November 15, 2002
A free monthly e-zine with articles and tips from Family Business Experts who understand family values and business systems.
November 15, 2002 Issue #009 Revised
Family Business Experts
http://www.family-business-experts.com
http://www.familybusinessexperts.com
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In This Issue...
1. Our Managing Director Announces -
2. Business first family...Family first business
What am I worth to the business?
3. Best Practices
Environmental site assessments: preventive tool or deal-breaker?
4. Around the Family Business Experts web sites
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1. Our Managing Director Announces -
Once again we must apologize for the technical glitch that caused an early draft of this Issue to go out prematurely. We and our list host thought the technical glitch was solved, but... not so.
In our "family business" section, we look at a frequent issue... determining what someone is worth to a family business. It goes deeper than the usual approach to employee performance appraisals, It's not always easily measured, but it is important.
"Best practices" looks at another potential problem area for family businesses, especially here isn the USA. And provides some guidance about how to turn environmental site assessments into a positive event.
Whether to contribute, challenge (or hopefully even praise) our newsletter, I encourage you to contact me directly, Don , or our editor David
Enjoy, and here's wishing you, your family, your clients... much success!
Don Schwerzler, Managing Director
Family Business Experts
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2. Business first family...Family first business:
What am I worth to the business?
Rarely does a week go by that someone comes to our web site asking some form of the question: "How can I determine my value to the business"?
While often posed as a "compensation issue" that comes up in employee performance appraisals, the question has much broader implications. One observation I have made over the years is how this type of question demonstrates multiple and complex communication issues. And the meshing OR mashing of personal goals and business objectives!
To the senior generation, value contribution is more often measured in terms of achievements – of things that were accomplished in spite of some fearful odds. Most of the rhetoric of recognition is in the "past tense". Less credit is given to the steadying effects if having an experienced hand in the leadership position of the company; and even less credit as to the contribution for ensuring the future vision of the business.
To the next generation of leadership and ownership in the family business, the value determinations are framed in the present and the future tense. What work and preparation is being realized now and what is the leadership potential to grow and maintain a successful business?
A good place for the two generations to start the process of considering "value contribution" to the business is to do a simple SWOT Analysis of the business, an exercise designed to better understand the dynamics of the business. On our web site, we have a powerful tool called 160 KEY BUSINESS QUESTIONS
that can be used to form the foundation of the SWOT ANALYSIS.
As the problems and opportunities of the business become better understood, so too are the "what ifs" – How much more profit could be made if we increased our share of the market by 10%? What if we increased it to 15%, etc. And therein lies the key to successfully tasking the individual efforts to the goals of the business – something that can be managed and measured.
This process is a wonderful way to ensure the financial security of the senior generation (especially if they are still dependent on the business for that financial security). It is a powerful protocol by which the younger generation can establish control of their destiny – a win-win situation for all!
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3. Best Practices
Environmental site assessments:
preventive tool or deal-breaker...
it's up to you
Back in Issue #007 , our environmental expert, John Scarano, outlined environmental liability and some possible defenses.
The ‘innocent landowner’ defense is often used and requires that the prospective buyer makes all appropriate inquiry into the subject property. What does "appropriate inquiry" mean in practical terms? In practice, all appropriate inquiry begins with what is known as a Phase I Environmental Site Assessment [ESA].
Environmental site assessment, you ask. What’s that?
John outlines what's involved and how extensive a Phase I ESA might be in his current article. Then he goes on to show us how a Phase II ESA might be used to verify the Phase I findings by sampling soil and/or groundwater.
Bottom line on environmental site assessments for a family business?
Since a prospective purchaser of your family business [and his lender] is almost certain to follow this inquiry process, it makes sense for you as the family business owner to use environmental site assessments as a preventive tool, rather than starting into a transaction and having it be a deal-breaker.
4. Around the Family Business Experts web sites
Search the entire content site in two different ways
1. A search engine powered by ATOMZ has indexed all the pages on the site and will link you to those relating to any search term you enter.
2. A 'Table of contents' listing that will link you directly to any page / article you select. Visit often, and bookmark the search page in your browser so that you can get directly to the site.
Site Table of Contents
Background information, testimonials to our service and understanding, and answers FAQ's [Frequently Asked Questions].
Family Business Experts.
Environmental site assessments
continues our examination of the environmental liability that can threaten and even wipe out family businesses.
And remember about our convenient new online billing with 100% satisfaction guaranteed! Another step in our process of starting online business. Secure online payment
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