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Four common types of changes and trends that can offer Business Opportunities?

What are four common types of changes and trends that can offer business opportunities?

Leveraging Business Opportunities in Times of Change and Virality

In the dynamic landscape of business, certain events can trigger significant opportunities for growth and expansion. Executive changes, viral marketing campaigns, adjacent market shifts, and even unforeseen circumstances like the death of an owner can open doors to new business prospects. Understanding how to navigate and capitalize on these situations can lead to substantial benefits.

Executive Changes: A Catalyst for Strategic Reevaluation

When a company experiences a change in its executive leadership, it often leads to a reevaluation of business strategies , leadership training and objectives. This transition period can unveil opportunities for business optimization, market expansion, or the introduction of innovative products, executive coaching and services. Competitors should be vigilant and ready to respond to shifts in market dynamics that may arise from new leadership strategies.

Viral Marketing: Harnessing the Power of Brand Visibility

A marketing or branding campaign that goes viral can significantly increase brand visibility and open up new market opportunities. Businesses should be prepared to leverage this increased attention by enhancing their product offerings, improving customer engagement, and optimizing their supply chain to meet the potential surge in demand often times requiring a fractional on-denamd chief marketing officer.

Adjacent Market Shifts: The Ripple Effect of Industry Changes

Changes in adjacent markets can create lucrative opportunities for businesses that are quick to adapt. For example, a boom in the concert industry can lead to increased demand for related services and products, such as sound equipment, event management, and transportation services like selling cement pump trucks both new and used. Companies should monitor trends in adjacent markets to quickly capitalize on these emerging opportunities.

Crisis Management: Planning for the Unforeseen

Unexpected events, such as the death of a business owner or a sudden market shift, can create immediate needs for business continuity planning, succession planning, or even the sale of the business. These situations, while challenging, can provide opportunities for new investors, side hustles, joint-ventures, strategic acquisitions, or the restructuring of the business to better align with current market demands.

Conclusion

Business opportunities can arise from various triggers, including executive changes, viral marketing successes, shifts in adjacent markets, and unforeseen crises. Companies that are proactive, agile, and strategic in their approach can successfully navigate these changes and turn potential challenges into profitable ventures. By staying attuned to the market dynamics and being prepared to act swiftly, businesses can harness these opportunities to foster growth and achieve long-term success. Many will then look to lifestyle investments or  alternative investing opportunities in adjacent or similar asset classes.

Looking for alternative business opportunities or Part-Time ways to make money?

Exploring part-time ventures and side hustles can be a lucrative way to supplement income. Here are some top money-making opportunities that can be pursued part-time, including day trading, futures trading, event management, and creating a mastermind group.

1. Day Trading and Futures Trading

Day trading involves buying and selling financial instruments within the same day, capitalizing on small price movements. Futures trading, on the other hand, involves buying or selling futures contracts to profit from the price changes of an underlying asset. Both require a good understanding of the markets, a solid strategy, and the ability to make quick decisions. While these can be profitable, they also come with high risk, so education and practice are crucial before starting.

Key Considerations:

  • Market Knowledge: Understand the market you are trading in, including the factors that affect price movements.
  • Capital: Both trading types require initial capital, but the amount can vary based on the market and your strategy.
  • Risk Management: Implement strict risk management rules to protect your capital.

2. Event Management

Organizing and managing events, from small gatherings to large corporate functions, can be a rewarding part-time job or business. It requires skills in planning, coordination, budgeting, and client service. With the rise of virtual and hybrid events, opportunities in this field have expanded.

Key Considerations:

  • Networking: Building relationships with vendors, venues, and clients is crucial.
  • Portfolio: Develop a portfolio of successfully managed events to attract new clients.
  • Adaptability: Be ready to adapt to changes and solve problems quickly.

3. Creating a Mastermind Group

A mastermind group is a peer-to-peer mentoring concept used to help members solve their problems with input and advice from the other group members. Facilitating such a group can be a profitable venture if you have expertise in a particular area and can bring together like-minded individuals.

Key Considerations:

  • Niche Expertise: Have a clear area of expertise or focus for your mastermind group.
  • Recruitment: Attract the right mix of members who can contribute to and benefit from the group.
  • Structure: Develop a structured approach to meetings and discussions to ensure productivity and value for members.

Top 25 Side Hustles

part-time income, including traditional side hustles, online opportunities, and investment strategies:

No. Method Description
1 Freelance Writing Write articles, blogs, or content for clients on a per-project basis.
2 Graphic Design Offer design services for websites, logos, or marketing materials.
3 Tutoring Teach subjects you are knowledgeable in, either online or in-person.
4 Virtual Assistant Provide administrative support to businesses or entrepreneurs remotely.
5 Social Media Management Manage social media accounts and content for businesses.
6 E-commerce Reselling Sell products online through platforms like eBay, Amazon, or Etsy.
7 Affiliate Marketing Earn commissions by promoting other companies’ products online.
8 Photography Offer photography services for events, portraits, or stock photos.
9 Pet Sitting/Dog Walking Provide care for pets in your local area.
10 House Sitting Look after homes while the owners are away.
11 Babysitting Provide childcare services.
12 Personal Training Offer fitness coaching and personalized workout plans.
13 Music Lessons Teach music instruments or vocal lessons.
14 Event Planning Organize and manage events like weddings, parties, or corporate functions.
15 Handmade Crafts and Art Create and sell your own crafts or artwork.
16 Consulting Provide expert advice in your field of expertise.
17 Day Trading Trade stocks, forex, or other securities for short-term profit.
18 Futures Trading Trade futures contracts on commodities or financial instruments.
19 Real Estate Investing Invest in property to rent out or flip for profit.
20 App Development Develop and sell mobile applications.
21 Web Development Build and maintain websites for clients.
22 Online Courses and Workshops Create and sell educational content in your area of expertise.
23 Mastermind Groups Facilitate peer-to-peer mentoring and networking groups.
24 Translation Services Provide language translation services for documents or live conversations.
25 Content Creation (YouTube, Blog) Create and monetize content on platforms like YouTube or a personal blog.

These part-time income methods range from service-based to product-based opportunities, and from physical to digital realms, allowing for a wide range of skills and interests to be monetized.

Categories
Mergers & Acquisition Negotiating Negotiations

Business Broker Near Me

Business Broker Near Me
Find a Business Broker Near Me

There are several ways to sell your business or hire a business broker to sell my business, and we are going to review a few in this article and provide checklists and action steps to help you navigate one of the happiest times of your BUSINESS CAREER.

