Your Next Act: Where Do You Go From Here?

Where do you want to be in 10 years?

This is a question I asked a business owner, James, recently.

James has owned a very successful business for over 25 years and starts and ends everyday thinking of the business and what he needs to do to keep it successful. When I asked him where he saw himself 10 years from now, he was immediately stumped. His response to me was, he really hadn’t thought about it. He was just expecting to continue doing what he’d been doing – running the business. But when pressed, he admitted there would be some kind of transition out there in the future; but he just hadn’t put any real thought into it. So, what to do about this?

Immediately, there are four objectives for James:

  1. Consider that there really is a future transition event for him and the business.
  2. Determine an accurate value of the company as it is now.
  3. Determine what that value needs to be to support James’ retirement or what I like to call his next act.
  4. What can be done now to begin increasing the value of the company to meet objective three?

Let’s take these one at a time:

Is there really a future transition event? Understand that there really is a future transition. Pretty obvious but just because it’s obvious, it doesn’t mean we’ve developed a plan for it. Let’s be plain spoken here. You will exit your business one of two ways. Either horizontally, or vertically. It’s best that you do it and plan on it vertically.

Determine an accurate value of the company. There are a couple of ways to do this. One is to engage a formal valuation company who will do a review of your company and the market and derive a fair value of your company as it is viewed through similar companies and transactions in recent history. A second way to do this is through a less formal but still in-depth analysis and assessment of the business utilizing a business consultant experienced at growth and strategic planning.

Determine what that value needs to be. What do you need out of the company in order to fund your next act?  This is going to take some real personal reflection and planning. It will include collaboration with your spouse and all the other important influencers in your life.

What can be done now? Start now increasing the value of the company? The first thing to do is to change your paradigm from owner/operator to buyer. Step back from your position as the owner and take a look at your business the way a buyer would look at it. What would the buyer see as valuable and worth buying? What would he see as not worth buying? What would he have to invest in immediately to make his investment worth-while?

You’re at a crossroads. Continue on in the direction that you’ve been driving. Or begin looking at your business differently and begin to develop the strategies and tactics that will increase the value of your company so when you reach the major destination of your transition, you’ll be able to afford all the things you’ve always dreamed of.

Call us and let us help you with these next steps. Also, here’s a link to a great short article in Entrepreneur Magazine: entrepreneur – preparing to sell about this topic.  See what you think. I look forward to hearing from you.

The Opposite of Servant Leadership: Power Leadership

We’ve discussed servant leadership at length, showed you examples and introduced you to experts.  But to truly understand the concept, we should really discuss the opposite of this leadership concept.

Meet power leadership.

Leaders who use power as their main motivator, usually rely on negativism, fear and misdirection to guide or direct an organization the way they see fit.  They typically are not collaborators or team players.

Power leaders tear down.  They thrive in economic downturns because cutting, not adding, is what they do to shape an organization. By cutting budgets, costs and employees, they destroy morale, drain resources and reduce organizations to shells of themselves.  They typically are short-term thinkers.

“Leadership is about vision and responsibility, not power.”—Seth Berkley

In the mirror, opposite the power leader, is a servant leader.  Servant leaders build up, see downturns as opportunities, and do things up front and in a transparent fashion.  To them, power is in the organization and its people and ideals, not in them.

The four elements of servant leadership are in direct opposition to power leadership:

  1. Servant leaders put service before leadership and are focused outwardly; power leaders are focused inwardly.
  2. Collaboration is central to servant leaders and relies on consideration of what others think; power leaders believe there is an “I” in team—them.
  3. Mentorship is important to servant leaders as it helps grow the team and the organization; power leaders believe all starts and ends with them.
  4. To be a servant leader, you must have foresight and that comes from listening; power leaders only listen to themselves.

Where do you begin to develop and build a culture of servant leadership? Start by looking within and taking stock of what you already have.  And then consider enlisting the aid of a partner.  We are here to help with skills assessments, systems and programs as well as one-on-one advice.

