#sellbusiness: Successfully passing on businesses is Vital…

“Given the Herculean effort that most people put into building their businesses, it’s amazing how many of them fail to plan their exit. Serendipity often rules, with many accepting apparently flattering or friendly offers without bothering to market their businesses.”

Seems there are a number of us now saying similar things…
This most accurate comment is from an article in the Telegraph in the UK.

Successfully passing on businesses – whether publicly traded or private – to the next generation of owner-managers and entrepreneurs is vital. Yet there has also been a surge in first-time founders of double-digit turnover companies selling out too early.

Good reading to be found here

“Great by Choice”; the next stand-out by Jim Collins…

There are smart decisions and wise decisions. One form of wisdom is to know when to let luck disrupt your plans (and when not to). Getting a high ROL (return on luck) requires a new mental muscle, beginning first with a heightened awareness to recognize when a luck event happens. Use the three tests we lay out in the book:

1) Did the event happen largely or entirely independent of your own actions?

2) Does it have a potentially significant consequence (good or bad)?

3) Did some aspect of the event happen unexpectedly?

If yes, then ask: what—if anything—should we do to get a high return on this luck event? This applies equally to good luck events and bad luck events.

One very important point about luck: it is asymmetric as a potential cause of success or failure. Good luck cannot cause a great company, but huge strikes of bad luck can terminate a company. That’s why productive paranoia that we write about in the book is so important: always preparing to endure a sequence of bad luck events that will someday hit, being able to absorb them and stay in game long enough to turn the tide in your favor…

…says Jim Collins and Morten Hansen, in their interview with The Keen Thinker. There are a number of other fabulous interviews, and book reviews, to be digested at the same place. Go to The Keen Thinker for more…


Clickability: A Skill for Life

Most of what you need to know about success in life is personal in nature. I’ve learned, through my own experience and that of the people I’ve worked with, that people need each other to have fulfilling work, successful careers and meaningful lives. Regardless of your cultural background, your age group, or your social status, your need to get along with people is fundamental to your happiness. No matter how much technical skill you have in your particular field of expertise, no matter how smart you are, how capable you are, how gifted you are, if you don’t know how to connect, relate and communicate with people, there’s little hope for you.

Whether the times are great, or the economy is in the tank, the people who do the best, who prosper and advance, are the people who know how to connect with other people and have it matter. Whether you are a homemaker, a parent, a business owner, a manager, a waiter or a postal worker, your skill with other people determines everything. And when you have the skill to build relationships and networks of relationships, the world is your oyster, and all options are open for you. Being able to click is just a matter of knowing what to do, why to do it, and how to do it.

Issue 88 – 06 | By Dr. Rick Kirschner for ChangeThis.com

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