For Sale Buy Owner
Hire A Business Broker
Strategic Acquisition or Bolt-on
Wrk With a Buy Side Firm
Sell to a Smart Money Buyer

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Sell your Business Own Your Own

Selling a business by the owner, often referred to as “for sale by owner” (FSBO), can present several challenges and risks that might make it less appealing compared to using professional services such as business brokers, M&A advisors, or investment bankers. Here are key reasons why selling your business on your own might not be the best approach: (it is best to have a friend that has had a successful exit to come along side you with this journey if you choose it it the right path for yo)

1. Lack of Market Knowledge

  • Challenge: Owners may not have a comprehensive understanding of the current market conditions, including the appropriate valuation for their business and the best marketing strategies to reach potential buyers.
  • Risk: This could result in undervaluing the business or failing to find a buyer altogether.

2. Limited Access to Buyers

  • Challenge: Owners typically have a limited network of potential buyers, which can significantly reduce the chances of finding the right buyer for their business.
  • Risk: This limited exposure may extend the time it takes to sell the business or may result in not selling at all.

3. Negotiation Challenges

  • Challenge: Business owners are often emotionally attached to their businesses, which can make objective negotiation difficult.
  • Risk: Emotional involvement may lead to poor negotiation outcomes, such as accepting lower offers or terms that are not in the owner’s best interest.

4. Complexity of the Sales Process

  • Challenge: The process of selling a business involves various complex steps, including business valuation, preparation of a detailed information memorandum, due diligence, and legal documentation.
  • Risk: Mistakes in any of these areas can derail the sale process, lead to legal liabilities, or result in financial losses.

5. Time and Effort

  • Challenge: Selling a business is time-consuming and can distract the owner from running the business, potentially affecting its performance and value.
  • Risk: The business may suffer during the sales process, decreasing its attractiveness to buyers and potentially reducing the sale price.

6. Confidentiality Issues

  • Challenge: Maintaining confidentiality during the sales process is crucial to prevent negative reactions from employees, customers, suppliers, and competitors.
  • Risk: Owners may struggle to market the business effectively while also keeping the sale confidential, risking premature disclosure that could harm the business.

7. Legal and Financial Pitfalls

  • Challenge: There are numerous legal and financial details involved in selling a business, requiring expertise in areas like contract law, taxation, and regulatory compliance.
  • Risk: Overlooking important details can lead to legal disputes, unexpected tax liabilities, or other costly issues after the sale.

8. Emotional Decision-Making

  • Challenge: Owners may make decisions based on their emotional attachment to the business rather than on what is financially or strategically best.
  • Risk: This can lead to rejecting suitable offers or holding out for unrealistic valuations.

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Business Broker

A business broker is a professional who assists in the buying and selling of businesses. The role of a business broker is multifaceted, encompassing elements of sales, marketing, finance, negotiation, and project management. They act as intermediaries between sellers and buyers of small to medium-sized businesses, facilitating transactions to ensure a smooth transfer of ownership. This role requires a combination of skills and knowledge to successfully navigate the complexities of business sales.

Key Responsibilities

  1. Valuation of Businesses: Assess and determine the value of a business based on its financial performance, assets, and market position.
  2. Marketing and Advertising: Develop and implement strategies to market businesses for sale, including preparing sales materials and listing businesses on relevant platforms.
  3. Buyer Qualification: Screen potential buyers to ensure they have the financial capacity and serious intent to purchase a business.
  4. Negotiation: Facilitate negotiations between buyers and sellers, acting as a mediator to resolve differences and reach a mutually beneficial agreement.
  5. Due Diligence Coordination: Assist in the due diligence process, ensuring that buyers have access to necessary financial records and information to evaluate the business accurately.
  6. Closing Transactions: Coordinate the closing process, including ensuring that all legal and financial documents are prepared, signed, and filed appropriately.
  7. Consultation and Advice: Provide clients with advice on the sale process, including pricing strategies, market trends, and legal requirements.

Skills and Qualifications

  • Educational Background: While a specific degree is not always required, backgrounds in business, finance, or a related field can be beneficial.
  • Experience: Prior experience in business sales, finance, or a related field is valuable. Understanding of small business operations and financial principles is crucial.
  • Licensing and Certification: Requirements vary by location, but many regions require business brokers to have a real estate license. Additional certifications from professional associations, like the International Business Brokers Association (IBBA), can enhance credibility.
  • Communication Skills: Strong verbal and written communication skills are essential for negotiating deals, marketing businesses, and advising clients.
  • Analytical Skills: Ability to analyze financial statements, market data, and business models to accurately value businesses and advise clients.
  • Ethical Standards: High ethical standards and integrity are critical, as brokers must handle confidential information and ensure fair dealings.

Hiring a Business Broker Check-list

Choosing the right business broker is essential, and it will be more than just the checklist…it will be a lot like dating. Finding the right one will not only help you get the EXIT COMPLETE but make your life/stress less.

Hiring a business broker check-list:

When listing your business for sale with a business broker, it’s crucial to ask the right questions to ensure they’re a good fit for your needs and to understand the process they will follow to sell your business. Here are 25 important questions to consider:

