As a young entrepreneur, I decided to liquidate my car rental agency. When a used car dealer offered to buy three of my cars, I was so excited. He asked to meet on Saturday afternoon, after the bank was closed. He gave me a convincing story and a special kind of check that he promised the bank would cash on ...
In 2020, Cyber Monday sales were $10.8 billion. Yet, most of these sales went to the large online retailers like Amazon, Walmart and Best Buy. Many small businesses do little to compete with these mammoth retailers, feeling somewhat hopeless. Yet, I believe that small businesses can get a slice of the largest sales day of the year if they seek ...
A few years ago, Dan considered selling his machine tooling business. Fortunately, he shared his plan with me before he had negotiated a deal with the buyer. After I introduced Dan to a unique strategy, and the National Christian Foundation, Dan donated 20% of his company to a donor advised fund prior to the sale. This strategy gave Dan an ...
When Scholastic Corporation CEO, Richard Robinson, unexpectedly passed away, his estate plan surprised the world. According to the Wall Street Journal, Robinson left controlling interest of his $1.2 billion publishing business to his Chief Strategy Officer and former lover, Iole Lucchese. Robinson’s two sons and ex-wife are now at the mercy of his former romantic partner’s wishes. Robinson’s oldest son, ...
Decision making is one of the most important roles of a business leader. In Inc. magazine recently, Jeff Bezos discussed one-way door decisions vs. two-way door decisions. One-way door decisions are decisions that are irreversible. Selling your business or quitting your job would be one-way door decisions. Two-way door decisions are decisions that can be revisited or modified later. When ...
Starting and growing a small business requires hard work, courage and wisdom. Where you go for wisdom can make or break the future of your business. According to Greenlight research, 35% of 13 through 20-year-olds have turned to TikTok for personal-finance and investing advice. Is getting advice from inexperienced 20-year-olds a wise idea? No, but there is a source of wisdom ...
While in public accounting, I was assigned to perform multiple government audits in Georgia. On one occasion, a new accountant from New Jersey, Mike, was assigned to my team. On our final day, we had much to accomplish before catching our flights home. Then, the electrical power went out throughout the city. I decided to drive to the next town ...
When I was 19, I was working construction to pay for college. One of my peers invited me to go somewhere with him after work. On our way, he stopped where we usually filled up the company truck and he filled up his car and charged the gas to the company account. When I asked about his action, he said, ...
When I was young, I found a sharp-looking Toyota Celica that had surprisingly low mileage for its years. After purchasing the car, I immediately began having trouble with the engine that didn’t make sense for such a low mileage car. When my mechanic grandfather inspected my car, he said, “Rick, you’ve been swindled. The odometer has been rolled back.” I ...
This last year has been harder than ever for business leaders to make good decisions. To make good decisions, it’s necessary to have valid information and data. We have more information than ever, but less clarity on what’s true and what isn’t. Many business leaders are being required to make decisions about masks, vaccinations and social distancing, while the information ...
Equipping Others to Do Work Differently
