Key Components How did so many business owners succeed in this current crisis? How did some business owners even thrive during the most challenging year one will hopefully ever experience? Because they stuck to the basics—staying focused. These business owners continually promoted their vision, ensured they had the “right people in the right seats” throughout their organization, used scorecards and measurables to track all critical data, and prioritized and solved all issues that popped up. These business owners stayed true to their core processes and instilled the discipline and accountability (Traction®) necessary to deliver their annual plans and goals. This…
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It is Not Just About Having a Buy-Sell Agreement A business is a dynamic entity. Businesses are fueled by the passion and vision of its owners. While it is hard to be passionate about administrative aspects of building a successful business, the truth is, some of that stuff is crucial. Take the buy-sell agreement or similar provisions in an operating agreement—think of it as the business will—the “what happens if” document. And while all situations cannot be covered, the major ones—job performance, disability, divorce, retirement, and death—can. These provisions should be on the must-do list when forming or getting into…