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4 Main ‘PAINS’ Experienced By A Business Owner

All Business Owners Have PAIN’s.   Which one’s do you have?

 For the past 27+ years I have worked for, with or coached business owners / leaders. I recognize that each and every business is different and unique.  The clients I have served range from the single real estate agent to the Executives of a 2000 FTE  manufacturing firm.  Often, our efforts surround finding ways to increase efficiency, reduce time investment on projects or provide new and timely information have been the focused solutions.   This is apparent that they have PAINs that they would like to have eliminated from their lives.
We have recently began a partnership with Lead Forensics, a new and innovative technology solution that can provide real time solutions to many of the challenges clients have experienced.  Lead Forensics is the software that reveals the identity of your anonymous website traffic, and turns them into actionable sales leads.   This tool, can in real-time help to address those 4 pains.
Those 4 PAIN’s are… TIME, TEAM, MONEY and EXIT
time tredmillTIME – the amount of time being invested in the business has taken the owner ‘out of balance’.  Some of the key indicators of business owners with this pain are…
  • The business owner / leader is working 60+ hours a week
  • They will say things like…”my customers come to my business because of me and what I do”; or “if I wasn’t here, my customers would go somewhere else”
  • the owner is having family relationship troubles with spouse and / or children.
  • Health issues are surfacing with the owner – lack of sleep, anxiety, head aches, etc.
  • So much time is being spent cold-calling for prospective clients, with so few results.
TEAM – as a business grows, the only way to scale and grow consistently is to add employees.  But, because you are a good (add any product/service provider here), doesn’t make the owner a good ‘leader’.  Some of things we will hear when this is the pain is…
  • No matter who they hire, no one seems willing to follow directions
  • The person interviewed seems to be different that the person hired after a few weeks
  • When the owner’s not there, nothing ever gets done
  • No one has the same work-ethic as the owner does
  • The owner struggles to find sales and marketing people that can open doors and build relationships with our prospects.
9881157_sMONEY – this can be looked at as revenue, gross profit, net profit, cash-flow or finding the money to buy equipment, expand your facility or to fund a growth plan.  The things you will hear from the owners/leaders with this pain sound like…
  • There is never enough money in the checking account at the end of the month
  • Although we’re busier than we’ve ever been, the check book doesn’t show it
  • By the time I pay all the bills and my employees, there is nothing left for me.
  • I have opportunities to grow the business, but need money to invest and cant get it from the bank.
  • Marketing and Advertising in today’s marketplace is constantly changing.  We don’t seem to be getting a ROI on our investment.
EXIT – this pain is most common for business owners that are in their 50’s+.  They are seeing the potential of retirement, but have just realized that their biggest asset is their business.  You will hear them say things like…
  • How much is my business worth?
  • Who would be interested in buying my business? and how will I make that happen?
  • I’d like to retire, but who will run the business if I’m not here?
  • How do I convert the business I’ve built into cash for my retirement?
  • Making sure that we have a proven system for generating qualified leads will increase the value of my company… now I just need to figure out how to do that.
Advanced Business Coaching offers the principals, practices, tools and techniques to our clients to address all these PAINs.  We recognize that each of our clients are unique and special.   We customize the potential solutions to meet their particular situation and  their prioritized goals.
Over the next few weeks, we will look into each of these ‘PAINs’ in depth and share some potential solutions that have worked for our clients that asked us to help them overcome and remove these “PAINs’ from their lives.
If you’d like to learn more about ways you can remove one, or all of these PAIN’s from your business, contact Michael Stelter @ Advanced Business Coaching at 262.293.3166.  or you can email Michael at Michael@ABCBizCoach.com

A $24,000 Holiday Gift From A Successful Client

3-dman-gift3A ‘Pay It Forward’ gift from one of our very happy clients…

One client is so happy with the results he experienced over the past 3 years that he wants to ‘Pay It Forward’ for 4 business owners that would benefit from working with a Business Coach.   His business has seen significant growth and his life has been enhanced by working with Advanced Business Coaching (ABC) that he wants to help other businesses experience similar benefits.
Our client has set aside $24,000 from his 2016 profits to help cover the investment for 1 years coaching fees.  Each recipient will receive $500/month to apply toward the coaching program that has made them so successful.  Depending on the options selected, that could cover 50% of the costs.
This B2B client has gone from losing $150,000 in 2013 to a NET PROFIT OF OVER $350,000 in 2015.  2016 will be even better!  Click Here To Read More Details
Last year, Advanced Business Coaching clients saw a $10.17 gross profit return on every dollar they invested in a Business Coaching program.    Advanced Business Coaching is so confident of our ability to help you achieve your goals, WE GUARANTEE SUCCESS -in writing.
 
With Coach Michael on our team the results have been amazing. I’ve learned so much about the business end of MY business. I’ve learned to work on my business and not so much in it. With his help, I now own 3 profitable businesses. He’s a great asset to our team. Thank you!
There are no restrictions or limitations to the ABC services provided.  The ‘winners’ just need to be have the DESIRE to GROW their business and the WILLINGNESS to CHANGE the way the do things.   Both those things are the most common characteristics of ALL our successful clients.
To apply for this generous grant, of if you have questions on how this program may apply to you and your business, you only need to send a short 100 word email to michael@abcbizcoach.com explaining why  think you deserve the money and what changes you’d like to see in your business. Please put ‘SCHOLARSHIP’ in the subject line. Send the email by 12/31/16.  Winners will be notified by email by Friday, January 13, 2017.

