Can I Avoid Intellectual Property Theft?

Most businesses these days are highly reliant on knowledge and innovation to beat their competition and, thus, achieve success. In many cases, their IP (Intellectual Property) is the asset that is most valuable to them, and so, it’s considered to be extremely sensitive information.

Intellectual Property comes in many types. It includes trademarks, copyrights, trade secrets, and patents. While some intellectual property is protected by federal and state laws, such as innovations, formulas, media products, music, web content, and technological advances, other types are not.

Since the protection of the intellectual property is an extremely complex area, it’s important to seek professional advice. This is where Corporate Business Solutions can help, by offering assistance and guidance about how to avoid the possibility of intellectual property theft.

What Is Intellectual Property Theft?

When someone steals assets such as those mentioned above, it is known as intellectual property theft. The potential outcome of such thefts includes economic damage, a slowing down of business growth, and loss of the company’s competitive edge. It’s easy to see, then, that IP theft is a major concern for any business, and statistics show that world economies lose billions every year due to intellectual property theft in a range of categories such as pirated software, patent infringement, and counterfeit goods.

There are some misconceptions that small businesses don’t fall victim to intellectual property theft. Yet, this isn’t the case at all. Actually, the Netwrix IT Risk Report shows that small and mid-sized businesses are more vulnerable than enterprises to intellectual property theft.

The Most Commonly Experienced Intellectual Property Theft Scenarios

Some of the most common IP theft scenarios include:

  • Human error – if employees lose a device, accidentally send a file containing company secrets outside their business network, or share confidential information with an unauthorized party, intellectual property theft can occur.
  • Malware infiltration – malicious software allows criminals to steal intellectual property by attacking company computer networks.
  • Privilege abuse – employees may exploit their own access to company files and sensitive information by committing economic espionage.

How Can Companies Protect Themselves From IP Theft?

Organizations still aren’t doing enough to protect themselves from IP theft. They tend to underestimate risks that their employees present and even fail to put security basics in place. Therefore, several practices are recommended to improve security in this respect:

  • Gaining greater visibility of sensitive data – when companies know precisely what sensitive data they have and exactly who has access to it, they can build a stronger security system.
  • Establishing a policy for data security – this policy will define how any security threat is addressed, specify the controls that are necessary to mitigate security vulnerabilities in the IT system, and define a plan for recovery if an intrusion into the network occurs.
  • Monitoring of employee activities – even when employers trust their workers, it’s important to acknowledge they still represent a major threat. Critical mistakes can easily be made, so establishing monitoring processes of user behavior is essential.
  • Providing employee training – when employees have poor cybersecurity awareness, the chances of intellectual property loss are greater. Establishing a comprehensive training program for workers based on their access level and the role is important to ensure that misunderstandings are avoided.

Intellectual Property – An Important Driver Of Growth And Competitiveness

It’s clear that intellectual property is vital for driving a business’s growth and competitiveness, and therefore it must be a key element in any security strategy. Building strong lines of defense requires involvement throughout the company at every level and putting clear security policies in place surrounding the protection of sensitive data couldn’t be more important to minimize risks.

 

Business Analytics And The Manufacturing Industry – An Expert Guide

Many of the latest business trends like vertical integration, margin pressure, and globalization have forced manufacturers to look for innovative, new ways of boosting their performance and improving their decision-making processes. This is where business analytics can prove helpful. Traditionally, the manufacturing sector has been quite slow in the adoption of analytics. Yet, now, it has begun to leapfrog other industries through the application of business analytics to a broad spectrum of business areas, from supply chain and finance to product development and marketing.

Now that external and internal data is exponentially expanding, and insights-driven by data has become a strategic necessity, it’s no wonder that many manufacturers have been tempted to launch analytics initiatives across their enterprises that try to analyze and capture all aspects of their business. Yet, taking an all-encompassing approach is risky, time-consuming, and expensive. Therefore, as Corporate Business Solutions consultants say, it’s a better idea to focus analytics on targeted areas to produce optimal results.

Why Do Business Analytics Matter To The Manufacturing Sector?

Analytics provides actionable insights to support any company’s key business decisions directly. Which products have yielded a lower margin? Which suppliers have been more disruptive to production processes? How does the landscape look when it comes to competitive sales incentives? How is it possible to manage and predict the levers driving sales revenue?

Products, typically, lie at the heart of any manufacturing business. Therefore, the first analytics wave is usually focused on improving the development of those products. Other common areas of focus include management of the marketing and sales spend, optimization of the chain of supply, reduction of warranty spend, and improvement of financial management overall.