  1. Experience and Background
    • What is your experience in selling businesses similar to mine?
    • How long have you been a business broker?
  2. Credentials and Licensing
    • Do you have any professional certifications or licenses relevant to business brokerage?
    • Are you a member of any professional business broker associations?
  3. Sales Process
    • Can you walk me through your sales process from listing to closing?
    • How do you determine the valuation of a business?
  4. Marketing and Advertising
    • How will you market my business for sale?
    • What kind of advertising materials do you create, and can I see samples?
    • How do you maintain confidentiality while marketing the business?
  5. Buyer Qualification
    • How do you qualify potential buyers?
    • What steps do you take to ensure a buyer has the financial capacity to purchase my business?
  6. Communication and Reporting
    • How often will I receive updates on the sale process?
    • What kind of reporting can I expect to receive?
  7. Negotiation and Offers
    • How are offers presented and negotiated?
    • Will you assist in negotiating the terms of the sale?
  8. Fees and Contracts
    • What are your fees, and how are they structured?
    • Is there an exclusive listing period, and what happens if my business does not sell during that time?
    • Can I see a sample listing agreement?
  9. Closing Process
    • What is your role in the closing process?
    • Can you provide references from past clients?
  10. Post-Sale Support
    • What kind of support can I expect after the sale is completed?
  11. Success Rate and References
    • What is your success rate in selling businesses?
    • Can you provide references from past clients whose businesses you’ve sold?
  12. Market Analysis
    • How do you conduct market analysis for businesses like mine?
    • What current trends in my industry could affect the sale of my business?
  13. Buyer Network
    • Do you have a network of potential buyers for my type of business?
  14. Challenges and Solutions
    • What are the most common challenges in selling a business like mine, and how do you address them?
  15. Legal and Ethical Standards
    • How do you ensure compliance with legal and ethical standards in the sale process?
  16. Technology and Tools
    • What technology and tools do you use to facilitate the business sale process?
  17. Partnerships and Alliances
    • Do you work with other brokers or professionals to help sell the business?
  18. Exit Strategy Planning
    • Can you assist with exit strategy planning if I don’t have one in place?
  19. Confidentiality Agreement
    • How do you ensure that potential buyers sign a confidentiality agreement before receiving detailed information about my business?
  20. Post-Sale Non-Compete Agreements
    • Do you assist in negotiating post-sale non-compete agreements?
  21. Inventory and Asset Handling
    • How are inventory and other assets handled in the sale?
  22. Employee Retention
    • How do you handle communication with employees about the sale?
  23. Real Estate and Lease Agreements
    • How are real estate and lease agreements handled in the sale?
  24. After-Sale Transition
    • What support is available for the transition to the new owner?
  25. Feedback and Improvement
    • How do you handle feedback from sellers about the sales process?

Asking these questions can help you gauge the broker’s expertise, understand their process, and set the right expectations for the sale of your business.

Sell your Business using a buy side firm like venture intro offered by c-suite network jeff cline

Strategic Acquisition or Bolt-on

A strategic acquisition or bolt-on acquisition refers to the purchase of a company by another company that is looking to strengthen its existing operations, expand its market reach, or acquire specific assets, technologies, or expertise. This type of acquisition is typically pursued by companies seeking to grow strategically and gain competitive advantages in their industry.

Strategic Acquisition

  • Definition: In a strategic acquisition, a larger company acquires a smaller company to gain access to new markets, products, technologies, or synergies that complement its existing business.
  • Purpose: The primary goal is to enhance the acquirer’s strategic position and long-term profitability, rather than just seeking immediate financial gain.

Bolt-on Acquisition

  • Definition: A bolt-on acquisition occurs when a company is acquired and then integrated into an existing division or subsidiary of the acquiring company. It’s often smaller in scale compared to the acquiring company’s size.
  • Purpose: The aim is to add specific capabilities or products, expand geographically, or achieve cost synergies, thereby strengthening the acquirer’s existing business units.

Why a Strategic or Bolt-on Acquisition Might Be Preferable to Selling Outright

  1. Synergy Realization: Acquisitions can create synergies that may not be achievable through organic growth alone, such as cost reductions, improved efficiency, or enhanced market presence.
  2. Expansion Opportunities: Through a strategic acquisition, companies can quickly enter new markets or segments, leveraging the acquired company’s existing customer base and distribution channels.
  3. Access to Technologies and Expertise: Acquiring a company with unique technologies, patents, or specialized expertise can provide a competitive edge and accelerate innovation within the acquiring company.
  4. Economies of Scale: Bolt-on acquisitions allow companies to achieve economies of scale by expanding their operations, which can lead to lower costs per unit and improved profitability.
  5. Risk Diversification: Acquiring businesses in different regions or sectors can help diversify risk, reducing the impact of industry-specific downturns on the overall business.
  6. Faster Growth: Strategic acquisitions can be a quicker pathway to growth compared to the slower process of building business capabilities from scratch.
  7. Enhanced Value: Companies may find that being part of a larger, more diverse organization enhances their value and provides stability, resources, and opportunities for growth that were not previously available.
  8. Continuity and Integration: Unlike selling outright, which might lead to significant changes or the dissolution of the original business, a bolt-on acquisition often maintains some level of continuity, and the acquired company can benefit from the resources and support of the larger entity.

For business owners, considering a strategic or bolt-on acquisition as an alternative to selling outright can be a way to ensure that their company continues to grow and thrive under the umbrella of a larger organization. This approach can also offer financial rewards, strategic advantages, and a way to safeguard the company’s legacy. It requires careful consideration of the strategic fit, cultural alignment, and long-term goals of both the acquiring and acquired companies.

Smart Money

“Smart money” refers to investments made by individuals or entities that possess expert knowledge and deep understanding of a particular industry or sector. These investors not only bring capital to a business but also valuable industry insights, experience, strategic relationships, and operational expertise that can significantly contribute to the growth and success of the company. Smart money investors are often contrasted with “passive investors” who provide capital but do not add any additional value in terms of industry knowledge or business acumen.

Benefits of Selling to Smart Money Investors:

  1. Industry Expertise: Smart money investors have a thorough understanding of the industry in which they invest, including the market dynamics, competitive landscape, regulatory environment, and emerging trends. This expertise can be invaluable in navigating challenges and seizing opportunities.
  2. Strategic Guidance: These investors can offer strategic guidance and mentorship to help the business scale, improve operational efficiencies, and enhance its market position.
  3. Networking Opportunities: Smart money investors often have extensive networks within the industry, including potential customers, partners, suppliers, and even future hires. Access to this network can open new doors and accelerate growth.
  4. Operational Support: Beyond financial investment, smart money can provide operational support in areas such as marketing, human resources, technology, and finance, leveraging their own resources and experience to improve business operations.
  5. Credibility and Reputation: Association with respected smart money investors can enhance the company’s credibility in the market, making it easier to attract additional investment, customers, and partners.

Selling to a Company with a Buy-Side Group Having an Affinity to Your Business:

A buy-side group that shows an affinity for your business implies that they are not just interested in the financial investment but also bring industry-specific knowledge, strategic interest, and a commitment to the long-term success of your business. Selling to such a group or company has several advantages:

  • Aligned Interests: These investors are more likely to understand the value proposition of your business and be aligned with your vision and goals, leading to a smoother partnership and shared objectives.
  • Strategic Growth: With their industry insight and strategic resources, these investors can help identify new growth avenues, optimize existing operations, and navigate market challenges effectively.
  • Higher Valuation: Investors with a strong understanding of your industry are better positioned to appreciate the true value of your business, potentially leading to a higher valuation at the time of sale.
  • Long-term Commitment: Such investors are typically interested in the long-term potential of the business rather than seeking quick returns, providing stability and continuity for the company, its employees, and customers.

