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By Holly A. Magister, CPA, CFP®

As you navigate these troubled waters, what resources do you draw upon?

Many good-intentioned entrepreneurs confuse being courageous (the subject of my last blog) with the notion that during difficult times they must become a “Lone Ranger” in order to survive.  What I have observed is the truly successful entrepreneurs do the exact opposite.  They instinctively recognize the value of their resources and know exactly when to draw upon them for help.  Instead of retreating to their early days of entrepreneurship, where they were "rugged individualists" by necessity, they call upon the people, companies, and other resources from the past that have consistently provided them with "best of their breed" performances.  And if for some reason, they do not have access to such a resource in their time of need, they find them.  Someway, somehow they find them.
 
As your business is occupying its position in the marketplace today, the world is changing.  Really, really changing.  Stop for a minute and ask yourself the following question: "What is different today in my marketplace than one year ago?"  If you cannot list at least three differences, your head is buried in the sand.  And if that is the case, you have permission to stop reading this now.
 
With your list of three (or more) differences, you have the place from which you should start to work.  You must deal with these differences NOW to survive today AND thrive in the future.  This is where those valuable resources (old and new) become critical.

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By Wayne Rivers, CEO Family Business Institute

At a recent speaking engagement for family business owners, the attendees were very concerned about knowing how and when to exit their companies. After a bit of discussion about some of the steps necessary for a family business owner to exit his company, one of the issues that appeared starkly was the lack of retirement assets this particular group of FBOs had set aside for themselves.

The typical family business owner (FBO) invests and reinvests in his business over time. Many entrepreneurs and closely held business owners practice a policy of self-sacrifice, pay themselves relatively low wages, and hope for a day when the business is profitable and they will be able to take out substantial money in order to have the kind of lifestyles and retirements they dream about.

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When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, "I used everything you gave me".

Erma Bombeck

Leaving Motherhood at home and CEO duties at the office.

By Wayne Rivers, CEO Family Business Institute

Motherhood is the most difficult (and possibly the lowest paying) occupation in history. Mothers in family businesses have it doubly hard. In the Spring 1999 issue of Family Business magazine, Ronda Vecchio relates her experiences in balancing family and business over the last 17 years.

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By Holly A. Magister, CPA, CFP®

2009 was brutal for everyone.  During my more than twenty-five years of practice working with entrepreneurs, I have never witnessed more chaos in the marketplace.  Never.

Clients, vendors, employees and other resources that once were reliable relationships, a "known quantity" so to speak, have made moves that no one would have predicted.  So, here you are...the entrepreneur without a roadmap.  What is one to do?

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