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Many business owners dream of one day handing their business down to the next generation. However, what seems like a straight-forward transaction can often turn into an emotional affair that brings up difficult conversations and questions. From differences in opinion on who should be an organization’s next leader to the discovery that family succession isn’t a viable option at all, there are many factors that can impact the success of a transition plan.
On today’s podcast, Eide Bailly Partner Chad Flanagan discusses how families can approach this process in a way that ensures everyone is on the same page, common challenges families face and how business owners can start now to lay the groundwork for a smooth transition.
“Stepping back, going through a succession planning process, it’s really as much a strategic planning process as anything to say, what are our goals? How fast do we want to grow? How aggressive do we want to be? How much risk do we want to take? We find naturally that generation one probably wants to minimize risk and protect their assets and their investments, and generation two wants to grow and conquer the world and so they want to take risks. And they fight on a daily basis about operational issues because they view the direction of the company in two very different ways.” – Chad Flanagan
Guest Info:
Chad Flanagan
Partner
Eide Bailly
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There are many considerations when it comes to selling your business. But you should never overlook the financial implications for the present and in the future. Many business owners who are moving into retirement choose to sell their business and that sale needs to fund their financial goals for many years to come. It will also fund the goals they have for their estate when it’s passed down to their family.
Ensuring you have a plan that can reach these goals in an efficient and flexible manner is complex process that takes time and guidance. Ava Archibald, Principal-in-Charge of Wealth Transition Services at Eide Bailly, joins the EB & Flow podcast to discuss what business owners need to know about the financial concerns in a sale and how they can create a plan that maximizes the benefits for both the owner and their family.
“I always say the key to a successful estate plan is implementation. You can draft the best plan, but if it’s not followed through, and you don’t implement the plan down the road, or take the right steps after the fact, all that planning you did on the front end could be for nothing.” – Ava Archibald
Guest Info:
Ava Archibald
Principal-in-Charge | Wealth Transition Services
Eide Bailly
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Every business owner will one day have to face the decision of how to sell or transition their business. A sale is a complicated and complex process, and one many business owners will only do once. How can business owners ensure they enter this process with an organization that is optimized for a sale? Eide Bailly Partner Amber Ferrie joins the podcast to talk about what business owners need to know about transitioning their business, including how to make your organization attractive to potential buyers, what types of buyers you may be dealing with and why the current market is a prime time to be looking at a sale.
“If you want to exit your business and you hold all the cards, you hold the keys to kind of everything, it’s really hard for a buyer to get on board and be excited about that and pay the top end of the multiple range, versus if you have a management team in place where you can kind of exit left. And maybe you’ve even been practicing that, taking a couple months here or there or really giving the management team below you the responsibility to be the decision makers. That creates a lot of value for an incoming buyer.”
Guest Info:
Amber Ferrie
Partner
Eide Bailly
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Transitioning into a leadership role, especially one in the C-Suite, can come with a host of new challenges and questions for the person advancing. Along with the traditional needs of growing the organization and meeting expectations, leaders now must also ensure they are ready to respond to cultural and political events, while also caring just as much about the well-being of their people as they do the organization. How can leaders lay the foundation to succeed in this new era of leadership?
Vanessa Ruda, Senior Partner at RHR International, joins the EB & Flow podcast to talk about her experience as an executive coach helping with leadership transitions. She explains why leaders must be comfortable with ambiguity, how they can build a complementary team around them, and why having and sharing an authentic point of view on what’s happening in the world is a necessity.
Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing.
Guest Info:
Vanessa Ruda
Senior Partner
RHR International
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The last two years have put a spotlight on one of the most important skills a leader must develop—how to lead through change. Dave Stende, former Managing Partner/CEO of Eide Bailly, is our guest on this episode of the EB & Flow podcast, and he’s learned a great deal about how to do just that.
Dave served as the Managing Partner/CEO of Eide Bailly for the past nine years, from 2013 to 2022 and was Chief Operating Officer for seven years before that. Dave was interviewed for the podcast just before his time as CEO was coming to a close, and he discussed what he’s learned about leadership throughout his career, what advice he has for leaders in 2022, and some of his favorite memories from his journey.
