Written by Attorney, Tim Ronan
Davis Miles has a business law department that works with a variety of business clients from entrepreneurs in start up businesses to established businesses that seek restructuring or mergers and acquisitions. We have a long time experience in guiding clients through the process of obtaining both debt and equity capitalization. In addition, on an ongoing basis we provide General Counsel assistance, including employment, tax and regulatory compliance. Some of the greatest challenges for our clients involves establishing consistent operational structures and planning for the rainy day to create the ultimate possibility of the owners exiting from the business and protecting their families in the event of an unanticipated traumatic occurrence, including death or disability of an owner or the termination of a long time partnership.
Our model for the best way to counsel our clients for their benefit is to establish a team and to work in cooperation with out teammates. In business that is the General Counsel, the Certified Public Accountant, Insurance Advisor and Business Consultant. Recognizing the skills of each team member leads to positive results. In this case, I have been associated with Nate Sachs, founder of Blueprints for Tomorrow, for several years and have been impressed with his common sense and practical approach to assisting business owners in achieving stabilization and growth of their businesses. All based on strong knowledge of business. Like us, his goal is to create comfort and structure for the owner that advances the success of the business and reduces stress.
We will be providing a Chapter a month of Nate’s new book that addresses this portion of how a business should be structured, Slaying the Demons, provides guidance on how to address some of the fundamental issues briefly described in the short introduction.
Slaying the Demons: Chapter One
Four Demons that keep business owners awake at night...
1) What If I Don't Want To Do This Any Longer?
2) What If Something Happens To Me?
3) What If I Lose A Key Person?
4) What If I Don't Improve My Cash Flow?
Slaying the Demons: Chapter Two
1) Harold was spending all his time working in his business instead of on his business.
2) Tom never put new systems and procedures in place to make his company work without his direct intervention.
3) Patrick was frustratied with partners who did not share the same passion for systems and proceures.
Slaying the Demons: Chapter Three
Elizabeth wondered if she would ever be able to sell her business, and what would happen to the business if something happened to her. Most importantly she wondered what would happen if two of her most important employees were to quit or go to work for a competitor. Elizabeth wasn't enjoying her success. It was making her miserable. Then she got help.
9 Steps to How the Blueprint Approach works
Slaying the Demons: Chapter Four
Nate discusses three exit strategies for business owners who are looking to get out - Outside Sale, Inside Transition and Passive Ownership. Creating a Blueprint will help business owners make this change. Nate reviews 5 important steps to prepare a business for the owner's departure.
1) Impart Your Culture
2) Improve Cash Flow
3) Start Extricating Yourself
4) Take More Time Off
5) Create a Growth-Oriented Company
Slaying the Demons: Chapter Five
Nate shares some encouraging ideas about retirement and "Making A Life, Not Just A Living". He gives three examples of how business owners worked throught the transition to find fulfillment and life after work. He offers these five steps to help people move into semi-retirement.
1) Vision for what you want to do during retirement
2) Believe that there is life after work
3) Consider the financial implications
4) Is your physical health compatible with your dreams?
5) Start phasing in you plan
Slaying the Demons: Chapter Six