Archive for category: Uncategorized

Finders, Minders & Grinders: What’s Your Role?

04 Nov
November 4, 2018
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A LEVERAGEDWISDOM Member, founder and managing partner of a prominent accounting firm, once described his workforce as divided among Finders, Minders and Grinders. In the context of a professional services firm one can quickly imagine what these roles entail: Read more →

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04 Nov
November 4, 2018
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Enough With The Shovel: A LEVERAGEDWISDOM Insight

14 Oct
October 14, 2018
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We all know the rule of holes…if you’re in one, stop digging! 

A hole in business is an unpleasant place where:

1)         There is no return on the investment of time or money.
2)         A business relationship continues to be disappointing.
3)         The potential for an idea continues to be unrealized.
4)         A non-performing business silo lives on.

What amazes me is how many entrepreneurs keep digging because they love their shovel.

“It’s the best shovel I’ve ever owned.”
“Did you see my shovel…its golden?”
“Nobody has a shovel like mine.”
“Do you have any idea how much I invested in this shovel?”
“My father gave me this shovel.”
“Look, I downsized my shovel so this should work better.”
“Hey, I got a bigger shovel…so this should work better.”
“The other guy’s shovel is nowhere as nice as mine.”

And here’s my favorite:

“I got my shovel at Harvard (Wharton, Sloan, Stanford, etc.).”

Enough with the shovel, please borrow my ladder!

LEVERAGEDWISDOM’s Members participate in monthly peer group meetings and one to one coaching. Their learning process is augmented by world class speakers and reference resources. Members gain powerful insight into the distinctions between owning, leading or managing a business and how these important differences impact their decision making process, strategic plans and operating disciplines, all of which ultimately define the equity value of their business and the opportunity for a liquidity event.
Richard Lavin, Founder/Chair
917 405 6987 Cell
Email: richard.lavin@leveragedwisdom.com

Success as a Blind Spot, No Lessons Learned

27 Sep
September 27, 2018
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Most entrepreneurs are smart and if nothing else, resilient. Their tolerance for pain and risk would impress a US Navy Seal. They work hard, duck, bob and weave, believe when others don’t, pull wins out of thin air and sometimes get lucky. And when the “wins” do come that is what they focus on. That’s where they get their psychological strength and what sustains their resiliency.

Buoyed and shielded by the psychological high of the win, entrepreneurs often jump right back into the fray if only to prove they “may not always be right but they’re never wrong.”

What’s Going On?

Being an entrepreneur and an action junky can create and sustain blind spots; however, this need not be the case.

No Regrets vs. No Lessons Learned.

Recently, I spoke to an Entrepreneur who successfully sold his business after suffering through the economic downturn. While the sale was extraordinarily favorable I asked, “Given the benefit of hindsight might you have done some things differently to have avoided the pain of the downturn?”

His answer was, “Not really…I did what I had to do.”

Admittedly, we are both action junkies; but…hey…where’s the wisdom after all these experiences?

Further discussion revealed what he really meant was that he had “no regrets,” but, that’s not an explanation or an excuse for “no lessons learned.”

Another Approach!

Years ago, I found myself in the office of a real estate entrepreneur who is now CEO of a world class firm. Even then, he was quite successful.

After reviewing several leasing opportunities; but, before leaving his office I spent a moment looking at the “stuff” on his walls. Being a theater goer, I focused on the big theatre posters. I quickly realized I didn’t know any of the shows and asked why he had collected these particular posters. He explained that he had invested in those shows and for the most part they had “closed out of town” or failed to open. (As it turned out he had invested in many others that had been “hits.”)

In fact, his office walls were peppered with his failures including pictures of oil wells, tombstones and a prize winning bull. He recounted how the oil well was dry, the bull stopped producing semen and the IPO tombstone notices were of companies that had gone belly-up.

I said, “Well, that’s different!” “Yeah,” he countered, “I like to put my failures up on the wall to remind me of what I’ve done wrong.”

Takes Guts!

It takes a lot of courage to admit your mistakes, even more to confront them on a daily basis. Entrepreneurs can’t wait for the show to fail or the well to run dry to put in place a mechanism to question their decisions or the direction they’ve taken.

LEVERAGEDWISDOM’s Members participate in monthly peer group meetings and one to one coaching. Their learning process is augmented by world class speakers and reference resources. Members gain powerful insight into the distinctions between owning, leading or managing a business and how these important differences impact their decision making process, strategic plans and operating disciplines, all of which ultimately define the equity value of their business and the opportunity for a liquidity event.
Richard Lavin, Founder/Chair
917 405 6987 Cell
Email: richard.lavin@leveragedwisdom.com

 

If You Run Your Business as Though You’re Going to Sell It, What’s the Number?

28 Jun
June 28, 2018
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As an entrepreneurial CEO, owner, how do you benchmark your performance and that of your company as you go through the stages of growth and meet your “lifestyle” aspirations?

If you’re like some CEOs I know, you may find yourself in an “entrepreneurial comfort zone,” where you lead and manage the business to the point where it has become your own personal ATM. The enterprise throws off enough income to satisfy your aspirations and standard of living. It can be difficult to escape this comfort zone or for you as an owner to acknowledge your responsibility to maximize the equity value of the enterprise beyond a “lifestyle” business. Read more →

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