Articles

family owned business

Debt as a Tool for Succession Planning: Financing a Smooth Ownership Transition

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Succession planning is a critical step for any business, especially family-owned and privately held companies. Whether you're passing the business to the next generation, selling to an external buyer, or transitioning to employee ownership, having a solid financial strategy is essential. One powerful but often overlooked tool in succession planning is debt financing. When used strategically, debt can facilitate a smooth transition, ensuring business continuity and long-term success.

How D…

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The Hidden Costs of Avoiding Debt: Why Cash-Only Strategies Might Hold Your Business Back

For many business owners, the idea of taking on debt feels risky and counterintuitive. Operating with a cash-only strategy seems like the safest way to avoid financial trouble, maintain control, and ensure long-term sustainability. However, while avoiding debt may provide short-term peace of mind, it can also hold businesses back from growth opportunities, operational efficiency, and financial flexibility.

In this article, we’ll explore the hidden costs of avoiding debt and how strategic …

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Good Debt vs. Bad Debt: Unlocking Smart Growth for Your Business

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When it comes to borrowing, many business owners instinctively shy away from debt, viewing it as something to avoid at all costs. However, not all debt is created equal. In fact, understanding the difference between good debt and bad debt can be a game-changer for your business’s growth.

What Is Good Debt?

Good debt is borrowing that creates value or enhances your business’s future performance. Examples include:

  • Investing in Growth Opportunities: Expanding your operations, upgrading e…

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Is a Fractional CFO the Solution Your Business Needs?

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In today’s dynamic business environment, financial expertise is not just a luxury—it’s a necessity. Many small to mid-sized businesses find themselves at a crossroads: they need high-level financial guidance but don’t yet have the scale to justify a full-time CFO. Enter the fractional CFO, a flexible solution offering executive-level financial support without the cost of a full-time hire.

I recently had the privilege of discussing this topic on the demystifying FRANCHISE OWNERSHIP with Kr…

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Empowered Succession Planning: Lessons Learned from Decades of Experience

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As a fractional CFO specializing in family-owned businesses, I’ve witnessed firsthand how lack of preparation can devastate even the most successful companies. 

I recently discussed these principles on the Journeys of Not So Ordinary People Podcast with Dr. Joe Hamlett and Dr. Dave Peltz. We explored the emotional and financial challenges of succession planning, along with practical strategies to prepare for the future. The conversation highlighted why so many businesses fail to plan adeq…

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The Crucial Art of Succession Planning for Family Businesses

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Succession planning is a topic that rarely gets the attention it deserves, especially in family-owned businesses. Yet, it’s one of the most critical factors in preserving a company’s legacy and ensuring its survival for future generations. 

I was recently a guest on the Action’s Antidotes podcast with Stephen Jaye and we discussed the importance of planning for business transitions, especially as founders or business owners approach retirement, including finding suitable successors and ma…

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From Numbers to Strategy: How Finance Shapes Business Success

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As the President of Impact CFO and a fractional CFO for family-owned businesses, I had the privilege of joining Brandon Bartneck on the Building Better podcast. During our discussion, we explored the evolving role of finance as a strategic driver, particularly for family-owned businesses. This conversation highlighted actionable steps businesses can take to ensure long-term sustainability and growth.

I wanted to share key takeaways and insights from that conversation, but I encourage you …

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Is Your Business Prepared for Its Future Without You?

As a fractional CFO with years of experience working alongside family-owned businesses, I’ve witnessed firsthand the challenges entrepreneurs face when preparing for the inevitable transition out of their companies. In my recent podcast interview, we delved into the importance of succession planning, the critical role of mindset shifts, and actionable steps to secure your business legacy.

The Transition Challenge: Letting Go of Control

For many founders, their businesses represent more t…

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Beyond the Founder – Beating the Odds in Family Business Succession

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Beyond the Founder – Beating the Odds in Family Business Succession

I recently joined John Kundtz on The Disruptor Podcast to discuss a crucial topic for family-owned businesses: "Beyond the Founder: Beating the Odds in Family Business Succession." Did you know that 50% of family businesses fail after the owner's death? 

We delved into some other alarming statistics—like how only 1 in 3 family businesses make it to the second generation—and explored how early succession planning can se…

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Boost Efficiency and Cut Costs: How RPA Can Transform Your Business

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As a small business owner, you're always looking for ways to optimize operations and stay competitive. One strategy that's gaining traction is Robotic Process Automation (RPA), a technology that uses software bots to automate repetitive and rule-based tasks. These tasks—often monotonous and time-consuming—include interacting with applications, manipulating data, and triggering responses, making them ideal for automation.

So how does RPA work in real life?

Consider a small accounting firm t…

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