A Thanksgiving Gift For You From A Successful Client

A ‘Pay It dreamstimeextrasmall_24776938Forward’ gift from one of our very happy clients…

One client is so happy with the results he experienced over the past 3 years that he wants to ‘Pay It Forward’ for 4 business owners that would benefit from working with a Business Coach.   His business has seen significant growth and his life has been enhanced by working with Advanced Business Coaching (ABC) that he wants to help other businesses experience similar benefits.
Our client has set aside $24,000 from his 2016 profits to help cover the investment for 1 years coaching fees.  Each recipient will receive $500/month to apply toward the coaching program that has made them so successful.  Depending on the options selected, that could cover 50% of the costs.
This B2B client has gone from losing $150,000 in 2013 to a NET PROFIT OF OVER $350,000 in 2015.  2016 will be even better!  Click Here To Read More Details
Last year, Advanced Business Coaching clients saw a $10.17 gross profit return on every dollar they invested in a Business Coaching program.    Advanced Business Coaching is so confident of our ability to help you achieve your goals, WE GUARANTEE SUCCESS -in writing.
 
With Coach Michael on our team the results have been amazing. I’ve learned so much about the business end of MY business. I’ve learned to work on my business and not so much in it. With his help, I now own 3 profitable businesses. He’s a great asset to our team. Thank you!
There are no restrictions or limitations to the ABC services provided.  The ‘winners’ just need to be have the DESIRE to GROW their business and the WILLINGNESS to CHANGE the way the do things.   Both those things are the most common characteristics of ALL our successful clients.
To apply for this generous grant, of if you have questions on how this program may apply to you and your business, you only need to send a short 100 word email to michael@abcbizcoach.com explaining why  think you deserve the money and what changes you’d like to see in your business. Please put ‘SCHOLARSHIP’ in the subject line. Send the email by 12/31/16.  Winners will be notified by email by Friday, January 13, 2017.

New Tax Laws That Will Affect Over 11,000 Family Owned Businesses

Owners Of Family-Owned Businesses NEED To Understand These New Laws

What is there to love about 16 minutes of dialogue related to a new addition to the Federal Tax Code?

Almost nothing.

But, if you tick any of the boxes below, this information is not only compelling, it may be the most valuable use of 16 minutes you will never get back.  Thanks to Todd McLees for sharing this important content.

In this special episode of The Growth Minded Podcast, I had an opportunity to sit down with two subject matter experts — Jeff Billings (Godfrey & Kahn) and Jamey Rappis (CliftonLarsonAllen, LLP). Jeff and Jamey have built successful practices over the last two decades, after earning their JD from the University of Michigan and Marquette University Law Schools, respectively.
Most of the time we get to delve into issues with entrepreneurs, investors and thought leaders. People who have insights into what it takes to scale a company. This particular episode is intended to benefit those of you that are on a path to or have already grown substantial family-owned businesses.
It must be an important topic. In the past week, more than 15,000 people have watched the show on YouTube or downloaded the audio on iTunes and SoundCloud.
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10 Things I Learned from this Episode
  1. Family Business Impact — If approved in its current form, section 2704 of the tax code will have a significant impact on Family Business owners. Especially those that have built a business of greater than $10M. This impacts business planning and tax planning, for both gift tax and estate tax.
  2. Tick-Tock — If you start today, you could get through this process by Thanksgiving. If finalized, the tax code goes into effect on January 1. That leaves you with little time to take action.
  3. Catch-22— There is a hearing scheduled on December 4th to determine if the regulations will be finalized. If you wait to understand the outcome, you will not have enough time to get the right plan executed.
  4. The Tax— When equity in a business is gifted to a future generation the value of that ownership transfer is taxed. Today, the tax rate is 40% on the value determined through an appraisal process. In a business valued at $10 million, 10% of that value to be $1 million. That would result in a $400,000 tax bill.
  5. Discounts — However, that value is discounted by 25–50% for two primary reasons. Firstly, the recipient of a minority interest has no control of the company and that results in a lower valuation. Secondly, those minority interest shares are not easily sold to another buyer, and so they lack marketability. That is another discount. If the discounts amount to 40%, the tax is $240,000.
  6. 2704’s Effect — Neither discount will survive if Section 2704 is enacted as written. So, we are back to the $400,000 tax bill.
  7. History — These regulations originated as far back as 1990. But they have consistently been defeated in tax court when well litigated. That led to tax code changes and a broader impact than catching abusers of the discounting system.
  8. Election Impact — One candidate plans to lower the taxable threshold to $1 Million. That translates to up to 90% of business owners affected. The gift tax and estate tax rates are also likely to increase.
  9. It’s Good to Know Experts — It can be a challenge, but it is important to take a step back and be thankful for good things that are happening. Getting to know Jeff Billings and Jamey RappisRappis and understand their level of expertise they bring to the table is a helluva good thing.
  10. The Value of the Family Business Legacy Institute — I met Jeff and Jamey through our FBLI partnership. FBLI is doing great things to help ~40 family business owners in Wisconsin. Member benefits include the expertise that firms like Godfrey & Kahn and CliftonLarsonAllen offer.

If you would like learn more about how you can protect your Family-Owned business from these new rules, call your business tax advisor or reach out Coach Michael Stelter at Advanced Business Coaching, Inc. (262) 293.3166.