succession plan doesn’t mean you have all the work done and the perfect successor is comfortably waiting in the wings, although that would be desirable. It does mean, at a minimum, that you have an interim CEO in place who can hold down the fort while certain details are worked out and long term plans are implemented. Developing an emergency plan also gives the Board or family a chance to discuss these often thorny subjects without stockholder worries, employee hand-wringing or the emotional burden that comes with a fallen leader.

Often, this process highlight gaps within the family or board about the suitability of a particular successor. (more…)

Continue ReadingDeath … Taxes … AND Succession Planning!