Call or contact us for more information on servant leadership.

The New Paradigm Advisors Team

Servant Leadership: Turning the Organizational Chart Upside Down

We all know or have lived the in the typical power structure of an organization. It is all about what you can do for the boss in the current quarter. That is, serving the boss and, in turn, the company.

If you haven’t heard the term “servant leadership,” or, better yet, worked and lived in a servant leadership environment, we want to take a few minutes and expose you to this concept. With roots in both Eastern and Western cultures as far back as the 5th century BC. In more modern times, Robert Greenleaf is credited with furthering the concept with a 1971 essay, “The Servant as Leader.”

One of the most visible 21st century companies to build their culture around the concept is Southwest Airlines. Founder Herb Kelleher put employees first and it paid off for the airline in a highly engaged workforce with low turnover and high profitability.

“Your employees come first. And if you treat your employees right, guess what? Your customers come back, and that makes your shareholders happy. Start with employees and the rest follows from that.”– Herb Kelleher

The “secret” is in putting the workforce first. That is, a leader serves his workers and they, in turn, serve the best interests of the company and the customers. By guiding instead of lording over employees, servant leaders gain an edge in performance.

It’s an active model of employee development rather than relying on the basic transactional model of employee-company.

Where do you begin to develop and build a culture of servant leadership? Start by looking within and taking stock of what you already have. And then consider enlisting the aid of a partner. We are here to help with skills assessments, systems and programs as well as one-on-one advice.

Call or contact us for more information on servant leadership.

The New Paradigm Advisors Team

Finish Strong: Measurement

While it isn’t necessarily popular, all things of note and import need to have some quantitative or qualitative measures.  Measuring success is that yardstick on anything that helps you put your arms around it and understand its relevance to your company.

So what kind of measurements will you put in place to help secure this finish strong initiative?

There are both quantitative and qualitative measure:

  • Quantitative are mathematical and usually rely upon hard numbers
  • Qualitative are more about the quality of an attribute an and can be measured as well

Let’s start with the pure sales numbers (usually quantitative):

  • An expectation of XX% increase in sales.
  • Acquisition of YY new clients.
  • Improve your close rate by WW%.

Moving on to human resources, you might expect:

  • NN new hires.
  • Implementation of a new training program.
  • Creation of a retirement plan

Then there is operations:

  • Increased internal productivity of ZZ%.
  • Improved profitability of PP%.
  • Process improvement of MM%

On the qualitative side there are more “squishy” items:

  • Delays
  • Defects
  • Deviations

These do not have to be for a product or a manufacturing process.  Delays, defects and deviations happen in every business including service-based businesses.  Take an HVAC and plumbing company:

  • Delays can be late arrivals for appointments.
  • Defects could be dissatisfied customer visits or a problem not solved.
  • Deviations could be not following through on a standard customer interaction process.

Every one of these can be quantified and some level of over, or under, performance can correlate to a dollar or budget impact.

And so on.  You get the idea.  These are measurable goals.  The goal -setting process will help you better understand your company, too.

For more information about how to finish the year strong, please reach out to us.  We’d love to hear from you.

The New Paradigm Advisors team

Finish Strong: Our Next Workshop

While our theme through the end of the year in this space is finishing strong, we do have a real-time event coming up this week that builds on that theme and could be of real value to you.

Beside, hearing from a real, live person and interacting with others with similar challenges with their businesses might be a good use of your time, right?

On Wednesday, November 20, our team will assemble to present a 2-hour workshop on how to finish the year strong.  Taking pages from their experiences with EOS (the Entrepreneurial Operating System) and Strengths, Michael Visentine and Nancy Canada will walk attendees through a program that will result in a tangible plan.

In this session you will learn:

  • How to set goals that are both measurable and achievable.
  • What to assign to whom on your team once the goals are set.
  • Who on your team is going to be asked to do what.
  • How to determine the schedule of events and activities.
  • How to get buy-in from your team.

