4Thought Blog

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How Business Owners Can Realize Their Retirement Goals

Posted by Tom Garrity on Tue, Jan 17, 2017

Most business owners dream of a business legacy and financial independence.

Many never reach their goals. But it doesn’t have to be that way.

So what’s the formula? It’s pretty basic: reduce risk, drive profit, and build a team stronger than you are alone.

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Topics: Business consulting, Succession

How Succession Planning Can Give Business Owners the Retirement They Want

Posted by Tom Garrity on Tue, Oct 11, 2016

The failure of successful family business owners to reach their personal goals, especially their financial goals, is not because they don’t try or care. In our experience, the main cause of failure is lack of clarity, a plan around the big picture, and a myopic pursuit of the "urgent."

There are 5.5 million family-owned businesses in the United States, comprising nearly 90 percent of all businesses. These companies comprise over half of the nation’s GDP and create three-quarters of all new jobs. Only 33 percent make it to the second generation and less than 12 percent make it to the third.  Many family business experts believe that one common cause of failure in family businesses is a lack of transition planning and preparation.

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Topics: Business consulting, Succession

CEO Management Succession: 11 Guiding Thoughts

Posted by Tom Garrity on Thu, Jul 7, 2016

It is difficult to begin to think about management succession for many business owners who need to begin.

Consider these 11 guiding thoughts as a starting point:

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Topics: Business consulting, Succession

Family-Run Businesses: Preparing the Next Generation for Success

Posted by Tom Garrity on Tue, Apr 26, 2016

Nearly 90% of all businesses in the US are family businesses. That is a lot of businesses!  

But the odds of a family business succession are not good – 33% make it to the second generation, and only 3% make it to the third generation. What’s going on? Are the kids that numb?

No! My experience is that for the most part, the parents are that numb! Not on purpose, but they have created a mess, and when pushed into the corner of their retirement, they have run out of time to correct the course.

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Topics: Business consulting, Succession

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