Analytical insights in those key areas can have major impacts on the manufacturer’s performance. They can also potentially deliver impressive returns on the business’s analytics investment. Not only that but by using business analytics, it’s possible for new revenue models to be enabled that have been designed around the sale of services rather than solely products.

What Are The Advantages Of Business Analytics For The Manufacturing Sector?

Analytics provides an edge over any manufacturer’s competition by revealing new opportunities for the improvement of efficiency through the product’s lifecycle. This allows the company to spread the cost of innovation across various product lines so margins can be boosted.

Also, with business analytics, the link becomes clearer between investments in analytics and business decisions that can deliver improved performance and results. In the manufacturing industry, this is particularly important, since many organizations use the federated business model, with multiple relatively independent business units. Responsive, flexible, and agile analytics provide insights that are forward-looking enough to aid the organization in the more effective management of its resources.

By taking a focused analytical approach, results can be produced that are more relevant than when taking the enterprise-wide approach. Not only that but it’s also cheaper and swifter to implement.

How Can Manufacturers Benefit From Business Analytics?

It’s clear that business analytics has great potential to improve your manufacturing company, giving you a greater competitive advantage within the marketplace. Yet, it isn’t a sure thing. You’ll need to take the correct approach to achieve the results you seek. The best way to do this is to seek advice from experts in the field and Corporate Business Solutions are here to help.

4 Effective Business Exit Strategies To Consider

Business exit strategies are plans for what is going to happen when you wish to leave your company. In this strategy, the form of the transition will be described and outlined. In the same way, as you create your business plan as a way of guiding your company through its life, it’s important to have a similar plan to guide it to its conclusion.

Of course, having a business exit strategy shouldn’t mean failure or disaster. It doesn’t even mean that action needs to be taken imminently. Actually, most business owners begin their company with the intention of existing it after a set period of time. That doesn’t mean they’re not committed as entrepreneurs. It simply means they’ve got a clear plan in place.

However, when you’re thinking about a business exit strategy, you don’t just need to consider the way in which you’ll leave, but also the other factors involved with the process:

  • Will you be making money when the time comes to exit the business, and if so, how much?
  • What is going to become of the business after you’ve left? Is it going to carry on operating with a new owner?
  • How long is the exit process going to take and what sort of transitional period is going to be involved?

When you’re reading Corporate Business Solutions reviews, you’ll see that many business owners have turned to us for assistance in this respect, so here are four of the options that our consultants recommend.

1.Continuing A Family Legacy

Some entrepreneurs are keen to keep the business within the family in the long-term. This means that they make plans to transition their company to a relative. While this seems to be an appealing strategy, it’s vital to ensure that family relationships are strong enough to cope with the stress and volatility of owning a business.

The benefits are that it’s possible to choose someone that you wish to carry on the business once you’ve left and prepared them fully for the challenge. You also don’t need to be completely separate from the business, being able to remain in place as an advisor in the long-term.

On the downside, though, it can be difficult to find someone in the family or is capable or who wants to take the business on. Also, business partners, investors, and employees may not be supportive of the chosen individual, while the process brings a considerable amount of financial and emotional stress to the family.

2.Merger Or Acquisition

When you adopt an acquisition or merger business exit strategy, the company will either be bought by or merge with an organization that has aligned or similar goals. Depending on who the business is sold to or merged with, this could mean greater flexibility with it comes to your own involvement in the future.

This strategy allows you to negotiate the sale price, but it can be a time-consuming process and it may not happen at all. Only a fifth of all companies listed for sale gets bought.

3.Employee Or Management Buyout

While it’s hard to plan in advance, it’s possible when you want to leave your business, the management team or employees may wish to purchase it from you. Since these individuals already know how the organization is managed, this strategy may result in a much smoother transition process, with a better chance of your legacy being preserved. On the downside though, there may be nobody willing to make the purchase.

4.Taking Your Business Public

A lot of entrepreneurs hope that one day they will be able to sell their company to the public and make a huge profit. Yet, when it comes to exit strategy planning for small businesses, this option won’t work for everybody. Even when your business is successful, your industry might not be appealing to the public, and therefore, your company may be devalued. Also, IPOs are quite rare. Yet, they’re also very lucrative and could gain you substantial profits.

