| BUSINESS TURNAROUND Trends |
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Survey Findings Indicate How Business Owners and CEOs Are Addressing COVID-19 Recession 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 they’ll worsen. These responses came from 49 Minnesota business owners and CEOs representing small to mid-size businesses in 17 industries. Platinum Group’s Dale Kurschner conducted the poll, which focused primarily on how businesses were adapting thus far to the COVID-19 pandemic. Read more, including what other recent surveys found. |
| BUSINESS ADVICE news |
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Platinum Names Four New Partners Platinum Group announces that four of its consultants have been named Partner: Bill English, Rod Peterson, Ron Leaf and Randy Kroll. “These new partners have demonstrated the depth of experience and skills that our clients need to grow, thrive and transition their companies,” says Platinum Founder Dean Bachelor. “As Partners, they will now provide additional leadership and take on firm-wide responsibilities to support Platinum's growth and longevity into the next generation.” Read the news release for more details. |
| FAMILY BUSINESS case study |
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Business Transition Lessons from Other Owners, Family Meetings and Team of Experts “When are you going to retire?” was a frequent question asked at the 30-year anniversary of an early childhood education business where the founder/owner received thanks from past clients whose children had benefitted from attending. Three children in the founder’s family had been involved in the early growth stages but were not working in the business. The founder’s husband had retired from his career and was a part-time supervisor of financial reporting. Neither founder nor husband felt health concerns or financial pressures, yet uneasiness was growing over future leadership of the business. Read how Platinum facilitated a family communication process to create a succession plan... MORE |
| BUSINESS TRANSITION Event |
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Father and Son Update Family Business Succession Success on July 14 A family business succession update by two generations of business owners – a father to son third-generation story – will be the topic for Platinum’s next Business Owner Transition Forum on Tuesday, July 14 via Zoom, from 7:30 a.m. to 9:00 a.m. In 2011, a family business was moving down a path of ownership change from the second to third generation, but there were significant generational differences in expected valuation and timing. What emerged from earnest discussion, negotiation, compromise and love is a success story told by Mike Norman, father, and Matt Norman, son. The 2011 sale of the Dale Carnegie Training franchise in the Upper Midwest from father to son was a shining example of how collaboration and flexibility produce successful generational ownership transfer... MORE |
| Interviews |
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Insights from 5 Well-Known CEOs Looking for some inspiration or just a few great ideas? Tune into one or more of these short CEO interviews on navigating through the Coronavirus economy if you haven’t already done so. They’re available to download and listen to on the go, or to watch or listen to via your laptop, iPad or phone, and brought to you by Platinum Group.
Upcoming interviews include Allina Health’s President and CEO Penny Wheeler and Manny Villafana, a multiple-success serial entrepreneur responsible for starting much of what is the medical technology industry in Minnesota (i.e. Cardiac Pacemakers and St. Jude Medical and others). All One Take CEO Interviews can be found by searching for “One Take CEO Interviews” on YouTube, Spotify and Apple Podcasts. |
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