In summary, selling to smart money investors or a company with a buy-side group that has an affinity for your business can offer significant benefits beyond mere financial investment. It can provide strategic advantages, operational support, and access to networks that are crucial for scaling the business and achieving long-term success.

Sell your Business using a buy side firm like venture intro offered by c-suite network jeff cline

Categories
Best Practices Negotiations Networking

Executive Coaching Services

Executive Coaching Services
Executive Coaching Services Companies

Executive Coaching Services may including leadership coaching tools and ideas for managers is a comprehensive task. These tools and ideas can range from self-assessment tools, team-building exercises, to resources for enhancing various leadership skills. Here’s a broad list to cover various aspects of leadership:

Self-Assessment and Reflection for Executive Coaching

  1. SWOT Analysis: Personal and team SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis templates.
  2. Leadership Style Questionnaires: Tools to help managers understand their leadership style.
  3. Emotional Intelligence Tests: Free online assessments.
  4. 360-Degree Feedback Forms: Templates for receiving feedback from peers, superiors, and subordinates.
  5. Time Management Audits: Tools to analyze and improve time management skills.
  6. Goal Setting Templates: For personal and professional goals.
  7. Reflection Journals: Prompts for daily or weekly reflective journaling.
  8. Conflict Style Assessment: Tools to understand how one handles conflict.
  9. Career Planning Tools: Guides and templates for career progression planning.
  10. Mindfulness and Meditation Apps: Free apps to practice mindfulness.

Executive Coaching Communication Skills

  1. Active Listening Exercises: Activities to enhance listening skills.
  2. Effective Communication Workshops: Online free resources and webinars.
  3. Presentation Skills Resources: Tips and guides for better public speaking.
  4. Non-verbal Communication Guides: Resources on body language.
  5. Feedback Giving Techniques: Guides on how to give constructive feedback.
  6. Negotiation Skill Resources: Free courses or guides online.
  7. Storytelling in Leadership Guides: How to use storytelling as a tool.
  8. Email Etiquette Guides: Tips for effective written communication.
  9. Conflict Resolution Frameworks: Steps and strategies for managing conflicts.
  10. Cross-Cultural Communication Guides: For managing diverse teams.

Executive Coaching Team Management

  1. Team Building Activity Ideas: Fun and engaging team-building exercises.
  2. Project Management Tools: Free software or templates.
  3. Delegation Checklists: Guides on how to delegate effectively.
  4. Performance Review Templates: For evaluating team members.
  5. Motivation Techniques: Strategies to motivate teams.
  6. Remote Team Management Guides: Best practices for managing virtual teams.
  7. Diversity and Inclusion Resources: Tools and guides for fostering inclusivity.
  8. Team Feedback Forms: For collecting team input.
  9. Employee Development Plans: Templates and guides.
  10. Meeting Management Tools: Techniques for effective meeting planning and execution.

Executive Coaching Personal Development

  1. Time Management Techniques: Tips and strategies for effective time management.
  2. Stress Management Resources: Guides and strategies for managing stress.
  3. Work-Life Balance Tips: Strategies for achieving balance.
  4. Critical Thinking Exercises: Activities to enhance analytical skills.
  5. Creative Thinking Tools: Techniques to boost creativity.
  6. Personal Branding Guides: How to develop a personal brand.
  7. Public Speaking Resources: Tips for improving public speaking skills.
  8. Networking Strategies: Guides on building professional networks.
  9. Resilience Building Techniques: Strategies for building mental toughness.
  10. Leadership Podcasts: Free podcasts for leadership insights and inspiration.

Executive Strategic Thinking

  1. Vision and Goal Setting Workshops: Resources for setting clear visions and goals.
  2. Business Strategy Frameworks: Tools for strategic planning.
  3. Decision-Making Models: Techniques for making better decisions.
  4. Problem-Solving Workshops: Online resources or guides.
  5. Innovation and Creativity Workshops: Free courses or materials.
  6. Risk Management Guides: Strategies for identifying and managing risks.
  7. Change Management Models: Frameworks for managing change.
  8. Market Analysis Tools: Techniques for analyzing market trends.
  9. Competitive Analysis Frameworks: Guides for conducting competitive analysis.
  10. Future-Proofing Strategies: Resources on preparing for future challenges.

Executive Coaching and Mentoring

  1. Mentoring Program Guides: How to start a mentoring program.
  2. Coaching Model Templates: Various coaching models and frameworks.
  3. Career Coaching Tools: Resources for career mentoring.
  4. Peer Coaching Guides: How to implement peer coaching.
  5. Listening Skills in Coaching: Techniques for effective listening as a coach.
  6. Questioning Techniques: For use in coaching sessions.
  7. Feedback Models for Coaching: Effective ways to give feedback.
  8. Coaching Session Templates: Structured templates for coaching meetings.
  9. Developmental Coaching Resources: Specialized coaching tools.
  10. Coaching Case Studies: Examples and analyses of effective coaching.

Technology and Innovation

  1. Digital Transformation Resources: Guides on leading digital change.
  2. Tech Literacy Resources: Basic tech skills for leaders.
  3. Innovative Thinking Tools: Techniques to foster innovation.
  4. Social Media for Leaders: Using social media effectively in leadership.
  5. Emerging Technologies Webinars: Staying updated with new technologies.
  6. Data Analysis Tools: Basic data interpretation skills.
  7. Cybersecurity Basics: Understanding cybersecurity essentials for leaders.
  8. E-commerce Strategies: For leaders in digital sales environments.
  9. Mobile Workforce Management: Tools and strategies.
  10. Tech Project Management Tools: Software and guides for tech project management.

Executive Organizational Development

  1. Organizational Culture Guides: Resources for understanding and shaping culture.
  2. Employee Engagement Strategies: Tools for improving engagement.
  3. Organizational Change Models: Strategies for effective change management.
  4. Corporate Social Responsibility (CSR) Ideas: Implementing CSR strategies.
  5. Sustainability in Business Guides: Resources for sustainable practices.
  6. Business Ethics Resources: Guides on ethical leadership.
  7. Organizational Health Assessment Tools: For evaluating company health.
  8. Employee Retention Strategies: Guides for retaining top talent.
  9. Succession Planning Tools: Preparing for leadership transitions.
  10. Crisis Management Resources: Strategies for managing crises.

