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Company Growth & The Millennial Generation

by Kevin Jennings | May 10, 2018 | All Blog Entries, Industry Insights

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In recent years, I increasingly hear from employers in all industries and of all sizes, the challenges associated with retaining and inspiring employees from Generation Y, the Millennials. (Millennials, aka Gen Next, were born between 1980 and 1994). Stories relayed to me have been backed by research. This is the next generation of leadership, but it will be a very different kind of leadership.

Keep in mind that labels are just that. The traits described in this article certainly do not apply to all who fall into the Millennial generation.

This generation values work-life balance and flexibility. They often demand the ability to work from home. They typically do not want to travel for business. Overtime is okay but not as a routine event. They will turn down jobs not meeting these needs, despite a high salary.

Millennials are very willing to change jobs if they do not agree with leadership. They may not want a decision-making role, but they insist management hears them. They will deliberately flout policies they do not respect or see as a policy that exists merely for the sake of having a policy.

The older members of this generation are reaching 38, a career stage where upper management considers whether an employee can be an essential member of the future management team. If companies wish to retain these key employees, they will have to adjust strategies based on generational expectations.

The often-quoted “The Millennial Leadership Survey” conducted by WorkplaceTrends.com and Virtuali, a leadership training consultancy, found Millennials will lead in a very different way. Over 90% see themselves becoming leaders, a trait shared equally by men and women. They value empowering employees over money and power. They picture themselves as transformational leaders, looking to challenge and excite employees.

They are great self-evaluators. They often see themselves as strong communicators and excellent at building relationships. They believe these are by far the most important skills for a leader. They see current management as lacking in those areas.

They know their industry and technical weaknesses and want their employer to provide training. But don’t send them to a classroom. They much prefer mentoring and self-study on-line classes.

Millennials are expected to lead companies that will develop and empower employees. They will provide employees the work-life balance and flexibility they seek. Interestingly, the drawback most cited by Millennials about becoming leaders is the disruption of this balance. The Millennial-led company will have flatter management allowing easier communication both up and down.

Though many of our readers lead smaller companies, where many of these company characteristics exist by default, today’s leaders should rethink their strategies for the future. Creating a company that will grow beyond current leadership is a goal that must be addressed regularly.

The Evolution of Air Travel

by Kevin Jennings | Apr 18, 2018 | All Blog Entries

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Since the first US commercial flight in 1914, the air travel industry has drastically changed. Flying, once considered risky and reserved for the elite, is now available to almost anyone.

Some lament the early days of flying, calling it the “golden era of air travel.” Seats had more leg room, fliers dressed to the nines, and hot meals were served. Until the 1970s, security at airports was practically non-existent. Passengers went from the parking lot to the plane in less than 30 minutes.

The aviation industry, a major player in the US economy, comprises between 4% and 5% of the GDP. The frequency of flights taken has risen in recent years, as flying is no longer just for the wealthy. According to an International Air Transport Association (IATA) report from late 2017, there were about 3.8 billion air passengers in 2016. That number will steadily balloon to 7.2 billion by 2035. The IATA predicts that most growth will occur in Asia.

With an increase in fliers, airports have had to evolve. Security lines and delays force passengers to wait for their flights. Passengers demand to be entertained from the moment they pass through security to the moment they land. Airports must have a variety of shops, bars, and restaurants. At some airports, whole terminals have been converted into shopping malls.

Inflight entertainment is vital to passengers. On many flights, passengers can watch movies, TV, or even play games on the back of the seat in front of them. Airlines such as American, Delta, Southwest, and United offer wireless streaming. Some airlines, such as JetBlue, offer free Wi-Fi upon the aircraft.

Until recently, many believed long lines were here to stay. The rise of smartphones has changed that and made for a much smoother process. According to SITA, a UK-based air transport communications and technology company, 83% of passengers carry smartphones. With a mobile boarding pass, a passenger can go straight from the parking lot to security. Mobile boarding passes are more secure than their paper cousins and are almost impossible to lose.

Airlines use mobile apps and social media to update passengers on all aspects of their flight from security line wait times to delays and gate changes. All major airlines have a social media presence today. Passengers no longer need to wait through busy signals and long hold times to speak with an airline representative. On social media, dedicated social media employees respond to passengers with concerns quickly.

The main factor behind the increase in flying is a decrease in prices. In 1970, the percentage of people who have every flown was less than 50%. That percentage rose to over 80% in 2015 due to affordability of flights. Total cost is usually the deciding factor for passengers when choosing an airline. Fees for checked items and other add-ons play a key role.

Many believe that the decrease in airfare prices has created a decline in customer service. Airlines employ fewer workers due to technology. Many passengers believe it is hard to get hold of an airline employee who can address the concerns they have.

Passengers complain of a lack of legroom on board. Seat Guru reports that legs have as much as two inches less space compared with a decade ago.

Henry H. Harteveldt, President of the Atmosphere Research Group, a travel industry research firm, explains “Consumers have shown that they’re willing to put up with an awful lot, including lack of legroom, lack of amenities, mediocre or worse customer service, dirty airplanes, and more to save money, and the airline industry has evolved to meet that desire.”

