The Second Stage

With 2016 winding down, we feel it’s a great time for small business owners to reflect on their successes and failures (or better stated, growth opportunities) in the past year, and then begin developing new strategies that build on these experiences in the year to come. In keeping with the spirit of this show, cultivating cultures of continuous learning, we’d like to share not only our own reflections and experiences over the past year, but those of some of our post popular guests in this two part series. We have had the opportunity to speak with a wide range of incredibly talented individuals, all of whom offered their time, talents and perspectives to help entrepreneurs create the ideal environment for a thriving business. We hope, as in all of our episodes, to provide a few key takeaways to help guide you on your journey as you plan, grow and prepare for an eventual—and prosperous—exit from your business.

With 2016 winding down, we feel it’s a great time for small business owners to reflect on their successes and failures (or better stated, growth opportunities) in the past year, and then begin developing new strategies that build on these experiences in the year to come. In keeping with the spirit of this show, cultivating cultures of continuous learning, we’d like to share not only our own reflections and experiences over the past year, but those of some of our post popular guests in this two part series. We have had the opportunity to speak with a wide range of incredibly talented individuals, all of whom offered their time, talents and perspectives to help entrepreneurs create the ideal environment for a thriving business. We hope, as in all of our episodes, to provide a few key takeaways to help guide you on your journey as you plan, grow and prepare for an eventual—and prosperous—exit from your business.

On today’s episode of The Second Stage we welcome Bill Hubbard, Owner and Founder of Hubbard Business Counsel, to shed light on the newest of the crowdfunding options for both business owners and investors, Reg CF or Title III. In effect as of May sixteenth of this year, Title III allows businesses to raise equity capital online from non-accredited investors, unlike the previous forms of crowdfunding. We will discuss both the opportunities and challenges investment crowdfunding poses for business owners, as well as resources and internal steps to prepare your business, should you decide investment crowdfunding is right for you. Join us to learn more!

We are thrilled to welcome Joan Crain, Global Family Wealth Strategist, BNY Mellon Wealth Management, this week to The Second Stage. Joan works closely with wealthy families and their advisors to provide comprehensive and customized wealth planning solutions.

We are thrilled to welcome Joan Crain, Global Family Wealth Strategist, BNY Mellon Wealth Management, this week to The Second Stage. Joan works closely with wealthy families and their advisors to provide comprehensive and customized wealth planning solutions. We will speak with Ms. Crain about steps one can take to ensure a successful navigation of the transition from an active owner/operator to a business investor, post exit. Ms. Crain notes that it is extremely important for a business owner to carefully consider both lifestyle and psychological changes that accompany the transition from entrepreneur to investor. She will touch on the significance of having a good team of advisors in place, who the team should consist of, and the role each plays. Join us to learn more!

We talk often about the importance of great financial metrics and reporting as you establish and grow your organization. And it doesn’t stop with just having solid financial practices in place, but must be accompanied with a culture of transparency and accountability to empower your employees for better decision making. Today’s guest however takes the concept of being financially sound one step further, as he shares the importance of teaching your employees how to manage their own personal finances and the impact to not only their own life, but that of the organization. Mr. Clint Greenleaf, founder and CEO of Greenleaf Groups and founder of Greenleaf Book Group, speaks passionately about entrepreneurship and personal finances. He shares his own experiences working with employees and how implementing a brown bag lunch series, Personal Finance 101, was just the beginning of what became an ongoing education and modified version of open book management. Join us to hear the results.

At a certain point in the lifecycle of every business, there comes an awkward phase of organizational development where the complexity of a business is overcoming its team’s capabilities as leaders and the systems they created. Too big to be small, and too small to be big, this wilderness phase is what Doug Tatum’s bestseller refers to as “No Man’s Land,” a critical transitional stage in the metamorphosis of a growing company. And just as every teenager thinks they’re the only one struggling with fear, doubt, and the pressure to grow up faster, so every business owner needs to understand that this phase is normal and in fact manageable. A serial entrepreneur and 20 year member of the Entrepreneurs’ Organization, we are excited to welcome back Rich Manders to discuss how leaders can identify that their business is at this pivotal point, where complexity is growing at an exponential rate, and more importantly, how to overcome the transition.

As business owners grow their organizations, attracting AND retaining the right talent is crucial.

As business owners grow their organizations, attracting AND retaining the right talent is crucial. Without the right team in place with everyone understanding their individual and team roles and how they fit into the organization, it is hard to reach desired company goals. So where does one begin when it comes to ensuring employee success? Does it start with employee onboarding or before? Who is responsible for onboarding? How do you measure the effectiveness of acclimating new hires? These are just a few of the questions we will answer on today’s episode of The Second Stage with our guest, human resource expert and President of Organizational Architecture, Mark Fiala. Investing in talent is a significant undertaking for any company, especially small businesses. So join us on today’s episode to learn best practices when it comes to employee retention – it starts even before an individual’s hire date.

A journey every business owner MUST take, exiting your business can either be the most rewarding or the most deflating.

A journey every business owner MUST take, exiting your business can either be the most rewarding or the most deflating. The part of an entrepreneur’s journey not often highlighted, the question is, what defines a great exit and how can it be planned for so that the entrepreneur leaves on his or her own terms (with satisfaction and a sense of accomplishment) and not by happenstance (with remorse). Here to join us is author Bo Burlingham, his new book “Finish Big” focused on this very subject. During our discussion we will walk through what Bo defines as the four phases of exit (Exploratory, Strategic, Execution and Transition), including what each of these phases entails. There is a process every entrepreneur can take to ensure that the factors important to them personally and professionally are dealt with in the best possible manner. And these factors can include everything from company culture to simply the involvement or lack thereof of the entrepreneur upon exit.