Networking and External Relations

  1. Community Engagement Strategies: How to engage with the community.
  2. Public Relations Tools: Basics of managing public relations.
  3. Government Relations Guides: Understanding and managing government relations.
  4. Customer Relationship Management (CRM) Tools: Free CRM software or guides.
  5. Stakeholder Management Techniques: Managing various stakeholders.
  6. Networking Event Ideas: How to host or participate in networking events.
  7. Building Professional Relationships: Strategies for strong professional bonds.
  8. Corporate Partnership Guides: Tips for forming corporate partnerships.
  9. Public Speaking and External Communication: Enhancing public speaking skills.
  10. Media Handling Techniques: Dealing with media and press.

Executive Health and Well-being

  1. Workplace Wellness Programs: Ideas and tools for promoting wellness.
  2. Fitness and Health Apps: Free apps for physical health.
  3. Mental Health Resources: Understanding and supporting mental health at work.
  4. Healthy Eating Guides: Tips for a healthy diet.
  5. Mindfulness and Relaxation Techniques: Practices for mental well-being.
  6. Ergonomics in the Workplace: Creating a healthy work environment.
  7. Workplace Safety Guides: Ensuring physical safety at work.
  8. Balancing Professional and Personal Life: Strategies for balance.
  9. Managing Burnout: Recognizing and managing work-related burnout.
  10. First Aid and Emergency Preparedness: Basic first aid and emergency response training.

These tools and resources can be accessed through various platforms such as online courses, webinars, eBooks, podcasts, and websites offering free educational content. It’s important for managers to continuously develop their leadership skills and adapt to changing business landscapes, and these tools can provide valuable assistance in that journey.

Categories
Advice Negotiations Wealth

Secure Your Future: 10 Compelling Reasons Why You Need a Prenuptial Agreement

Love is in the air, and you’re eagerly planning your journey to happily ever after. Amidst the excitement, it’s essential to have open conversations about protecting your individual assets and ensuring a secure future for both partners. In this captivating article, we’ll unveil ten compelling reasons why a prenuptial agreement is an absolute must-have, igniting a spark of inspiration and empowering you to make informed decisions for your relationship.

  1. Financial Clarity: A prenuptial agreement provides a clear roadmap for your financial future. It outlines how assets and debts will be divided, eliminating any ambiguity and potential disputes down the road. With financial clarity, you can focus on building a strong and harmonious partnership.
  2. Protect Individual Assets: Preserve your hard-earned assets by clearly defining what belongs to each spouse before entering into marriage. A prenuptial agreement safeguards your individual property and ensures its rightful ownership, promoting trust and harmony within your relationship.
  3. Plan for the Unexpected: Life is unpredictable, and a prenuptial agreement allows you to plan for unforeseen circumstances. It addresses potential scenarios such as disability, death, or changes in financial circumstances, providing peace of mind and a sense of security for both partners.
  4. Minimize Conflict: By setting clear guidelines in advance, a prenuptial agreement minimizes the potential for conflicts and lengthy legal battles in the event of a divorce. It promotes open communication and fair resolution, protecting the emotional well-being of both partners.
  5. Preserve Family Legacies: If you have family heirlooms, businesses, or inheritances, a prenuptial agreement ensures their preservation within your bloodline. It safeguards the legacy you wish to pass on to future generations, maintaining the integrity of your family’s heritage.
  6. Support Future Financial Goals: A prenuptial agreement enables you to outline financial goals and aspirations as a couple. It paves the way for joint investments, savings, and future planning, aligning your visions for a prosperous and fulfilling life together.
  7. Protect Against Debt: Don’t let financial burdens strain your relationship. A prenuptial agreement can shield you from your partner’s existing debts, ensuring that you both maintain financial independence and stability throughout your marriage.
  8. Save Time and Money: In the unfortunate event of a divorce, a prenuptial agreement streamlines the legal process, saving you valuable time, money, and emotional stress. By establishing clear guidelines beforehand, you can navigate the dissolution of your marriage more efficiently.
  9. Foster Trust and Open Communication: Discussing and creating a prenuptial agreement requires open and honest communication between partners. It fosters trust, respect, and understanding, setting a solid foundation for a healthy and transparent relationship.
  10. Embrace Empowerment: By proactively creating a prenuptial agreement, you take control of your financial future and empower yourself and your partner. It demonstrates a commitment to transparency, responsibility, and shared decision-making, fostering a strong and lasting bond.

A prenuptial agreement is not a sign of distrust or a prediction of failure—it is a tool for building a strong and secure foundation for your marriage. It allows you to celebrate love while also prioritizing financial well-being and personal growth.

So, why wait? Embrace the power of a prenuptial agreement and embark on your journey to a harmonious and prosperous union. By taking proactive steps today, you can safeguard your future and create a love story that thrives, both emotionally and financially.

Unlock the potential of your partnership. Discover the peace of mind that comes with financial security. It’s time to have the conversation, explore your options, and create a prenupt

For more Healthy Money Tips:

linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Advice Capital Entrepreneurship Growth Investing Negotiating Negotiations

Get Funded: Overcome Rejection To Reach Success

 

The early stages of any entrepreneurial journey are fraught with excitement, anticipation, and a healthy dose of uncertainty and intense fear of failure.

You have a groundbreaking idea, a vision and a burning desire to turn that potential into a reality. But there’s one major catch. You need to raise money to fund your new venture and growth potential.

As you step onto the road to getting funded, you quickly realize that it’s not all smooth sailing. In fact at times, it doesn’t feel like sailing at all. It feels like you fell out of the boat without a life preserve and it’s a daily struggle just to keep your head above the water.

Welcome to the jungle of getting funded. Here’s some advice and condolences on the journey of overcoming the rejection of getting funded and some tips to get back in the boat and sail your way in the sunset of success.

 

 

 

Being Rejected by Investors Isn’t For the Faint of Heart, But it’s a Necessary Right of Passage

In the quest for funding, rejection becomes a familiar companion. You reach out to potential investors, eager to share your passion and the immense potential of your venture. You meticulously prepare your pitch deck, honing every slide, crafting each word with care into the depth of the midnight hours with blood shot eyes. Your heart races as you go to meet with your first investor, ready to make your case with eager and naïve anticipation.

But then, the dreaded words echo in your ears: “We’re sorry, but we’re not interested at this time.”

Rejection stings, like a sharp arrow piercing through your armor of confidence. It’s easy to feel disheartened, to question your abilities, and to doubt the very essence of your idea. You may even feel like giving up and going back to your dreaded day job.

