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What's Your Endgame

What is your long term goal for your business? Most business owners never plan for a good finish. The time to start thinking about the end is at the beginning.

Marilee Garza

on 2 May 2017

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Transcript of What's Your Endgame

What's Your Endgame
Knowledge Management
Step 4
the process of capturing, developing, sharing, and effectively using organizational knowledge
Simple definition?
Effectively Use
NOT Information Management or Information Technology
Don't confuse data management with knowledge management
Knowledge vs Information vs Data
- The raw material of information
- Data organized and presented by someone
- Information read, heard, or seen, and understood
- Distilled and integrated knowledge and understanding
Is your IP somewhere in here?
Where is your organization?
Do you have processes for these activities?
Deborah Burns
Sheri Clark
Marilee Garza
Jane Betterton

If you had all the money you needed, what would your life be like?
Defining your Long Term Personal Goals
If you only had 6 months to live, how would your spend your time?
These two questions should help you frame the type of answers for your Personal Goals
What do you need to do with your business?
Business goals needed to achieve your Long Term Personal Goals
Over what time period?
Financial Resource Planning
Questions to Ask Yourself
Do you have a recruitment plan?
Do you have position descriptions?
What is your HR process from need identification to employee exit?
What is your approach to develop your workforce?
Do you know the core competencies for your organization to be successful?
How do you determine compensation and benefits?
How do you manage contractors and external consultants?
Talent Management
Internal Recruitment & Hiring
HR Management
Workforce Development
Compensation & Benefits
External Consultant / Subcontractor Management
Recruitment & Hiring
Put your annual income needed to support your lifestyle today
# 4 (i)
Social Security

Pension or other sources other than savings and Investments - total is (b)
Retirement Income that you expect to get
Adjust as necessary for the lifestyle in
This is the estimated annual income today, for the lifestyle you plan to have,
What portion of income will you need from Savings & Investments?

Then figure out the multiplier from Table A to account for expected inflation.
Now you have the future annual income you expect to need from S & I or
Figure out the balance needed for Savings & Investments
Content Management
Reporting Management
Data Management
Document Management
Records Management
Approach to recruitment and hiring

Has this approach been successfully followed for recent hires?

Is this approach documented? Are standard forms/procedures defined?

Process includes performance based interviewing and ties to performance standards in the job description?
5 Point Scale
"Begin with end in mind."
-Stephen Covey
95% of business owners NEVER plan for their exit
Planning your endgame.

Failing to Plan is Planning to Fail
Small Business Owners often realize only 25%-30% of the value of their business because of a failure to plan.
#4 (ii)
#4 (iii)
#4 (iv)
Take (c) and determine the multiplier from Table B, the income from S & I
Now you have the target amount for Future Saving & Investments
Determine the future value of your financial assets you own today
#4 (v)
Take your current savings & investments
Determine the appropriate Growth Factor from Table A and multiply. (d)
Now what do you still need to reach your goals?
Compare (c) and (d)
#4 (vi)
The difference is what is needed from your business or additional accumulation on savings and investments. (e)
Business Growth
How much would you have to save to get there?
Take the amount you still need to accumulate (e)

Divide by Savings factor in Table A for the annual amount savings

Divide by 12 to get the monthly savings amount.

Is the Achievable? Realistic?

If not, don't worry. This is where your business comes in.
Let's look at valuing your business
Many methods based on the business and your exit strategy

Requires the business to be saleable or can be run without you

We will simplify the process for now by using a cash flow valuation method.

Take net income or Earnings, add back I, T, D & A to get cash flow

For simplicity sake, multiply by 4 to get (f) or the value of your company

Between savings and business value (f), you need to get to (e)
But do you have a saleable business?
Professionally managed without owner

Replicable processes that are not reliant on specific individuals

Documented business processes, policies, and procedures

Demonstrated success with retaining qualified workforce

Consistent and replicable sales & margins

Able to survive economic downturn

Stable or improving market, business fundamentals

Demonstrated ability to adjust to changing market conditions, disruptions
1. Approach identified
2. Approach developed
3. Approach implemented
4. Approach documented, such that more than 1 person knows the process
5. Process is tracked and results are used for continuous improvement (na to all processes)
New Employee Onboarding
Do you recognize the need to have an onboarding process to make new hires productive and successful?

Is the onboarding process clearly defined according to their assigned responsibilities?

Are employees and supervisors surveyed before/during/after the onboarding process to determine improvements?
Training and Development
Job descriptions exist for each employee

Job descriptions are performance based and reviews are completed at least annually

Performance reviews include Individual Development Plans (IDPs) that identify skills, training and competencies

Employee surveys are in place to provide feedback on performance evaluation process
External Consultant / Subcontractor Management
Approach to onboarding and managing a consultant / contractor

Approach to managing consultant / contractor performance

Lessons learned are collected and approach is improved for next consultant / contractor engagement
Full transcript