No Single Strategy Is Best

When it comes down to it, there isn’t a single perfect exit strategy for every business. The right strategy for yours depends on several factors, and it could develop or change as your company’s life cycle progresses.

It’s important to be aware, though, that planning ahead is the best option. From the moment you launch your enterprise, you should be considering exit strategy possibilities. After all, if you’re proactive about the process – how it could look, how you could execute it, and what the possible consequences could be – you’re most likely to be successful when the time comes to leave your company behind.

 

Struggling With Your Business Instagram Game? 6 Tips to Optimize Your Profile

It’s no secret that for a business to succeed, you most likely need to have a social media presence. Consumers typically search online for a company before going there, and their social media account often is the first to pop up.

Instagram has become a top priority for many companies and their marketing strategy. Posting pictures and behind-the-scene videos of the company can do wonders in promoting what you’re doing.

Don’t miss out on more opportunities by not having an Instagram account. You’ll be surprised by how much it can provide for you.

At Corporate Business Solutions Consultants, we have six points to optimize your Instagram profile for a successful social media strategy.

Choose a High-Quality Profile Picture

Don’t make the mistake of thinking your profile picture doesn’t matter, because it really does. You want something that represents what your brand is. If you have a logo, that is always a good place to start.

The profile picture should speak to who you are. That way, when someone sees that photo somewhere on their feed, they know right away it’s you without looking at your name.

Not only that, make sure the picture is high-quality and not pixelated.

Put Descriptive Words in Your Bio

The bio on your profile is a place for your creativity to shine. Have some fun with it (while still being professional and relevant to your business).

Add keywords that relate to your company. You don’t have a lot of space, so spend some time narrowing down what your business is to a few short lines.

Instagram also added the use of hashtags and tagging other profiles. This is something you should take advantage of. Adding hashtags allows people to follow those related to your brand.

Make Your Own Hashtag

While you’re at it, create your own hashtag for your company. The great thing about hashtags is that anyone that uses them in a post, you’ll be able to see those photos and videos. If you make a hashtag for your business, customers can follow it and get all of the related content in one spot.

Add Your Website

Chances are you have a website for your business. If you don’t, you need to invest in one. Websites are critical for consumers to get valuable information before deciding if they like your business.

Your Instagram profile has a spot for websites that you’ll want to add. Once you have that, you can use their analytics to track how many people use that link to visit your website.

Keep Things Tidy

Because of the limited space on your profile, try to keep it as tidy as possible. Having paragraphs of words or filling it with nothing but emojis can get distracting and hard to follow.

Your profile is meant to be short, sweet, and to the point. So, add line breaks and keep your sentences short. Utilize emojis, but watch that you don’t go overboard.

Incorporate a Call to Action\

Having a call to action is always a good idea. A call to action helps prompt viewers to perform an action you want them to do. For example, if you have something on your website you want people to see, tell them to click on your website link.

The above six points can help get you on the path of having a killer Instagram profile that stands out. Make your account successful. Spend time creating a solid, relevant and creative profile.

Feeling Disconnected From Your Team? 6 Ideas to Help Boost the Office Morale

Whether you’ve been in business for decades or only a few months, you quickly learn that it’s your team that holds the company together.

Research has proven that office morale affects productivity, and it’s easy to see why. If you don’t enjoy going to work and being around your coworkers or employees, it’s challenging to try and get any work done. You’ll likely be counting down the hours until your day is done.

Are you in need of boosting morale at your workplace? Corporate Business Solutions Consultants have a few tricks up their sleeve to help you out.

Start With a Positive Work-Life Balance

Boosting office morale doesn’t have to be simply rewards, games, or team meetings to discuss issues. Promoting a positive work-life balance can do wonders for people. People need time away from the office, emails, coworkers, phone calls, and everything else work related to unwind and decompress.

Starting with something small as having no emails after a particular time policy can make a huge difference right there.

Interact With the Team Outside the Office

Have you ever seen coworkers or employees outside of the office? They’re likely quite different than what you see at work.

Take some time to meet with people outside of the office now and then. You may be surprised by the relationships and connections you develop that can keep a positive vibe in the office.

Recognize a Job Well Done Publicly

There are ways that you can publicly acknowledge a job well done without making others feel left out or embarrassing anyone. It can be as simple as saying an excellent job at coffee break, taking a few seconds to showcase hard work at the next meeting, or making a note in an email.

If you want to go this route, though, ensure that you take the time to recognize everyone’s hard work, so no one feels left out.