But take heart, for rejection is not the end of your journey. It is merely a detour, a bump in the road that tests your resolve and fuels your determination. Many successful entrepreneurs have faced countless rejections before finding the right investor who believed in their vision. Remember – every rejection brings you closer to that pivotal “yes.”

 

 

Tips to Overcome the Sting of Rejection and to Get Funded

1. Reframe Rejection as Free and Valuable Feedback:

Instead of dwelling on rejection, embrace it as an opportunity for growth. Seek feedback from investors who turned you down. Listen attentively, absorb their insights, and use them to refine your pitch.

Constructive criticism is the compass that guides you towards improvement.

 

2. Build Relationships:

Funding is not just about the numbers; it’s about the people. Invest time in building relationships with potential investors. Attend industry events, network with like-minded individuals, and seek out mentors who can provide guidance. The power of a strong network should never be underestimated.

I’ve made my career out of building a large network of connections, and leveraging them to open doors I never knew where possible.

3. Showcase Traction and Milestones:

Investors want to see progress and tangible results. Demonstrate traction by highlighting key milestones you’ve achieved since your last pitch. This could be user growth, revenue generated, strategic partnerships forged, or product iterations. Concrete evidence of progress instills confidence in investors and makes your venture more attractive.

Don’t be shy about taking credit no matter how big or small the progress.

 

4. Clearly Articulate Your Unique Selling Proposition:

What sets your venture apart from the competition? What problem are you solving, and why is your solution superior? Craft a compelling narrative that conveys your unique selling proposition with clarity and conviction. Investors are drawn to stories that resonate and inspire. The difference between competition in any industry is the ability to articulate your brand story.

Test your pitch to as many people as you can and constantly remove any friction to irrelevant or vague slides and talking points.

To articulate your unique selling proposition make sure you can answer the following 9 questions specifically:

  1. What problem are you solving and
  2. How significant is the problem?
  3. How is your solution different or unique from anything else on the market?
  4. How will you generate revenue? What’s the business model?
  5. How have you proven the problem you are solving is real to the target audience?
  6. What is your financial outlook?
  7. What is your funding requirement?
  8. What will you do with the funds to grow the business?
  9. How will the experience of your founding team aid to the success of the launch?

Don’t forget to highlight and showcase the experience of your team!

 

5. Showcase the Team:

Investors invest in people as much as they invest in ideas. Highlight the expertise and experience of your team members. Showcase their accomplishments and demonstrate how their collective skills will drive the success of your venture.

A strong, cohesive team inspires confidence and reassures investors of your ability to execute.

 

6. Leverage Warm Introductions:

Cold emails and unsolicited pitches have their place, but warm introductions hold greater weight. Tap into your network to find connections who can vouch for your credibility and introduce you to potential investors.

A warm introduction opens doors that may otherwise remain closed.

7. Persistence and Resilience:

The road to funding is rarely a swift journey. It is paved with setbacks, disappointments, and unforeseen obstacles. But it is those who persist, who summon the strength to rise after each fall, that ultimately reach the destination.

Embrace resilience as your steadfast companion and let it propel you forward.

 

 

Conclusion:

The road to getting funded is a winding path, often fraught with rejection and unforeseen challenges. But it is also a road of incredible opportunity, where determination,

The road to getting funded is a winding path, often fraught with rejection and unforeseen challenges. But it is also a road of incredible opportunity, where determination, resilience, and strategic thinking pave the way to success. As you navigate this journey, remember that every rejection is not a reflection of your worth or the potential of your idea. It is merely a stepping stone, a lesson in resilience, and an invitation to refine your approach.

Throughout your entrepreneurial voyage, it’s crucial to reframe rejection as valuable feedback. Embrace it as an opportunity to learn, grow, and iterate. Seek insights from those who turned you down and use their perspectives to sharpen your pitch and enhance your offering.

Each rejection brings you one step closer to finding the right investor who shares your vision and understands the true potential of your venture.

 

Categories
Negotiations Personal Development Skills

Failure to Differentiate Yourself in Business is Not an Option

As teenagers, nearly all of us wanted to blend in with our crowd. While we worked to separate ourselves from our parents’ generation, we realized that deviation from our peer group’s normative look and behavior could lead to our being ostracized by our peers. So we sought safety in numbers and let the herd mentality reign.

But in business, failure to differentiate our products – and ourselves – is not a winning strategy. We are forced to compete on price when we fail to differentiate our products. “How low will you go?” is not a success strategy.

When WE are the product, we are generally savvy enough to have our signature brand, which sets us apart from others by how we dress, talk, or write. When we are present in person, that is.

But when it comes to our personal brands online (aka, our LinkedIn profiles), we revert to herd mentality. We sink to the lowest common denominator. We visit a few C-suite profiles and see that that they are fairly unrevealing and short. We treat those profiles as exemplars, allowing us to complete our profile quickly and without personal insight.

We’ve all seen those skeletal C-suite profiles. But should we accept them as models for our profiles? NO.

Benefits of a stellar online profile

People want to do business with people they know, like, and trust. People want to know what makes us different – why they should choose us for their next board director, employee, supplier, or business partner. With effort and insight, it is possible to provide the reasons in your LinkedIn profile. When you do, LinkedIn’s search engine will help you connect with the right opportunities for you.

Being intentional about a personal brand can benefit anyone in business. A stellar profile can:

  • Increase your visibility
  • Improve your relationships with others
  • Increase your opportunities for career advancement
  • Position you as the authority in your industry
  • Help you attract the right talent
  • Make you a more valuable asset to your organization

So why is your profile still barely there?

It IS hard to write about yourself. I understand that; but you don’t have to do it alone. If you are a senior-level leader, you’re used to seeking out experts to work for you; the same is true here.

I’ve helped countless C-level clients over the past decade to use LinkedIn to frame conversations, impress customers, and introduce themselves before the first conversation occurs.

I was selected by The American Reporter as one of the top 6 personal branding experts to watch in 2022. I work exclusively with top executives and senior leaders. I am the author of the award-winning book LinkedIn for the Savvy Executive: Promote Your Brand with Authenticity, Tact and Power – 2nd Edition.

If you’d like to know more, schedule a discovery call with me.