Matthew DeBord, correspondent for Business Insider, states airlines have “spent decades training the public to expect next to nothing in the way of service.” TripAdvisor, the travel review site, recently started reviewing airlines. The hope is for passengers to become more concerned with customer service, forcing airline companies to increase focus on it.

Commercial air travel is much different than it was at its birth. Some is for better, some for worse. Passengers may complain about the annoyances of flying, but it is currently the safest form of transportation and will likely only improve.

Selling Your Company: The Ultimate Transition

by Kevin Jennings | Apr 17, 2018 | All Blog Entries, Transition Planning

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When it comes to business transition planning several of the options have an element of irreversibility, but none have the permanence of a sale. After a set transition period, there comes a time when the former owner is no longer part of the Company. From a buyer’s perspective, this makes total sense: loyalty of customers, suppliers and employees must move to the new owner for him/her to be successful.

But for you as a seller, it’s a very different perspective. Although it might be challenging to think about, it may still be a great option to consider.

Sales to third parties often bring the highest selling price. These buyers are motivated to own your Company. These reasons include adding a new series of complementary products or services, expanding market coverage, acquiring a customer or supplier relationship, buying technology. The list goes on. Rarely does a buyer not make changes to the operation. There may be consolidation of administration, sales and marketing or even production. The Company you created or grew may become unrecognizable. But the size of the purchase check may place those factors in the ‘who cares’ category.

Preparing your Company for sale is not difficult. It is comprised of several simple steps, many of which can be attacked at the same time. Many sellers create a sales packet with sections on everything from your finances to how you market. Evidence exists that buyers ranging from larger firms to the competitor next door close deals more quickly and closer to the original asking price when such a packet is available. You’ve addressed their questions proactively, just like you anticipate your customers’ needs proactively. Treating a buyer like a favored customer will accelerate the process. The goal is to receive as large a payment as possible, as quickly as possible.

When looking at your Company, think like a buyer not a seller. Why would you want to buy your Company? Even think about why you would not buy your Company: these are areas to fix.

This exercise has value whether you’re selling or not. It points out the strengths and weaknesses of your Company, areas to address even if you are not moving on. A SWOT analysis is another term for this – identifying your Strengths, Weaknesses, Opportunities and Threats.

The process focuses on improvements which lead to more sales and profits or a better way of getting things done. It shows where you need to focus to allow yourself to transition out.

Experts exist who can help make all this happen letting you continue to run your business.

The preceding information is a preview of our “Business Transition Planning: Maximize Your Legacy” booklet. Click here to request your copy.

Retaining Your Best Employees with Incentives

by Kevin Jennings | Mar 14, 2018 | All Blog Entries, Transition Planning

You’ve identified the key employees you can’t operate your business without, but you’re worried that they might not stick around. We’ve compiled a few ways you can help ensure they do.

The following information is a preview of our “Business Transition Planning: Maximizing Your Legacy” booklet. Click here to request your copy.

Bonuses

Bonuses are flexible. Bonuses are simple. Everybody understands bonuses.

Bonuses can be short-term, long-term, or both. Bonuses can be tied to goals: goals for the individual and goals for the company. Some companies provide a flat percentage of salary across the board regardless of individual performance. While it is important to reward everyone when the company does well, the superstars deserve and expect more. Conversely, a superstar should not be penalized when he does well, but the company overall is lagging. It’s not fair to an operations manager who can produce more than the sales area can sell.

Equity Plans

Stock options are key tools to incentivize employees. The employee ends up owning equity. This can be positive, but it may lead to issues. Owners can have a vote. They may become contentious and exercise minority shareholder (and like) lawsuits. As owners, they will now be subject to the terms of your shareholders’ agreement. If the shareholder/employee departs, you may need to buy out these shares.

Synthetic Equity Plans

Synthetic equity plans include phantom stock and stock appreciation rights. Both reward the holders of these with the increase in the value of the company. Neither transfers ownership interest.

These plans can work in conjunction with annual and longer-term bonuses. Synthetic equity plans reward key employees based on the performance of the company as a whole. They reward teamwork. Only if the team works together will the company grow. Your operations VP will work with the sales VP to design units that are more saleable. She won’t just produce units that are less costly or are quick to make.

The plans can be very flexible. They can be based on the “value” of a segment of the company, not just the company as a whole.

This concept of synthetic equity is important. Our objective is to keep control of the company in your hands, not to dilute it. Using real equity can create issues.

For more information on synthetic equity plans, visit the National Center for Employee Ownership, a membership group: nceo.org

Employment Agreements

An employment agreement is a simple way to tell your employee you want him/her to stay on. It will carry all the standard clauses including expected duties, compensation, bonus arrangements, stock options, synthetic equity, benefits, term, causes for termination, confidentiality, etc. This is a legal document, so an attorney is required to help set it up. But it gives peace of mind to key employees, especially in a family business.

Need more helpful information? Look for more great articles on our blog or give us a call.

