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business ownership – Partners31: Specializing in Health and Human Services http://partners31.com We're Really Good At What We Do! Wed, 13 Apr 2016 23:07:11 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.3 http://partners31.com/wp-content/uploads/2011/09/cropped-Janet-FINAL-LOGO-no-bar-32x32.jpg business ownership – Partners31: Specializing in Health and Human Services http://partners31.com 32 32 What keeps you awake at night? http://partners31.com/consultant-intellectual-disabilities/what-keeps-you-awake-at-night/ http://partners31.com/consultant-intellectual-disabilities/what-keeps-you-awake-at-night/#respond Thu, 31 Mar 2016 00:15:08 +0000 http://partners31.com/?p=2057 PEOPLE MOST IMPORTANT VALUE DRIVERS “What keeps you awake at night?” True tales of the midnight shift I was asked this question by a consulting firm, hired to identify improvements in our different service areas.  What a great question! Well, besides getting calls at all hours of the day and night, the gut issue for […]

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PEOPLE MOST IMPORTANT VALUE DRIVERS

What keeps you awake at night?” True tales of the midnight shift

I was asked this question by a consulting firm, hired to identify improvements in our different service areas.  What a great question! Well, besides getting calls at all hours of the day and night, the gut issue for me is always “I don’t know, that I don’t know.”  That’s the biggest reality for many of us in the human service and service delivery industry.

When your service is for vulnerable populations of people that may be non-verbal, have significant cognitive impairment, staffing 24/7 every day of the year, you often don’t know, that you don’t know.

Let me illustrate: Some years ago I received a call from one of my executives informing me of an incident that occurred on the previous night’s shift. I could tell from the tone of her voice there was a big problem she was going to share. I asked her to tell me the story from the beginning.

She began to share with me the events of the previous evening that occurred. Scheduled overnight staff arrived at 11 pm. According to the 3 pm to 11 pm staff, all of the residents were in bed asleep when he left. At 7 AM the morning staff arrived.  It looked like a crime scene! The overnight staff’s car was there.  Blood covered the driveway and the back of the car. The arriving staff member immediately called the sheriff and then the executive director before entering the house.

The sheriff and deputies arrived within minutes with guns drawn. They decided to enter the house through the garage. When they opened the door, sitting against the wall was the overnight staff, rifle in his arms and passed out.

The officers were finally able to get him awake from his drunken stupor. Fortunately, this incident was not a “worst case scenario.”  The staff had shot a deer in the middle of the night and put the deer in his trunk leaving the remnants on the driveway! This is just one of many true stories I could share.

The reality is we don’t know what goes on when we are not on site. We simply don’t know that we don’t know.

No doubt about it; people are any company’s biggest asset and the biggest liability.  Solutions?

Two suggestions:  One is having someone from your management team make unannounced visits at all hours as well as all the days of the week. Employees expect to see management from 9a-5p Monday through Friday. Do we typically show up in the middle of the night on a Saturday?  The element of the unexpected visits adds both credibility and value to the staff and their work (they matter!) as well as hands on, line-of-sight experience for management.  Opening better lines of communication and lessening risk for both employees and the company creates a win/win environment.

Secondly, ASK questions of your staff and have the staff feel comfortable enough to ASK you. Most management teams have MANY years of experience and are very happy to share those “out of the box” experiences!  They enjoy helping prepare staff for the risk of providing 24 hour care. Many times, we will know what you may not because we’ve experienced it.

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”  Maya Angelou

People are one of the most important value drivers for any company!

 

If you need help with leadership and team development for your team, give us a call.  Let us help with “what keeps you awake at night!

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Business Senses, USE Them for Systemizing http://partners31.com/consultant-intellectual-disabilities/business-senses-use-systemizing/ http://partners31.com/consultant-intellectual-disabilities/business-senses-use-systemizing/#respond Tue, 22 Apr 2014 01:58:13 +0000 http://partners31.com/?p=1753   As a business owner, would you like to eliminate some stress from your life?  Consider having systems in place.  Documenting what really works can make you, your employees, and your processes more efficient and effective.   People want to work with companies that treat them well and they want to know what their job responsibilities […]

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little executiveAs a business owner, would you like to eliminate some stress from your life?  Consider having systems in place.  Documenting what really works can make you, your employees, and your processes more efficient and effective.   People want to work with companies that treat them well and they want to know what their job responsibilities are.  Having systems in place will help satisfy these needs.