[pull quote] “The one thing I've learned is the more you know, the more you realize you don't know. And I can look back on the nine years and realize at the beginning, probably I was a little naive about a few things. And I learned. And the more I learned, the more I realized, man, there's a lot I don't know. And, you know, I think in a way that probably helps because it certainly grounds you and it probably opens your mind to really hearing the opinions of others because you don't know all the answers. And you need to build a good team and you need to rely on their input and trust their decision making in the process, too.”
– Dave Stende, Former Managing Partner/CEO, Eide Bailly
Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing.
Guest Info
Dave Stende
Former Managing Partner/CEO
Eide Bailly
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Burnout is something we’ve all had to deal with in some form, but it’s increasingly being discussed as we address the Great Resignation and the workplace in 2022. Building a “happy list” — work you’re passionate about — helps people be fueled by the work they’re doing.
Kelsey Buell, founder of the Burnout Prevention Project, joins the EB & Flow podcast to talk about what burnout is, how organizations can help their employees prevent burnout and how every person can reignite their passions to live a life they love.
Listeners can email Kelsey to get a copy of her “Top 10 Ways to Prevent Burnout” guide.
“We spend so many hours every week and every year at work, it's really important that you love what you do and that it gives you energy instead of sucking the life out of you.” – Kelsey Buell, The Burnout Prevention Project
Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing.
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The last few years have forced all businesses to embrace a mindset of nimbleness, innovation, and being comfortable with change to stay relevant. With all these changes to the workplace and strategy, how can leaders continue to inspire their people and unlock their potential? Bethany Berkeley, owner of Dale Carnegie Training of North Dakota and Minnesota, joins the podcast to talk about what leadership looks like in 2022.
On this episode:
Bethany Berkeley
Owner, Dale Carnegie Training of North Dakota and Minnesota
Bethany’s LinkedIn
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Year-end is often a stressful time for business owners, and this year created added complexity with programs and legislation addressing the pandemic. How can you ease the burden on year-end planning and avoid some common pitfalls? Jenni Huotari joins the podcast to talk all things year-end 2021.
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October is Cybersecurity Awareness Month, and the importance of cybersecurity has quickly become a quintessential part of today’s business strategy. More than 50% of businesses have been the victim of a cyberattack, and as many as 60% of those hacked businesses end up going out of business.
How can you keep your organization protected? Michael Nouguier joins the EB & Flow podcast to talk about current trends in cybersecurity and the fundamentals of a good cybersecurity strategy.
“When we talk about our expanding attack surface, knowing what assets you have in your environment is right up there with multifactor authentication and probably even higher. Knowing what assets you have to protect is critical. If you don't know what's in your environment and you don't know what to protect, you're not going to. So a detailed asset management program and software solution is necessary in order to protect your environment.“ – Michael Nouguier
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Customer Relationship Management (CRM) software has become a must-have solution for most businesses. But with all the options available, how do business owners know that they have the right CRM for their goals? In this episode of the EB & Flow podcast, Eide Bailly’s Senior Manager and Salesforce consultant Bianca West joins hosts Clinton Larson and Trina Michels to discuss why a CRM is important, how organizations can evaluate their CRM and what they need to know if they decide to implement a new solution. “You're either green and growing, or ripe and rotting. And I think sometimes people look at a CRM implementation and think, ‘ I've finally made it.’ When really it's the beginning of additional iterations because you really want to be better today than yesterday and better tomorrow than today. So continuous improvement is incredibly important.” – Bianca West, Senior Manager and Salesforce Consultant. Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing.
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Businesses need to rely on a mix of software systems to stay competitive. But as our podcast co-host Trina Michels says, “good systems are like good children—they play well together.” So what should your business’s tech stack look like? In this episode of the EB & Flow podcast, Clinton and Trina talk to Eide Bailly Principal Jon Ault to find out the six parts that make up a good tech stack, why cloud-based software is a no-brainer and why being disruptive with your business isn’t necessarily a bad thing. Jon outlines the six key software systems to include in your tech stack: · Enterprise Resource Planning (ERP) · Customer Relationship Management (CRM) · Data Platform · Cybersecurity · Robotic Process Automation (RPA) · Business Processes “We sometimes forget that our business processes are a critical component to our business tech stack. We need to make sure we have processes that are well aligned and fit our technology investments and our support of our technology investments.” – Jon Ault, Principal, Data Analytics. Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing. A strategic and disciplined approach to building your business’s tech stack is imperative to operating efficiently and competitively. Our experienced advisors can help with your digital transformation. https://www.eidebailly.com/services/digital-transformation#chatForm
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Enterprise Resource Planning (ERP) Software can automate processes, provide insights and internal controls and generally make your business more efficient. But how do you choose the right software for your business and make sure the implementation goes smoothly? ERP guru Trina Michels joins the podcast to talk through the basics and the journey through this process.