Don’t Sweep Things Under the Rug

As uncomfortable as confrontation may be, it’s necessary to ensure that any issues that arise at work (that are work-related) are appropriately dealt with. As hard as everyone works to boost morale and create a positive work environment, issues will pop up.

Not dealing with problems tends to only cause them to bubble into even bigger ones, and that never ends well.

Be Mindful of Everyone’s Schedule

No one likes a boss that doesn’t care about everyone’s schedules and makes people work on a Sunday afternoon. Allowing employees to still maintain their schedules even if it does mean leaving for an appointment in the afternoon can go a long way.

If someone keeps purposely scheduling personal items during work continually, then you may have a problem.

Ask For Feedback

Some of the best things a team can do are learn from one another. Bouncing ideas around to help boost morale (as it’s them that are affected), can bring forward fresh new ideas that could make a drastic difference at work.

Now and then, hold a meeting that talks about office feelings and what everyone can do to keep the office a place people want to be at.

The more you can do to keep the workplace morale high, the better the business will run. Always remember – the team keeps the company running smoothly.

5 Tip to Help You Reinvent Your Business During the Pandemic

There’s no denying that our world has drastically changed in the past couple of months. You could even go as far as to say that our work lives have changed as well.

How so? Well, many companies were forced to adopt a remote-working policy to cope with the pandemic or, ultimately, close doors. If you’re faced with that situation, wouldn’t you want to go the route that kept your business alive?

Has the pandemic made you take a step back and evaluate your business model? If so, the following five tips from CBS-CBS.com reviews may help you reinvent your company.

Make a Note of What Was Successful

You most likely have particular aspects of your business that works. Otherwise, you wouldn’t be able to operate. As you reinvent yourself, don’t completely shy away from what’s made you successful.

Make a note of all aspects of your company you’re happy with and has gotten you to this point. This isn’t to say you don’t touch them. However, it can help put things into perspective and also find ways to fine-tune them to be even more successful.

Make a Note of What Wasn’t Successful

On the other hand, you want to make a note of what wasn’t working. Every business will have some aspect of it that they could improve on. Those are the ones you want to focus on as you reinvent yourself.

Parts that need tweaking may not be obvious, so take time to genuinely evaluate your company. Even the simplest of things, like your hours of operation or your customer service policies, can make a significant impact on your success.

Start Brainstorming and Get Creative

Spend a day brainstorming different ways you can boost your business. Let yourself get creative here. You don’t want to restrict your creativity just yet. Any idea that pops into your head write it down. Later on, once you have a good list of ideas, then you can be more critical of them.

Discuss it Without Fresh Eyes

As the owner, you tend to be biased to your business, and rightfully so. It’s hard to take that step back and see where you need to improve on. Not only that, once you have your ideas for improvement list, but you may also think each point is the key to success when maybe it’s not.

Having a fresh set of eyes and ears to discuss things that can provide you with a valuable perspective you don’t have.  That’s the benefit of bringing in a professional business consultant to give you an objective, third-party view.  Business consultants also can share with you ideas that have worked in other businesses to save you from making the mistake of implementing an idea that is likely to fail.

Make a Plan

A big mistake to make is thinking your idea is the key to everything, and it’s time to dive in headfirst. What if that idea blows up, then what?

Make a plan before implementing any changes. Spend some time testing it out to ensure whatever you have planned will work. Start small and work your way up. You have a better chance of succeeding that way.

Reinventing a business isn’t an easy task to take on. Not every reinvention will be successful, either. However, the more time you spend thinking, brainstorming, and researching, the more set up you’ll be for a successful reinvention.

Working From Home? 7 Tips to Help You Stay Motivated

In the past several months, many have had to quickly adjust to working from home rather than the office. Although at the start, it doesn’t seem too bad, you quickly realize the challenges behind not being in the office.

One of the hardest parts of working from home is finding the motivation and dedication to get the job done. You don’t have your boss around the corner, making sure you complete your day. It relies solely on just you.

To help you out, try these tested out tips provided by reviews for Corporate Business Solutions.

Maintain Your Same Work Schedule

One of the best things you can do for yourself as you work from home is to maintain the same schedule. That means, if your workday started at eight in the morning, you’d want to do just that at home.

Keep Your Same Routine

Although this ties in with maintaining your same work schedule, keep your same daily routine as well. When did you take your coffee and lunch breaks? What was your morning routine like? How did you unwind after coming home from work? Keep doing the same things to help keep you in the working mindset.

