One of the most engaging business leaders I ever had the privilege of talking with, Jack Welch, GE’s famed Chairman, preached the 6 Sigma Principle (where you began at “0”, and planned on how to get 50% of your “perfect” goal accomplished, stop, reset, target another 50% of the remaining “perfect” goal, stop, reset, and so forth. At 3 “Sigmas”,

you launch, having accomplished 87.5% of the “perfected” goal (50% accomplished, then 75%, then 87.5%).

The next 2 “Sigmas” were where the slope of the incline became very steep indeed.

The point: Launching the plan before “perfect” was a recipe for failure. Waiting for things to be “perfect” never accomplished any goal. Never lose faith nor be so discouraged when the unexpected occurs that you quit on yourself.

And those that matter to you. Reset and stick to the track of success in an articulated, proven path of the process. Things happen. Reset. Move to the next level of success.

This virus is unprecedented in our lifetimes. It has taken the wind out of many sails. Yet this too will pass. For now, focus on the goal. Do you need to sell your company? Fine.

Let’s boost the value to where it should be and execute the plan.

Exit The Family Business clients and those family businesses we have touched over the years are each dealing differently during the Coronavirus event but all are seeking to identify and execute an optimal path during this period of uncertainty.

For some, this creates opportunities and for others, this poses short-term challenges. We have served many recipients to this email since before the last economic crisis and we can not lose focus on what is important to us.

In the journey of increasing the value of our business and selling it for a ‘good” and “fair value”, we need to strive to keep the focus on “What’s important to Us and What makes Us happy. Failing is not an option we can entertain.

Our approach has always been and continues to be centered around focusing on “what do you want to accomplish, and what will it mean to you when you accomplish it?

Ask yourself “What is the short and long term impact on operations and sustainability?”

• How is my supply chain being impacted?

• What is the temperament of my stakeholders and lenders? What type of proactive updates are they seeking? Am I prepared to deal with whatever rights they can exercise or declare?

• What is the financial impact on current and forecasted financials and do I have a handle on how best to aggressively manage costs and cash flow?

• What am I hearing from other clients, companies, lenders, investors, accountants, lawyers and manufacturers both from a local and global perspective?

• Do I have contingency plans to help ensure the health of my company and that of my employees?

• How can I adapt to remain competitive and relevant during this period of uncertainty?

• How can I best manage my vendors during this extraordinary stretch?

As we seek to exit from the business, these issues define our business strength.

And how is Exit The Family Business adapting?

• We have added resources to leverage our experience and keep pace with client demand.

• Thanks to videoconferencing and remote access to data, we have experienced no gaps in our delivery of services and insight.

• We remain available 24/7 to address any and all client needs and questions. No question is too small and no need is too trivial.

Steve and I take great pride in serving you, both professionally and personally, and want to reiterate that all of us here are ready to assist you however we can. If you want to chat, simply give a call, send an email or schedule a time to have a virtual meeting.

The links for setting up a call, as well as my, and Steve’s email, are below.

Thanks,

Rick

Rick@exitthefamilybusiness.com

Steve@exitthefamilybusiness.com

Book a call with me