So how do you go about getting these systems identified and defined?  One way to start is to use your senses.  You may think I am talking about “common” sense.  But I’m not.  I mean use your senses, literally—sight, smell, sound, taste, and touch. Get in the practice of exercising one of your senses each day when you are in your office.

Today let’s focus on sound.  Take 3-4 minutes somewhere inconspicuous in your office and close your eyes and listen.  What do you hear?  How do you feel about the environment, the voices, the phones ringing, the conversations, the words, the tones?  Do you hear any annoying sounds, distractions, alarms, music?

Now open your eyes and jot down your thoughts on what you heard.

How do you feel about what you heard?  Did you hear an office purring like a cat or screeching like fingernails across a chalkboard?

Listening to what you hear can be a big clue as to what environment you have in your office.  If what you heard made you feel awesome, let your team know.  If there is room for improvement, be clear, identify the problems and create a solution.  Communicate with your team and make changes when needed.

Please try this with some of your other senses.  It’s a great exercise to Get Your Business FIT, and ready to go when you are!

 

 

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3 TIPS to Avoid Owner Burn Out! http://partners31.com/news/burn-out/ http://partners31.com/news/burn-out/#respond Sat, 22 Mar 2014 01:54:02 +0000 http://partners31.com/?p=1746 I took my 4-year old grandson to get his haircut the other day.  We walked into a popular franchise and waited for our turn.  I had been at other locations of this same franchise and noticed this one seemed a little less tidy than the other locations. As we were called for our turn, the […]

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haircut stress

I took my 4-year old grandson to get his haircut the other day.  We walked into a popular franchise and waited for our turn.  I had been at other locations of this same franchise and noticed this one seemed a little less tidy than the other locations.

As we were called for our turn, the woman cutting his hair started a conversation.  I let her know I had been to another location but this was our first time at this location.  She stated she was the owner and had bought the business 7 years ago.

Bingo!  I let her know I work with business owners and love hearing their stories.  She immediately looked me in the eye and asked, “Are you a business or life coach?  I need help.”

She proceeded to relate a familiar story.  She bought the business and loves cutting hair and thought all would be well.  However,

  • she was in debt
  • had issues with retaining employees
  • worked way more hours now than when she was an employee
  • she felt overwhelmed
  • she was ready to quit
  • in short, it was not fun anymore
  • Owner Burn Out!!!!

What happened? She was struggling and spending all her time doing the things she hated.  This is a red-flashing warning sign—DANGER, BURN OUT AHEAD.

As a new owner and over the following years she had not planned ahead, been unable to identify and hire the right people for needed positions, and profits were decreasing and debt was increasing.  She was now trying to do all the functions and tasks she hated.  She no longer enjoyed owning the business.  So sad!

What can you do to avoid owner burn out?

  1. Know your strengths and passions and do what you love
  2. Know your limitations and hire help or outsource the tasks you do not enjoy
  3. Know how to analyze your financials and see the story they tell

Avoid Owner Burner Out—Get help identify the biggest gaps and determine and define a game plan that will work with your personality and skill set.

Avoid Owner Burner Out—Get started right away.  Don’t wait and let the stress build.

Contact Partners 31 and see how a “Coach in Your Corner” can motivate and help you beat owner burn out!  Get Your Business FIT, and ready to go when you are.

 

 

 

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Time: Too Much or Too Little? Exit Planning for Home Care Agency Owners http://partners31.com/business-ownership/time-too-much-or-too-little-exit-planning-for-home-care-agency-owners/ http://partners31.com/business-ownership/time-too-much-or-too-little-exit-planning-for-home-care-agency-owners/#respond Tue, 07 Aug 2012 17:35:07 +0000 http://partners31.com/?p=965 Exit Planning?  Oh, I’ll have plenty of time for that later! Exit Planning?  I’m too busy to think about that now! Sound familiar?  The problem is that active, successful business owners like you seldom slow down, and despite your best intentions, you often bite off more than you can chew.  We can’t cram any more […]

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Exit planning image

Finding Time for Exit Planning

Exit Planning?  Oh, I’ll have plenty of time for that later!