Fortune 500 Companies in 2000 versus 2017

by Kevin Jennings | Mar 14, 2018 | All Blog Entries, Industry Insights

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Technology has made today’s world unrecognizable from what it was at the turn of the century. If companies do not adjust their business strategies, they will be left in the dust. The above image proves just that: even Fortune 500 companies have fallen between 2000 and 2017. Here’s a look at a few key ones in various industries we all know.

General Motors (GM)

General Motors was the top revenue earner in 2000, but the company has been unstable ever since. The financial crisis of 2008 greatly impacted the company. In fact, in June of 2009, General Motors went bankrupt. The “Troubled Asset Relief Program”, a group run by the US Treasury to stabilize the country’s economy following the 2008 financial crisis, invested about $50 billion in GM. General Motors has since settled, but has not fully recovered to the same success.

Wal-Mart Stores (WMT)

Walmart has increased its bottom-line tremendously since the turn of the century, becoming the largest U.S. retailer by revenue in 1990 and holding strong since. Then, in 2002, the company hit the top of the Fortune 500 list for the first time by continuing to develop along with industry trends. They’ve made strides to improve the green and healthy values of its store brands, as people become more health-conscious in recent years. The company has also instituted an impactful online store, keeping up with digital retail giants like Amazon.

Exxon Mobil (XOM)

The Exxon Corporation and Socony-Vacuum Oil Company (Mobil) merged in 1998, creating the largest corporate merger of its time. Together they formed the Exxon Mobil Corporation, which has consistently been on the Fortune 500 ever since. As of 2015, Exxon Mobil reached a new milestone by ranking as the fifth-largest oil and gas company by revenue in the world.

Intl. Business Machines (IBM)

IBM earned approximately $79.9 billion in 2017, setting the ranking at 32nd on the Fortune 500 list. IBM has come to the forefront of artificial intelligence, with Watson, its AI program, gaining national attention in 2011. IBM has partnered with many major companies in this endeavor, including Apple, Twitter, and Facebook. IBM’s technology is ahead of the curve and the company is expected to grow in the coming years.

Citigroup (C)

Citigroup ranked 30th on the Fortune 500 list in 2017, citing $82 billion in revenue, which was similar earnings in 2000. During the financial crisis of 2008, Citigroup was heavily affected, and by November of that year was insolvent. The company responded by laying off more than 100,000 employees. In the ensuing months, the government arranged a buy-back to the tune of $306 billion in loans and securities, as well as $20 billion directly invested in the company. It wasn’t until 2010 that Citigroup achieved its first profitable year since the financial crisis.

Apple (AAPL)

Apple, formed in 1976, has seen exponential growth up to today. In 2000, Apple earned slightly over $6 billion in revenue, ranking 285th on the Fortune 500 list. In 2007, Apple released the first iPhone, as the company shifted its focus from computers and into personal devices. Since then, iPhones have become nearly ubiquitous in America, and Apple’s revenues have grown as a result. The company earned a record-high $233 billion in 2015, following the release of the iPhone 6 and 6s.

UnitedHealth Group (UNH)

UnitedHealth Group earned a mere $19.5 billion in 2000, placing them at 86th on the Fortune 500 list. In 2002, the company acquired AmeriChoice and merged it under the Medicaid program. The company has since made efforts to implement technology, such as electronic health records, to make systems more efficient across the industry. In 2015, UnitedHealth’s Optum joined with MedExpress, an urgent care office and later in 2016 created a partnership with CVS Pharmacy and Walgreens.

Comparing Fortune 500 companies of 2000 to 2017 shows just how quickly the world and businesses have changed.

In 2000, Apple did not even crack the top 100 revenue earners. Since then, Apple has taken the tech industry by storm to break into the number 3 spot on the Fortune 500 list. This proves how quickly technology has progressed, and how important it is for companies to get ahead of the tech curve.

Business Owner Transition Planning

by Kevin Jennings | Feb 16, 2018 | All Blog Entries, Transition Planning

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Easier and Less Expensive Than Ever

Thanks to the Tax Cuts and Jobs Act signed into law on December 22, 2017, there has never been a better time to look at your transition planning.

The Act basically doubled the federal estate tax, gift tax and generation-skipping tax exemption to $11.2 million per person or $22.4 million for a married couple beginning in 2018. What does this mean for you or your client? If you’re thinking of transferring interests in your business through gifts, the threshold before you incur federal gift taxes is now very high. (Keep in mind, several states still incur these taxes, often with lower exemptions). This benefit is set to expire on December 31, 2025. If a staged set of gifts is a possibility, starting now is best.

If you have a buy/sell agreement in place, in part, to help the surviving family members fund estate taxes, that need may be greatly reduced. If you plan to fund estate taxes through insurance, you may require less coverage. On the other hand, 2025 is not that far off. If you reduce coverage now, you may need to increase it again when you are older. (Premiums will most likely be higher).

Consulting with your tax advisor and other experts is a must. Everyone’s situation is different, there is no one-size-fits-all answer.

Request a copy of our Booklet: “Business Transition Planning: Maximize Your Legacy” for answers to common questions and ideas on how to get started.