Growing your small business is a challenge, no matter the size or industry, with many owners identifying access to capital as one of the biggest hurdles in achieving their goals. But typically access alone is not the stumbling point. Knowing how to identify the right kind of capital, along with finding the best capital partner to fit your needs rank high in the hurdles category. To help us address these points, along with how and where to start on this journey, is Founder and CEO of Star Mountain Capital, Brett Hickey. During today’s discussion we will touch on the importance of timing, planning and knowing your long term goals -both professional and personal- before setting sail. Join us to learn more!

Kim Ferenchak, Practice Leader of Executive Risk at Oswald Companies, joins us on today’s episode of “The Second Stage” to discuss privacy and data security risks and how to ensure your business is prepared as well as protected. Business practices have evolved as we move further and further into the digital world, making it easier to not only start a business, but conduct business on a day to day basis – think better customer experience and data access - however with this comes strategic risks over cyberattacks. Ms. Ferenchak will help us understand exactly what private information is, the primary exposures that may cause harm to a business or business owner, and what elements of a cyber risk management program are imperative to ensure protection. In addition to knowing what to look for when identifying ways to get ahead of cybercrime, Ms. Ferenchak will also address what, if any, insurance solutions may be available to protect your business and its customers.

As you plan to sell your business, remember (1) you can never start too early and (2) don’t go it alone. Finding the right professional (s) to help you through the process is essential. Here to join us for today’s discussion on selling your business is the co-founder of Divestopdia, John Carvalho. Sharing his knowledge and expertise as a seasoned M&A professional, we will speak with John about some of the more difficult issues he frequently sees during the sale process and ways to possibly avoid these common pitfalls. We will also discuss not only why identifying the right advisor is so crucial , but tips and resources for finding the advisor or partner that best fits your needs as you go through this important phase in your business’s life cycle.

An important element of a great business many overlook is assembling a diverse advisory board, committed to developing your organization and exchanging knowledge. The right people bring innovative ideas, create opportunities and help a company move forward faster toward its stated objectives (or ones they didn’t even think possible). In fact, having the right people involved can be more important than having capital, because good ideas and good companies can attract low-cost capital. And it is important to note that an advisory board is different than a board of directors, focused solely on governance. The advisory members bring experience and views not found within the business, who are prepared to challenge the expectations, capabilities and vision of the organization. We are thrilled to welcome back Jeff DeGraff, the Dean of Innovation, to help us explore this topic in depth, providing suggestions for attracting those individuals that will push your organization to new heights.

Can intentional and “attention”al networking have a meaningful impact on your business and life? Global Leading Authority on Networking and Relationship Capital, Itzik Amiel, joins us on The Second Stage to share how to utilize ATTENTION to not only find the RIGHT people to connect with, but how to create both exciting and authentic connections to grow your business. The small act of giving genuine attention to others creates opportunity, through referrals and leads, having not only an impact on your bottom line, but enhancing your personal life too. Join us to learn more about Mr. Amiel’s own attention giving story, which ultimately saved his life!

It’s your weekly management meeting and everyone is late, there is no agenda and mentally most in attendance are off somewhere else “working” on their laptop or smartphone just waiting for their turn to do a “data dump” of information to the team on their efforts. Sound familiar? One of the most common frustrations for business owners and their management teams are unproductive meetings. Join The Second Stage to learn how a simple and consistent agenda and a set of meeting rules can turn those dreaded weekly meetings into perhaps the most productive and energizing time spent during your week. Mr. Rene Boer, Certified Entrepreneurial Operating System (EOS) Implementer, defines a “Level 10 Meeting” and how it is a great place to begin simplifying your business, eliminating those circular conversations that occur during most leadership meetings. The benefits are well worth the time. Experience better communication, increased accountability and over all improved team health.

Whether you are a seasoned entrepreneur or new to business ownership, the law can be confusing when it comes to protecting your assets, limiting your liabilities or just creating your company’s operating agreement. On today’s episode of The Second Stage our hosts will be joined by legal expert, Michael Marhofer, Partner at Calfee, Halter & Griswold LLP, to address some of the common pitfalls for business owners from a legal perspective. The hosts will discuss many topics when it comes to forming your organization, including what your entity choices are, where you should form your entity and the necessary documents. Don’t miss this important episode covering many of the basic legal points essential to not only getting your small business started, but planning for the future.

Are you contemplating selling your business, but unsure where to start? On today’s episode of The Second Stage our guest, Founder of EdgePoint Capital Advisors, offers his expertise on how and when a business owner should begin preparing their business for sale. While there are many factors as to why a business owner may be motivated to sell their organization, under all circumstances, one must understand the value of their business to set expectations and potentially improve the value should time allow. It is also important that business owners have a well-defined wealth plan to ensure they can comfortably enjoy the next stage of their lives, whatever that may be. Tune in Monday at 5:00pmEST / 2:00pm PST to learn how to create an effective exit plan as well as how a trusted advisor, such as an investment bank, can help during this process.

Whether you are a seasoned entrepreneur or starting a business for the first time, the world of insurance, including the terminology, can be overwhelming. And in this case, what you don’t know, really can hurt you. So on today’s episode, the hosts of The Second Stage will be joined by insurance expert, Jeffrey Schwab, M&A Practice Leader with Oswald Companies, to boil down the basics when it comes to business insurance. He will address practical questions every business owner should ask themself not only as they start, but as they grow and expand their business. Mr. Schwab will discuss the various types of insurance, including property and casualty, liability and errors and omissions. Walk away with good rules of thumb as you work to protect your business (and future) against predictable and unpredictable risks.