By Dale Kurschner, Executive Consultant U.S. commercial Chapter 11 bankruptcy filings through September outpaced the number filed in all of 2019. And the 747 filings made that month represented a 77 percent increase from the same period a year earlier, according to AACER court data. Yet Minnesota’s economy appears to be rebounding quite well from the depths of the Covid-19 recession earlier this year, based […]
Business Owner Sabbatical Planning Template is a guide for Business Owners to plan an extended leave By Steve Coleman, Partner Looking to try something new to break old patterns and gain new motivation for change? As business owners and managers finalize their annual plans, they may be ready to test their capacity to step out of the driver’s seat by taking a sabbatical. Traditionally an […]
The owner of several manufacturers in the Twin Cities made the decision to start downsizing and chose one of his three companies to sell. Dean Bachelor of Platinum Group sits on the board of his largest company, a manufacturer of large processing equipment, and the owner asked Dean to facilitate the sale of his engineering/metal stamping business. Read how Platinum structured the transaction to sell […]
Nearly 60 percent of business owners and leaders who responded to a June Minnesota Business Pulse survey said they expected no changes in employment levels by June 30, while 21 percent said they were hiring and 21 percent were reducing headcount. About half of these leaders say they expect overall business conditions to improve during the third quarter ending Sept. 30, while 38 percent anticipate […]
Platinum’s Tom Hubler recently moderated a panel discussion about changes in a succession plan between the owner and president of King Technology, a Hopkins-based manufacturer, in the midst of the current pandemic. Key take-away advice from the family owner and non-family successor was helpful for other family businesses: Communication, communication, and communication — is needed, especially around values between the owner(dad) and the non-family president. […]
Platinum Group will co-sponsor a one-hour panel discussion on family business transition with Fredrickson & Byron P.A. on Thursday, June 4 at 3:30 p.m. (Central). The free, online webinar is the last of a three-part series on understanding a systems approach to leadership transitions, presented by the Family Business Advisory Group. Platinum’s Tom Hubler will moderate the discussion about changes in a succession plan between […]
By Bill English, Partner I’ve met my fair share of business owners who are skeptical of lawyers, bankers, accountants and/or financial planners. I’ve known some who give some information to one advisor and other information to another advisor but never give the full story to any single advisor. Others view advisors as necessary evils – skills that one might need once in a while but […]
Do you understand your biggest working capital need right now? “Until you have a correct view of the potential impacts of the COVID-19 crisis on your company’s revenue, finding the right working capital for your situation can be difficult to navigate,” according to Rod Peterson, Platinum Partner. In other words, simply knowing the sources of capital alternatives — government and private — is not enough. […]
Platinum Group has helped more than 500 owners through business succession. In fact, Platinum Partner Steve Coleman has co-written a book about the uniqueness of every owner’s transition called “What’s NEXT for You: Business Owners Share Their Transition Stories.” The book is a collection of personal experiences, tips, best practices, and lessons learned for owners thinking about selling or passing on businesses to the next […]
Looking for a logical, flexible sequence to track the progress of your company’s transition? Consider a transition framework based on Platinum Group’s years of experience in guiding business owners. Then, join our Owner Transition Forum to gain fresh perspectives from other business owners’ experiences. These monthly breakfast roundtables offer insights and open dialog around real owner stories in a confidential setting. Contact Steve Coleman at […]