Dress for Success

Have you ever heard the saying about dressing for success? What we wear has a significant impact on how we feel about and portray ourselves. As tempting as it is to crawl out of bed and start working while in your pajamas, getting dressed in your regular work clothes will help you more in the long run.

Have a Designated Workspace

Even if you don’t have an office with a closed door, you should still have somewhere in your house that is meant as your workspace. That way, you can keep all your work-related items in the same area and stay organized.

Reward Yourself

It may seem silly, but give yourself rewards for a successful workday. Did you have a big project that was on a tight deadline? Maybe you finally sent that email you’ve been dreading all week. Give yourself a pat on the back, go have a snack, put on one of your favorite television shows, and take a relaxing break.

You deserved it.

Purge Yourself From Distractions

Although there are distractions basically everywhere you go, there are even more of them at your house. If you have housework to do or groceries to grab, those will be in the back of your mind.

Other distractions include your cell phone, television and surfing the web on your home computer. If you struggle with online distractions, consider a way to keep applications locked at a particular time, or set yourself a timer for when you need to get back to work.

Make Time for Relationships

One of the hardest parts of working from home is feeling isolated from the outside world (especially during our current events). As you spend so much time at home, take moments to call or video chat with your friends and family. Head outside for a walk and say hi to your neighbors. Whatever you do to help keep your relationships up and not feel isolated, include those.

There we have it – seven tips that often can help one adjust to working from home. Give these points a try for your next workday and see how different you feel.

4 Exit Planning Steps To Get Your Business Prepared

A lot of business owners know they should have an exit plan in place, but fail to develop one. This is a major problem. All owners should ensure they have a plan for exiting their business in place from the start of their enterprise.

With an exit strategy in place, you’ll be able to keep your business moving in the right direction since you’ll be aligning constantly with the long-term goals you’ve set. An exit strategy also ensures there’s a trigger event to signal the time has come to get out. Without one, you’ll just carry on without ever knowing when the time has come to stop.

There is one thing to note, though. Your exit strategy will certainly change with time, so it has to be reviewed often. Writing down your exit strategy then re-reading it and reviewing it every 6 months to make updates is the best solution.

With this in mind, the team at CBS-CBS.com outlines these simple steps to help prepare your business exit strategy.

1. Sourcing A Buyer

One thing that many business owners fail to consider is how to find a buyer for their company. A lot of owners just naturally assume somebody out there will be interested in purchasing their business, but this is a big mistake. In fact, only a quarter of all saleable companies exit.

One critical element of your exit strategy is to keep a list of prospective buyers. They may be businesses or individuals who have shown an interest previously in buying the business. They may even be competitors who have an interest in acquiring the business once the time has come.

2. Reoccurring Revenue

Revenue represents a key element of a business exit strategy. It isn’t only about the amount of revenue you have, it’s also about the form it takes when it arrives. Subscription-based services and products producing predictable and reoccurring revenue present an attractive proposition to prospective buyers.

Automatically billing in advance is a wise strategy. If all revenue has been set up to be recurring payments, your business will be an extremely attractive option for purchase.

3. A Strong Pattern Of Growth

A business that has displayed strong patterns of growth will be attractive to potential buyers. Predictable and steady financial growth couldn’t be more important. As long as erratic growth swings can be avoided, some tips that are explained easily won’t affect your business’s appeal to purchasers.

4. Standard Procedures Of Operation

If your business doesn’t have a written set of operating procedures, developing them now is vital. Your business should reach the point where should you have a sudden accident and be unable to run your operation yourself, the company would be able to carry on running with no disruptions. Detailing everything from your core values, management practices, mission, vision, and execution strategy to your marketing and sales plans will ensure that prospective buyers have no difficulty in taking over your business.

Every small business owner will have to exit at some future point, and it’s foolish to assume somebody will be ready to buy it when the time is right. If you follow these four steps, you’ll have the best chance of making a successful sale once you’re ready to make the move.

Could Flexible Working Cause A Lack Of Community In The Workplace?

Flexible working is becoming more commonplace. There has been a greater demand for a transformed work culture in this day and age due to the belief that a smarter and more modern approach will foster better business productivity while supporting a healthy work/life balance for employees.

It seems clear that the flexible work scenario isn’t going anywhere any time soon, and it comes in many forms. From flexible daily hours to home working and compressed working weeks, this style of employment is especially appealing to today’s workforce. So much so, that it has been suggested that in just a few years, the dominant form of employment will be flexible working.