At the end of the session you will have a working set of tools that will allow you to set and manage your goals for the end of the year so you can finish strong.  And that in itself will make 2020 all that much brighter.

The workshop details:

For more information about how to finish the year strong, please reach out to us.  We’d love to hear from you.

The New Paradigm Advisors team

Finish Strong: Being Aware of Time

Finishing the year in a strong fashion is a noble goal.  Yet, don’t forget about the element of time.

For example today is November 11.  That’s just about 7 weeks until the end of the year.  That’s 33 business days or 50 calendar days (including holidays).

OK, so now you have the schedule, a framework.  A few questions:

  • Are you going to work nights and weekends to get this done?
  • What are your major milestones and when do they fall?
  • What do you expect from your team by when?
  • What’s the end result look like and when should it be finished?
  • Who is participating?
  • Why are you doing this and for whom?

Knowing the schedule will help you build the other elements of a great plan:

  • The scope—what needs to be done and a description of what you are tryi ng to accomplish.
  • The budget and monetary component of this work—what are the costs to get it done and what are the sales goals (revenue expectations).

In upcoming posts we will delve into the details of how and why to finish the year strong.  Remember, it is about the health and welfare of your business.

For more information about how to finish the year strong, please reach out to us.  We’d love to hear from you.

The New Paradigm Advisors team

 

Words of Wisdom from Live2Lead

Now that some time has passed, we can reflect on the mountain of content from the speakers at Live2Lead.  Let’s take a moment and recap the highlights and the lessons from the day.

This list of guiding statements, tidbits and fresh ideas is actually quite helpful when put into the  context of our daily lives.  Gleaned from the speakers’ (John C. Maxwell, Chris Hogan, Rachel Hollis, Angela Ahrendts, and Marcus Buckingham) speeches that day, here are a number of memorable phrases:

  • Nobody cares how much you know until they know how much you care.
  • Hope is not a strategy.
  • Use the ACT approach—what will you Apply, Change or Teach—from new things you learn?
  • Connection with others is absolutely vital for success.
  • Old hurt brings new harm to a new day.
  • Trust, loyalty and unity are each a two-way street.
  • Work hard and have fun at the same time.
  • A culture is a living, breathing thing.
  • Mentor someone every day.
  • Turn off your head and turn on your heart.
  • Big isn’t good unless big does good.
  • Give 60, take 40 in everything.
  • Look for yourself last in the photo.
  • A leader doesn’t have two good days in a row.
  • Be authentic.
  • Show up.
  • Give people the tools to change their lives.
  • Focus on your self-awareness.
  • Study failure then invert it.
  • Love is space making.
  • Culture eats strategy for lunch.
  • Satisfaction creates energy.
  • If there is mist in the pulpit, there will be fog in the pews—be clear.
  • Measure what you manage.

This is quite a list to digest.  No worries—over the next few months, New Paradigm Advisors will bring light and substance to many of these homilies and help you put them to good, substantial use.

And please plan on joining us for Live2Lead 2020 on October 20, 2020.

The New Paradigm Advisors’ Team

Awake Restaurants Testimonial: “Focusing on Facts”

As a family run, locally owned restaurant business, my son and wife and I all play various roles.  We needed to find a way to sort out who did what within the organization and to have it all make sense.

Discovering EOS

Through Michael Visentine and his New Paradigm Advisors team, we discovered a methodology known as the Entrepreneurial Operating System or EOS.  I had been exposed to EOS before, but Michael really pulled it all together for us and made it a practical solution.

A Way to Focus

EOS really helped us focus as a team.  Since our team really has multiple personalities, EOS gave us a disciplined success model to help us stay on course.  The model takes personal feelings out of the dialog and focuses on facts and people to grow the business.  And that is critical in a family owned business.  The EOS tools were great:

  • Three- and ten-year plans
  • Weekly meetings
  • Regular discussion of quarterly and annual objectives (or “rocks”)

Great Results

Now we actively meet weekly.  There we review our “rocks” on the list of things to complete in a concise and solution-focused way.

