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Quick Links & Good Ideas, January 2010

Happy New Year.

Isn’t it wonderful to be looking at 2009 rapidly receding in the rear view mirror?  

As great as it was to close the books on 2009, we see that 2010 is already 1/25th gone.  While there is plenty of time left to make those big changes, there’s little time to waste.   So let’s get right back to business:  

In Do You Have a “Business” New Year’s Resolution? we focused on the opportunity that a recovering economy presents to businesses looking…and committing… to have a real breakthrough year.   We also added a bit of caution by outlining the “speed brakes” that might slow down or derail these efforts. Remember, “Knowledge is power.” In addition to getting the business strategy and execution targets right for the coming year, it is also necessary to get succession plans in order.  Is the Family Business Leader Born or Made? Follow the Rattle? addresses succession issues specific to family businesses.  Considering both the capabilities as well as the interests of the person – especially a family member – is critical when selecting and grooming your next generation leaders.  But that’s only half the battle. The current generation of leadership must also have time-based plans to hand over the reins if there is truly to be a meaningful succession plan.

Looking back at 2009, we are reminded of two thought-provoking concepts from former Intel Chairman Andy Grove’s book from 1996, Only The Paranoid Survive:

1)  “Business success contains the seeds of its own destruction. The more successful you are, the more people want a chunk of your business…” Query: Does this mean that surviving last year brightens the target on your back? 

2) ”A strategic inflection point is a time in the life of a business when its fundamentals are about to change. That change can mean an opportunity to rise to new heights. But it may just as likely signal the beginning of the end.”  We believe that 2010’s “New Normal,” may provide such an inflection point for every business. 

By taking purposeful and positive action now, you can gain the opportunity to rise to new heights.  While waiting to act may be more comfortable in the short term, it will probably have negative consequences for the longer term. Given that the environment has changed, we believe it is necessary to adapt.

As we say good-bye (or good riddance) to 2009 and look towards a brighter 2010, we leave you with the immortal words from Dead Poets Society: Carpe Diem!

 

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.