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How does a mass-gathering business that specializes in youth triathlons, running events and other activities you can’t do in a pandemic stay engaged with its athletes and community? If you’re Michael Zimmerman of RipRoar Events in Des Moines, Iowa, you create and sell “dumpster fire” medals to honor people just for making it through the year 2020. Michael joins the EB & Flow podcast, along with Eide Bailly Partner Blake Crow, to talk about: • How he turned his passion into a business • Strategies he’s utilized to make it through last year • How he’s navigating being a small business on the cusp of deciding how to scale it Contact us if you have any questions about the topic of this episode or to inquire about any business challenges you are experiencing. https://www.eidebailly.com/ebflow
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The federal government created the Paycheck Protection Program (PPP) in 2020 as part of its coronavirus relief legislation in the hopes of keeping employees on organization’s payrolls. Almost a year later, the program is still going strong with a fresh round of loans that just became available. This episode focuses on the details of the PPP and what organizations need to know if they are considering a PPP loan. In March of 2020, when the pandemic was just starting to grip the U.S., the federal government passed the CARES Act as its first piece of relief legislation. Included in that bill was the Paycheck Protection Program (PPP), a loan program designed to help organizations keep staff on their payrolls. It turned out to be hugely popular, and a year later it’s still going strong, with a new round of loans available as well. This episode of EB and Flow is dedicated to understanding the PPP and what organizations need to know if they are considering a loan. Eide Bailly Principal Adam Sweet walks through the history of the program and common questions organizations have about the PPP.
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Data analytics is an incredibly powerful new tool to help you run your business, but what exactly does the term mean? Nathan McMurtrey joins us to break down data analytics, how it works and how it can help businesses be more strategic and ready for the future when every company is a data company. The data within your business holds a wealth of information about your past, your present and your future. Technology has opened up new avenues to analyze this data, but those numbers can quickly become overwhelming if you don’t know what you are looking for or what stories they have to tell. In this episode of EB and Flow, data analytics guru Nathan McMurtrey joins us to talk about what we mean when we say data analytics, how it works and how businesses can use it to make strategic decisions and make the first leap into a future where every company is destined to be a data company.
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Cash is king, but how do you manage cash flow effectively in your business—especially after a pandemic? In this episode of EB and Flow, we’re joined by Blaine Bertsch, CEO & Co-Founder of Dryrun, a cash management and financial modeling tool, to talk about what he’s seen this past year and how to look at cash flow management moving forward. The old saying “cash is king” remains just as true for businesses today as it ever was, but what about cash management after a pandemic? Understanding your cash flow can be a key metric in measuring the future success of your business, regardless of world-altering events. In this episode, we talk to Blaine Bertsch, CEO & Co-Founder of Dryrun, a cash management and financial modeling tool, to talk about what he has seen happening in businesses during the pandemic and the importance of understanding your cash flow now and in the future.
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What social norms brought on by the pandemic will stay once the pandemic is over? That’s the question for this episode of EB and Flow. Jenni Huotari, Eide Bailly Director of Business Outsourcing and Strategy, talks about what changes are likely to become permanent for businesses moving forward, and what they need to consider about their operations heading into 2021. From plexiglass and curbside pickup to video conferencing fails and virtual happy hours, the pandemic has changed the face of business in America. Organizations were forced to adapt to a whole new set of rules, expectations and technology. And now, as we look forward to the beginning of a post-pandemic world, many businesses are starting to realize a lot of last year’s changes aren’t going away. In this episode of EB and Flow, Jenni Huotari, Director of Business Outsourcing and Strategy for Eide Bailly, talks about the shifting social norms that came with the pandemic and how these will lead to permanent changes at many businesses. She also outlines some of the things businesses should be considering heading into 2021.