We are grateful to the New Paradigm Advisors team for the education and ongoing support!

Rob Colarossi

Owner Awake (formerly The Egg & I) and Dairy Queen Restaurants

Live2Lead: The Takeaways

The Live2Lead simulcast is stimulating in itself what with all of the thought-provoking speakers, including and starting with John C. Maxwell.

However, there is more to this day than just watching inspiring speakers on the big screen.  It is about interaction with people you might or might not know. And a place you can develop and take away a plan of action.

That’s why New Paradigm Advisors has created an event-within-an-event for the afternoon.

The takeaway workshop is just that: a session that results in a tangible plan you can take back to you company and execute.  With results. Now.

Led by Nancy Canada and Michael Visentine, the workshop is part roundtable and part interactive session.  Nancy and Michael are both certified facilitators in key areas that support New Paradigm Advisors’ core offerings: Nancy is John C. Maxwell Certified and Michael an expert in implementing EOS®, the Entrepreneurial Operating System®.

In marrying the leadership skill development component of Maxwell with the systemized operational action of EOS, attendees will come away with several things of value, including:

  • A written 90-day action plan with a clear set of executable tactics and measurable objectives.
  • Substantive discussion with like-minded businesspeople who will be developing their similar plans alongside you during the session.
  • Valuable additions to your professional network (your tablemates).

There is something to be said for being an active learner after having spent the morning in a passive, but positive, learning mode watch great speakers.

Look at this day as a place where you show up to learn and depart with a plan.

For more information and where you can buy tickets, click this link.  Use the code “kingdom” for a special discount.

One more thing: for those of you wanting to increase your visibility via social media, use the hashtags #beintheroom and #live2lead. See you on the 11th.

The New Paradigm Advisors Team

“A leader is one who knows the way, goes the way, and shows the way.”–John C. Maxwell

You’ve been seeing and reading a lot from New Paradigm Advisors lately about Live 2 Lead.  To help demystify this program a bit, we thought it time to pull back the curtain and tell just how we are going to use this program from John C. Maxwell.

This is a closed-circuit television broadcast, live, from Atlanta.  Hosted by John C. Maxwell, the morning simulcast will showcase some exceptional leaders from business, industry and media in short (30-minute segments) sharing their experiences and practical ideas.

John MaxwellJohn C. Maxwell is the leader of the presenting organization, a best-selling author, coach and speaker who has sold over 30 million books.

Rachel HollisRachel Hollis is a leading business podcaster and best-selling author from our own Texas Hill Country.

Angela AhrendtsAngela Ahrendts understands both digital and traditional retail.  Having worked with Apple and Burberry, she currently helps guide the likes of Ralph Lauren and Airbnb as a board member.

marcus buckinghamYou probably know Marcus Buckingham  as a speaker, author and market researcher. He is the guy behind “Strengths.”

Chris HoganAs the author of “Everyday Millionaire” and “Retire Inspired,” Chris Hogan is a well-known advocate for financial peace.

We will go into more detail about each of these speakers during this series.  for now, we wanted to whet your appetite with that leading content.

You can read elsewhere on this site about the schedule and generalities of the program on Friday, October 11.  While others around the country are showing and sharing the morning simulcast, it’s our afternoon program that will set ours apart.

“People who use time wisely spend it on activities that advance their overall purpose in life.”– John C. Maxwell

The afternoon session is intended as a working program.  Our own experts will help take the lessons and messages from the morning and help attendees develop specific action plans for their own growth and advancement.

Thanks for considering joining at the ACU Dallas Campus on Friday, October 11.  It will be a day well spent.

For tickets, click here.  It will be a day you won’t forget.

The New Paradigm Advisors Team