Contact me through my website https://carolkaemmerer.com for:

  • Executive one-on-one assistance with your online brand
  • Professional speaking engagements on personal brand and LinkedIn
  • An autographed copy of my book, LinkedIn for the Savvy Executive-2nd Edition
  • My self-paced, online course
  • To receive my articles in your email mailbox monthly

Categories
Body Language Growth Leadership Negotiations Parenting

Are You Listening to Your Child’s Side of the Story?

Stop me if this scenario sounds familiar:

You’re minding your own business when suddenly the phone rings.

The person on the other end of the line—perhaps a teacher or a camp counselor—has called to inform you that your child is acting out.

Your face flushes with shame and humiliation and embarrassment. You assume their account must be accurate.

When our children display inappropriate behavior in public (getting into a fight at soccer practice or throwing a toy at a daycare teacher), our first impulse is often to apologize on their behalf, then shamefully slink away to reprimand or punish them at home.

How often do you stop and ask for your child’s side of the story?

Anger and Shame Prevent Parents from Listening to Their Kids

I remember a time when I was on my way to my daughter Pia’s Girl Scout camp.

There had been a fight with another girl in which Pia allegedly shoved her. To punish Pia, the camp counselor put her in “detention” in one of the cottages.

I drove to the campground upset and concerned.

I know my daughter, and she doesn’t just push people out of nowhere.

What was Pia’s unheard side of the story? How was she managing her feelings about being isolated, made to think she was the “bad one”?

I wondered what could have been the catalyst in order for this response to be evoked.

As soon as I saw Pia, upset and sitting alone, I knew my gut feeling had been spot on.

When I asked  “Honey, what happened?” between her tears she said, “I just want to go, I just want to go!”

Even though she just wanted to get out of there, I knew that if we did, she would leave with her tail between her legs.

Her side of the story would never be acknowledged or understood,  At such a young age, she would already begin to develop a bad reputation.

This is when I used what we call the protective use of force.

I said, “I won’t let you develop a negative reputation, and I know your side of the situation and your perspective has not been heard or understood. I will take you home, but we can’t leave until your side is understood too.”

“Mom, she was bullying me and calling me names in front of all the other girls. I was so embarrassed and humiliated, and I asked her over and over again to stop calling me names. But she wouldn’t stop bullying me!” Pia explained between her big sobs.

“I didn’t know what else to do and so I swung my arm out and said stop it! Then I was the one who got in trouble!!” My daughter sobbed and sobbed. She was so confused about what she should have done when someone was bullying her.

You can imagine what happened next.

I talked to the camp counselor (who didn’t think of asking my daughter her side of the story!) and facilitated a reconciliation between the two girls.

Needless to say, Pia didn’t need to be put into detention.

I learned a valuable life lesson that day: there are two sides to every story.

If I had barged into the scene angry and humiliated, Pia would have felt attacked and more misunderstood and she wouldn’t have trusted me enough to tell me what really happened.

That’s not to say that every time your child does something “wrong” it will be a misunderstanding or an honest mistake.

But there will be an unmet need causing their behavior.

If you can get their side of the story, you’ll find ways to resolve the situation and move forward.

As parents, it’s our duty to put aside our own feelings of shame about what other people might think and always, always listen to our children.

Love and Blessings,

Katherine

P.S. The wise Brené Brown says “shame cannot survive being spoken.” If you’ve got shame or guilt you need to unburden, check out our private Facebook group to find a safe environment of other parents ready to support you.

Categories
Growth Leadership Negotiations Networking Personal Development Skills Strategy

The Art of Networking – Bedros Keuilian’s Masterclass Video

Long John Silver’s is the #1 fast food seafood restaurant in the United States.

But, they’ve been struggling for decades. Long John Silver’s has lost over half their franchises since their peak.  Here’s why…

The Real Reason Long John Silver’s is Struggling:

The original premise for the chain sounded good, at least on paper. During a family, vacation, businessman and restaurateur, Jim Patterson had a flash of inspiration:

Bring the sunny seaside fish and chips eating beach experience from the coast, to families nationwide.

When the chain first started, Long John Silver’s made an effort to impart each location with a seafaring theme reminiscent of the company’s vacation-inspired roots.

The company’s heyday was a ten-year period from about 1979 to 1989, during which it grew from a footprint of one thousand units to an all-time high of 1,500 locations.

Watch the full story on this episode of Company Man.

WATCH:

 

Then a String of Devastating Decline in Market share…

The chain has been on a decline since at least 1989 when, in response to mounting debt, it first took its business private. In the three decades since, it’s been handed off from one unhappy owner to another.

They’ve also been plagued with bad marketing (often self-inflicted).

For example, in 2017 they’re marketing team posted a video of a hostage being beheaded with a swordfish in an attempt to “go viral”…

They were forced to issue an apology:

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On top of some marketing flops, probably the biggest failure is their lack of vision against the original mission to bring people into a coastal dinner experience.

 
Long John Silver's

You know that feeling you get when you have a craving for fried cod, but you also  want a root beer float and a chili dog? Apparently, not too many other could relate either…

In addition to loosing half their franchises since their height, they lost 300 locations over the last 5 years alone and another 60 during the 2020 COVID lockdowns.

While millions of Americans enjoy the convenience of fast food, it appears for Long John Silver’s target audience, they preferred the original quality experience and cheap burgers over fish sandwiches.

Categories
Body Language Human Resources Management Negotiations Sales Skills Women In Business

“Never Again Be Vulnerable To Hidden Body Language Aggression“ – Negotiation Insight

“Reading body language accurately has many advantages. Detecting hidden aggression is one of them.” -Greg Williams, The Master Negotiator & Body Language Expert.

 

“Never Again Be Vulnerable To Hidden Body Language Aggression“

 

One member of a negotiation team said to the other, that meeting became ruckus quickly. At first, I couldn’t tell if the other side’s leader was being passive-aggressive, or if he perceived our proposals to be inappropriate or repulsive. But then, I knew he was upset by the body language gestures he emitted. They pointed towards outright aggression. That’s when I knew things were about to get ugly. What body language signs did you observe that indicated he was about to become aggressive, was the question asked by the man’s associate.

When someone’s about to become aggressive, do you know what signs to note? It’s essential to be able to understand the nonverbal and body language signals that indicate imminent hostilities. Doing so will allow you the time to deflect or redirect such efforts. Continue, and you’ll discover five body language signals that foretell pending aggression.

