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Summary: One of the biggest but hardest-to-predict costs when it comes to personnel is turnover. The Center for American Progress estimates that replacing an employee with a mid-range salary ($30,000 to $50,000 a year) costs 20% of that salary. And the process takes 52 days on average — just imagine the cost of that lost productivity.
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Summary: Having spent a number of weeks speaking at, or chairing, various industry events – I’ve become aware how much focus there is on technology. FS firms in particular appear nervous about rise of FinTech/InsTech & convinced they should focus on digital & technology for growth.
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Summary: Cash flow is a critical element in quantifying gaps between owners’ personal and financial resources and the resources they need to exit their businesses on their terms.
Based on conversations they’ve had with or overheard from other owners, business owners commonly ask their advisors a variation of the following question: “Do you think I can get a six-times multiple for my business?” How would you respond to this question?
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Summary: This summer when we joined millions of spectators around the world in watching the Rio Olympics, we only saw athletes in action for a few minutes, or maybe even seconds. But those performances didn’t just happen—long hours of hard work and dedication over many years created the excellence that appears so natural and seamless to the untrained observer.
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Summary: About 70% to 80% of business partnerships fail within five years. Tanya Rapacz, owner of the consulting firm The Partnership Resource, knows why firsthand. The former financial adviser saw the merger of her own firm with another fall apart after just two years because the partners weren’t compatible.