Exit Planning?  I’m too busy to think about that now!

Sound familiar?  The problem is that active, successful business owners like you seldom slow down, and despite your best intentions, you often bite off more than you can chew.  We can’t cram any more hours into your day, but we can help you use your time more wisely.

Rudolfo LeMond owned a growing hospitality services company.  As his business grew, he learned to delegate, but no matter how much Rudolfo delegated, he never had enough time for planning.  And even if he could find time, he didn’t know how to create a plan founded on a clear vision, with clearly-defined and accountable steps along the way.

This was Rudolfo’s situation when he was approached by a buyer.  Though he had not actively pursued a sale, at 49 he was beginning to consider life after work.  So he found an hour to meet with the buyer.  In those 60 minutes, Rudolfo’s blinders were removed and his priorities turned upside down.

A large national company looking to establish a community presence, the buyer was interested in Rudolfo’s company because of its reputation and broad, diversified customer base. The buyer was looking to acquire a business that could grow with little other than financial support.

Naturally it sought a business with a good management structure because, like most buyers, it did not have its own management team to place in the business. Rudolfo, however, had not attracted or retained solid management (nor had he created a plan to do so). His business lacked this most basic Value Driver.  Like many buyers and mergers and acquisitions brokers, they were also looking for two additional Value Drivers: increasing cash flow and sustainable systems throughout the organization (from Human Resources to marketing and sales to work flow). Rudolfo quickly realized that his business was a hodgepodge of separate systems each created to patch a particular problem. Finally, they asked Rudolfo to describe his plans for growing the business. Rudolfo had none. What this buyer and Rudolfo now understood was that this business revolved around Rudolfo. As Rudolfo left the meeting, he expected that, given his company’s deficiencies, he would receive a low offer from the buyer. He waited weeks but no low offer was forthcoming. In fact, the buyer simply disappeared. The message to all of us is clear: Unless a business is ready to be sold, many buyers, especially financial buyers, are not interested. They have neither the time nor the in-house talent to correct deficiencies. The look for (and pay top dollar for) businesses that are poised for ownership transition. It is a fact of life for owners that unless you work on your business, rather than in your business, you will never find time to plan for the future of your business.

Is there a way to find the time for exit planning before your 60 minutes with a prospective buyer?  Of course.  But exit planning requires time– time not only to create the plan but also time to implement it and to achieve measurable results. That timeline may be considerably longer than you anticipate because, in creating an Exit Plan, you need to rely on others who are also busy (minimally an attorney, CPA, and financial planning professional). Additionally, you can not anticipate all of the issues that might arise, and it is unlikely that everyone you work with is as motivated or experienced as you are. Finally, and inevitably, not everything will go as planned.

Exit Planning encompasses all sorts of planning: growth, strategic, succession planning, as well as your personal financial, and estate planning. By wrapping business, estate, and personal planning into one process, Exit Planning is all-encompassing rather than a subset of the planning. In short, there is much to do, and the time to start doing it is now.

It’s important to recognize that planning, properly undertaken, can help enrich your business as well as your personal life. According to Brian Tracy (http://www.briantracy.com/), “A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power.” And, in the case of Exit Planning, it works, too.

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Identifying Home Healthcare Business Fundamentals and Putting Them in Order http://partners31.com/business-ownership/identifying-home-healthcare-business-fundamentals-and-putting-them-in-order/ http://partners31.com/business-ownership/identifying-home-healthcare-business-fundamentals-and-putting-them-in-order/#respond Mon, 18 Jun 2012 18:59:33 +0000 http://partners31.com/?p=885 As we continue discussing how to close the gap between what you have and what you need, let’s look at business fundamentals and how to address them to build business value.  Business fundamentals are those basic housekeeping tasks that reduce your risk.  We want to put into place mechanisms to protect business value. Business fundamentals […]

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home care business fundamentals

Make sure all your business fundamentals are in order

As we continue discussing how to close the gap between what you have and what you need, let’s look at business fundamentals and how to address them to build business value.  Business fundamentals are those basic housekeeping tasks that reduce your risk.  We want to put into place mechanisms to protect business value.

