There's A Wealth Of Knowledge You Can Leverage To Plan For The Future

By: Kendall Rawls
Published: August 25th, 2021

It is difficult to plan for the future in the unknown of a post-pandemic world. What’s worse, it looks as if we are now in a ‘here we Covid again’ kind of scenario.

But reflecting on where we’ve been and looking forward, one thing is clear.  Multi-unit franchise owners have gained a ton of insight and knowledge. Whether it’s been gleaned from the pandemic, the new presidential and political environment, or the social unrest, we’ve experienced history-making events and changes that have forced change in the way we do business.  And we will continue to face changes and need to seek ways we can protect ourselves.

As we are talking to multi-unit franchisee business owners across the country, we are hearing, “I don’t know if we can do this again, I don’t know if we will survive a second round.”  It may not be easy and you will likely be challenged with some hard decisions.  In those moments, connect with your why - the mission and vision behind what you do - and lean on your years of experience problem solving and doing a lot with very little.

The ‘here we Covid again’ environment can create a feeling of panic and helplessness.  However, you are in control of so many things, one of them being your state of mind. If you are feeling your mind racing with wonderment, take a deep breath and leverage the energy for good by moving from a feeling of panic to an attitude of resourcefulness.

As you are moving to a resourceful ‘Give me your best shot’ attitude, leverage what we know to your advantage.

• President Biden’s Proposed Tax Changes – What politicians will decide and when is up in the air. But we know what opportunities are at our fingertips right now such as the highest Lifetime Gift Tax Exemption in History, 1031 Exchange, and strategies to gift or sell and remain in control of your assets.

• Retention and recruiting talent is tougher than ever - Recruiting and retaining talent always seems to be a challenge for business owners.  However, the current environment is proving to be of historic proportions.  In this series our planners talked with DHG Search advisors to discuss various innovative recruiting and retention strategies.

• Readiness Survey:Knowing where your business stands – Did you know that only about 40% of U.S. family-owned businesses transition into a second-generation?  Reflecting over the course of the last 20 months, business owners must have a plan in place to navigate the unknown. We designed this assessment that with just a seven-minute investment of time you can gain insight into key issues impacting the sustainability and value of your business.

We are in an environment where we should be planning to win and be proactive with strategies, actions, and goals to protect our families, businesses, and employees. We have so much at our fingertips in terms of what we know. We also have access to a wealth of knowledge that we can leverage to better plan and protect our families, businesses, and employees from the next wave of uncertainty.

Kendall Rawls knows and understands the challenges that impact the success of an entrepreneurial owned business. Her unique perspective comes not only from her educational background but, more importantly, from her experience as a second-generation family member employee of The Rawls Group - Business Succession Planners. For more information, visit www.rawlsgroup.com or email info@rawlsgroup.com.

 

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