In this issue
Soon after Minon took control of her father's business in 1991, the auto-glass industry underwent a major upheaval. Independent, family owned glass companies were driven out of business across the country. Under pressure, Minon hunkered down and guided JC's Glass through the turmoil. Those years of stress led to changes in her personal life—and a new vision of herself as a leader and manager of people. She tells the story in a new book excerpted here, The CEO Chronicles: Lessons from the Top About Inspiration and Leadership by Glenn Rifkin and Douglas Matthews.
Businesses today have processes and plans for just about everything. They have strategic plans and marketing plans and product-development plans they can show to bankers. They have processes in place for monitoring prices in the marketplace, for tracking inventory, for approving credit, for paying suppliers. They plot trends in sales with the dedication of monastic scribes and are cheered with every upward spike in revenues. When we ask managers of some companies whether they have a plan for increasing profits, however, they look at us as if we're crazy.
You've decided it's time to get serious about writing an estate plan. You call your lawyer. He comes up with a neat arrangement involving elaborate trusts that will keep your taxes to a minimum and protect your company's assets. However, you are unsure how the plan will affect certain family members and the business's cash flow. So you decide to run the plan by a family business consultant and your CPA. These advisers may react in one of two ways. They may point out significant flaws; if so, you'll have to send the plan back to the drawing board, which will cost you.
Get your messages by walking aroundGarry C. Myers III
Highlights for Children