Business fundamentals are divided into four key areas:

1.            Ownership rights and responsibilities

2.            Facilities management

3.            Competitors

4.            Employee errors

 Ownership Rights and Responsibilities

Are your corporate records in order? Is each share of stock documented? If there are co-owners, are the rights and responsibilities of each clearly documented, understood, and implemented? Do you know what will happen if one owner becomes ill or dies? Has the company paid for any perks for family members?

Minimize risk of loss from facilities management

To minimize risk through facilities management, you must know in which areas your company is vulnerable to loss in its activities. Vulnerable areas might be in: services, inventory, publishing, printing, duplication, records management and maintenance, or research and development. You may also need to take a look at your operating space – especially if it has grown on an as-needed basis.

Minimize risk of loss from competitors

Have you taken time lately to identify all of your direct and indirect home health care competitors? Have you evaluated them in terms of their ability to threaten your organization? Can you avoid future threats from competitors?

Minimize risk of loss from employee errors

In the past 12 months, has an employee made an error that cost your company significant money? How did that error occur? What measures can be put in place to prevent similar errors in the future?

Business fundamentals are all about reducing risk for you and for any future mergers and acquisitions brokers or buyers.  I hope you find this information helpful and motivating. To get started on your value-building plan, please contact me

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Has Your Child Earned Ownership Interest in Your Business? A Decision Framework http://partners31.com/business-ownership/has-your-child-earned-ownership-interest-in-your-business-a-decision-framework-2/ http://partners31.com/business-ownership/has-your-child-earned-ownership-interest-in-your-business-a-decision-framework-2/#respond Wed, 18 Apr 2012 19:14:39 +0000 http://partners31.com/?p=857 Stan Briggs was perplexed.  He told his advisor, “My son, Patrick, has worked in the business for the last twelve years. In that time, the business has tripled its revenues and its profits. I’ve started to think about scaling back my activity and I realize how important it is (for my own retirement income) that […]

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Time to make a decision

Has Your Child Earned Ownership Interest in Your Business?

Stan Briggs was perplexed.  He told his advisor, “My son, Patrick, has worked in the business for the last twelve years. In that time, the business has tripled its revenues and its profits. I’ve started to think about scaling back my activity and I realize how important it is (for my own retirement income) that Patrick be motivated to continue to grow the company profitably. Since I’d like to have him own the business someday, is there a way to start transferring it to him now? It seems unfair to make him pay for all of the business value since he created so much of it and since he is so important to my financial security. My son, of course, agrees wholeheartedly with this analysis but I’m not so sure that his mother and sister are on the same page. What issues do I need to consider?”

Equal vs. Fair

First, Stan must determine if his son is already paying for the business now through “sweat equity” –lower compensation than he could have earned elsewhere, more working hours and greater risk. If so, any reduction in the purchase price is not a gift but rather recognition of Patrick’s contribution.

Second, are Patrick’s efforts adding value to the business?  If so, should Patrick’s efforts be rewarded with a reduced share of Stan’s estate?

Third, if Patrick’s involvement in the business is critical to Stan’s retirement, Stan should consider tying his son to the business using “golden handcuffs,” such as awarding ownership if Patrick stays to run the business — and the business stays profitable.

Fourth, in many business-owning families, each child is offered involvement in, and eventual ownership of, the family business.  Many times, however, only one child forgoes the allure of the “outside world” to commit to working in the sometimes uncertain and illiquid world of a closely-held business -not to mention that having you for a boss should be worth something!

Lastly, analyze the transfer issue in light of your own exit objectives. Be certain that any transfer to children will satisfy your exit objectives. Explore with your advisors other issues and concerns that may arise as you begin to transfer ownership to a child. For example, how much money will you need after you leave your business? What, if anything, needs to be done for your key employees or for your other children?  In short, make certain the transfer of ownership to a child is also a good business and retirement decision.

Using Advisors

Don’t underestimate the value of using experienced consultants and advisors. Their counsel, experience and input is never more important than when dealing with your own family. The need for independent, non-emotionally-charged advice is critical.

Decision Framework

First determine the level of contribution your business-active child has made to the value of the business. Second, determine the contribution that child must continue to make to ensure the achievement of your exit objectives. Those determinations can form the basis of what is “fair” with respect to both the business-active child and the other children. Third, use your advisors to help explain, guide and implement the transfer of the business and even act as the “sacrificial lamb” when necessary.

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