Work for Your Network and it Will Work for You

Networking has the negative connotation of being a means to an end of getting someone to do something for you.

When it is used like that it loses all of its value.  Networking is not meant to be transactional, it is meant to be relational.

When you are meeting new people your authentic y matters. A “what’s in it for me” mentality sticks out like a sore thumb and will get you nowhere. Why? Nobody cares what’s in it for you. The only motive that will not backfire is to go in with

the goal of building relationships that are meaningful, sustainable, and mutually beneficial. The impact that networking

can have on your personal and professional life is tremendous… it won't come to fruition overnight. Like all relationships, these too will take time.

Three of the most effective ways to foster a strong, healthy, and influential network is to:

1. Align yourself with people who you respect and admire
2. Use your talents to help others achieve their goals
3. Use your connections to help make meaningful introductions within your network

The most important thing to do when you are building your community is to be yourself. Having the confidence to be genuine is your biggest asset.

Create a Company Survival Guide for Your Heirs

What if something happened to you and you were no longer able to run your business?

At breakfast last week, Charlie Witzke, CFO at Ecoflow in Greensboro, NC, made a powerful point about the need for a basic Company Survival Guide for Heirs of business owners. I asked him to share some of his thoughts with me, and with his permission, I share them with you!

What I like about this guide is that it was put together from the perspective of a business leader in the business. Your CPA, Risk/Insurance agent, Banker, Business Attorney and Estate Planning Attorney also should weigh in on this list.  They will undoubtedly have additional tax, financial and legal components or nuances that are important in your particular situation.

This Company Survival Guide for Heirs offers a good conversation starter with each of your advisors.

If you were no longer in a position to run your business, and your heirs are not active in the business, here are the ten key pieces of information to have readily available:

1. Contact information for your lawyers, accountant, banker and risk/insurance agent
2. An identified interim leader who is designated to run the business in your absence
3. “Executive summary” of the business. (This will give your heirs an overview of the business as well as a starting point for an Offer Memo should they decide to sell)
4. Where to find the most recent annual and interim financial statements
5. Where to find the latest “Plans” such as the annual budget, a 3-year work plan or a long term strategy document
6. List of top customers and key suppliers
7. Key product and / or service initiatives
8. Legal contracts that are important to the business
9. Potential acquirers if your successor(s) had to sell or chose to explore selling the business
10. List of what is keeping you up at night? This will let your interim leader know where the skeletons in the closet are hiding

What pieces of information would you add to this  Company Survival Guide?

Are You in Good Company?

Stop and take a look around.

Who are you choosing as your friends, colleagues, and employees?

Those who continue to bring out your best self…

or those who put you in touch with your lesser self?

Studies show that if you want to lose weight, hang out with people who eat well and exercise. If you want to stay out of jail, hang out with people who live by strong moral and ethical values. If you want to be successful, surround yourself with people who are already successful.

It’s not rocket science…unless that’s what you’re into...in which case go ahead and surround yourself with rocket scientists.

In order to achieve the goals that are important to you, you must be in control of your choices. In order to be in control of your choices, you must first be aware of them.

Make a list of the 5 people in your life that you invest the most time with. As you look at each name on your list, dare to ask yourself one simple question:

“Does this person bring out my best self or put me in touch with my lesser self?”

If the answer is ‘my lesser self’, maybe it’s time to invest some lesser time with them and invest more time with people who bring out what is best in you.