The Benefits Of Flexible Working

It’s easy to see why flexible working is such a popular choice. There are well-established benefits associated with allowing workers to work more flexibly, and positive correlations with a higher level of commitment to the organization as well as better job satisfaction. When family commitments can be accommodated, the stress of commuting can be reduced and workload aligned to the energy cycles of the individual, employees are empowered and feel they have greater control over their working environment and schedule.

For the employer too, the evidence suggests flexible working can reduce staff turnover while also helping in the recruitment of top talent. It also helps to keep a successful team intact while enhancing the company’s image overall.

Yet, there are some disadvantages too that are often overlooked.

The Downside Of A Flexible Work Schedule

Flexible working can lead to the “always-on culture” which can be detrimental to an organization and its employees. Checking emails and responding to them out of office hours, and being available for work at any hour of the day or night may be a way to enhance effectiveness and efficiency, but it can also cause high levels of stress among workers that can impact negatively on psychological and physical health.

Nurturing A Positive Work Community And Environment

When a team can work together closely within the time and space they can generate the best creative energy. Being physically together permits intimacy, clarity, and spontaneity that, in turn, nourishes conviction, confidence, and understanding.

The answer to this is to have more flexibility about flexibility. Flexible working’s outcome should be a set of agreed targets that both employee and employer are on board with, that cover a mix of personal and professional priorities.

So, how do you go about implementing this practice within your organization? If you read Corporate Business Solutions reviews you’ll see that getting the right business consulting help can make an enormous difference to your company’s success.

Our team is well-positioned to give you the essential advice that you need to take your business forward into the future with modern and flexible working practices that reap all of the benefits of this way of operating but that avoid the potential pitfalls of a loss of community and an uncreative, incohesive working environment.

Would Selling Your Company To Its Employees Be A Good Exit Strategy?

If you’ve built up a successful business, deciding whether or not to sell it is a difficult choice to make. Yet, every business owner must have their exit strategy firmly in place.

You’re sure to already know the classic exit strategy options – finding strategic buyers, an equity sale, or possibly going public for a larger small business. Some owners decide that they’ll just wind down their business entirely. There is, however, a different option – the ESOP or Employee Stock Ownership Plan. This could be the perfect exit strategy if you want your business to stay rooted in its locality and its staff meaningfully employed.

What Is An ESOP?

In simple terms, an ESOP is a tool that can be used by a retiring business owner to sell their company to its employees. They are becoming more popular worldwide thanks to the many benefits that they provide. The Corporate Business Solutions team will explain some of those advantages here.

A Flexible Timeline For Exit

Everyone knows that most Baby Boomers aren’t retiring when they get to 65 anymore. They enjoy working and are happy to carry on as long as they remain in good health. This trend looks set to continue for many more years to come since more people today are seeing their work as an extension to their personal life.

ESOPs allow business owners to carry on playing an important role in their business, but with added flexibility to begin reducing their value within it by transferring value to its employees. With a long transition period, the owner can educate and mentor key people to take over their new roles.

Not only does an ESOP enable a more flexible departure, but it also enables owners to start accessing their retirement capital via the liquidity of transferred shares to employees.

Getting Money Out

Every exit plan hinges on being able to turn the business as an illiquid asset into cash. For your employees to purchase shares in the company, it has to be valued professionally at FMV (Fair Market Value).

As long as the company is currently profitable and looks set to continue in that vein, your employees are unlikely to mind paying fair prices for share. Although some owners believe their employees won’t be able to afford to purchase their company, they find many different financing tools are available that facilitate the process.

Lasting Legacy

Studies have shown that a lot of owners of small businesses end up regretting the sale of their company a short while after the deal is closed. Some even regret the decision when they got the price they wanted for the sale.

A major reason for regretting the decision is that their exit plan has failed to address issues such as legacy and succession. For a lot of business owners, it’s very important to be reassured that the values and culture they put in place will carry on once they have left.

An ESOP helps to ensure the business moves forward with those people who have already shared the owner’s values and vision. More importantly, research has shown that ownership by employees also results in better business outcomes such as improved engagement, retention, and productivity.

Would An ESOP Suit Me?

Not every business owner will find employee stock ownership the right solution since it requires a willingness for financial information to be shared and a more participative management style. However, for those business owners who are keen to have a more flexible timeline for their exit, to obtain a fair price for their sale and a way of leaving their legacy intact, the idea of an ESOP is certainly worth exploring.