Blustering:

“I’m going to put my foot so far up your rear that it’ll come out of your mouth.” “Yeah! And what do you think I’ll be doing while you’re trying to put your foot up my rear?” Blustering occurs in many forms. When it’s verbal, it’s easy to see and understand. Because words are used to convey one’s sentiments, which decreases the misperception of one’s intent. But blustering also occurs through one’s body language. A person portrays it by puffing out their chest, extending the outreach of their arms on both sides, and even in the stance that slightly projects one foot slightly ahead of the other. In each instance, that person is positioning himself for the pending aggression that’s he’s considering. And, depending on how heated the environment, he may not be consciously aware of the behaviors he’s committing. And that’s why you should take note. By doing so, you’ll have the opportunity to temper his behavior before it reaches the point of uncontrollability.

Eyes:

Darting – When someone is agitated, and they begin quickly scanning the environment with their eyes, they’re in assessment mode. This gesture alone does not indicate pending aggression on this person’s behalf. But coupled with other signs such as flaring nostrils, protruding chin, and fist/hand flexing, darting eyes lends more credence to the probability that pending aggression is increasingly heightening.

Narrowing – When someone’s eye focus becomes narrow, they’re lending more emphasis on the subject of their attention. That means they’re blocking out other distractions to assess what they might do next to thwart the unpleasantness they’re experiencing. When you see someone narrowing their eyes on you, raise your awareness of their pending intent. They may be in the process of becoming aggressive.

Pupil Dilation – Pupil dilation is another silent display that someone exhibits when they get excited. Dilation can occur from the natural excitement one experiences from being in a pleasant environment too. But you can instinctively tell by someone’s demeanor if they’re happy or agitated. That’s also the insight to seek to determine if they’re becoming annoyed by an adverse action they perceive stemming from you.

 

Flaring Nostrils:

Nostril flaring is one of the most telling signs indicating pending aggression. A person flares their nostrils as a way to get more oxygen into their bloodstream. And in adverse situations, that can be the preparation leading to aggression. The more the person engages in that act, the more they’re preparing to become aggressive.

 

Chin/Jaw:

An outward thrust chin is a silent signal stating that the owner of the action is displaying his desire to take a portion of your space. Conversely, when people tuck their chin, they’re demonstrating the need to protect themselves. Thus, you should perceive the outward thrust of someone’s jaw as saying, I’m not afraid of you. If they take a step(s) towards you while displaying that gesture, they’re becoming more defiant and more aggressive. You can stand your ground or back up. If you hold your position, you’ll be stating with your action that you’re not afraid of them either  – now what? In either case, be aware of where tension resides and adopt the measure that’s best suited to combat it.

 

Hand/Fist:

Flexing – If you observe someone flexing their hand in a negative environment, it may be an indication that they’re attempting to loosen up to get more blood flowing to that part of their body.

Tightening – When someone becomes excessively exasperated, they stiffen their hands, which can turn into fists. Thus, while observing the beginning of someone’s hands flexing, note the moment when their hands turn into fists. A heightening in potential aggression has occurred at that moment. And the person may be a moment or so from lashing out at you.

 

Reflection:

Like a snake, you can observe the lynchpin behavior of someone that’s in the process of striking out at you. In the snake’s case, it emits signals through its rattle, warning you of pending danger. Then, if you don’t vacate the surroundings, he strikes you. The same is true of a human. Initially, he gives warning through his body language to get you to back off. And, if you’re persistent at making him feel uneasy, he’ll strike at you.

To avoid harm’s way, note the mentioned signs that lead to aggression. As soon as you sense a verbal or physical attack is imminent, become more observant about the pace of its escalation. And remove yourself from the environment if possible. If that’s not possible, adopt a posture that’s more or less threatening than what’s confronting you. And be aware of the effect this has on your nemesis. In some cases, it will cause him to increase his efforts. In other situations, it may be the form of de-escalation needed to subdue an explosive situation that’s in the making. Know the difference to determine the best action to adopt. Because the optimum word is control – and everything will be right with the world.

 

Remember, you’re always negotiating!

 

Listen to Greg’s podcast at https://anchor.fm/themasternegotiator

 

After reading this article, what are you thinking? I’d like to know. Reach me at Greg@TheMasterNegotiator.com

 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

 

 

#BodyLanguage #Aggression #vulnerable #Negotiate #Business #SmallBusiness #Negotiation #Negotiator #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #BodyLanguageExpert #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions #GregWilliams #success #negotiationexamples #Negotiationstrategies #negotiationprocess #negotiationskillstraining #negotiationtypes #negotiationpsychology #Howtowinmore #self-improvement #howtodealwithdifficultpeople #Self-development #TheMasterNegotiator #Howtocontrolanegotiation #howtobesuccessful #HowToImproveyourself

 

 

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Best Practices Biography and History Culture Entrepreneurship Industries Investing Management Marketing Mergers & Acquisition Negotiations Sales

WATCH: Abandoned by Parents, Kid Vows to Be Successful. Builds $4B Wendy’s Fortune

Dave Thomas was an orphan. Growing up, eating hamburgers in restaurants was the only thing that gave him a sense of belonging and purpose. When he was 8-years-old, he set out a plan to open the best restaurant in the world and later founded Wendy’s.

But even at an early age Dave knew that in order to grow a successful business, he was prepared to learn everything about the business from the ground up.

WATCH:

 

15 year old Dave started as a busboy at a Hobby House Restaurant in Fort Wayne, Indiana where a guy named Cornel Sanders was touring the country, trying to convince restaurant owners into converting their buildings into Kentucky Fried Chicken franchises.

Thomas’ boss, Hobby House owner Phil Clauss, was one of those restaurant owners.   Hobby House became Kentucky Fried Chicken, and Thomas became one of KFC’s first cooks.

A new waitress, Lorraine Buskirk, caught his eye and they were soon married in 1954.

Dave and his wife Lorraine grew their family to include five children – Pam, Ken, Lori, Molly and Melinda (Wendy was her nickname and who Dave named the business after). All the while, Dave worked toward his goal of owning his own restaurant.

He was pivotal in helping grow KFC. He simplified the menu and came up with the classic rotating red bucket sign. Thomas also convinced the colonel to appear in TV ads for Kentucky Fried Chicken.

Thomas’ success eventually enabled him to sell his stake in the four franchises back to the colonel, for $1.5 million. He used the money to open his first Wendy’s and became multimillionaire by the age of 35.

Today there are 6,900 restaurants worldwide.

Dave Thomas passed away in 2002 with a net worth of $4.2 billion. Dave wins.

For more information visit tylerhayzlett.com