| Most small business owners seek advisors
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| | should I listen this time?'
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| who can help them improve their
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| | "Entrepreneurs also fail to notice when
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| businesses. They want advice from those
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| | they've entered a new stage of business
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| who have the experience and really know
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| | development due to some kind of major
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| what they're talking about. But they can
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| | change in their operation that could have
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| only benefit from the sound counsel if
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| | been brought on by such factors as new
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| they listen to the expert's guidance.
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| | owners, loss of owners or major
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| Unfortunately, there are some
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| | growth."The owners don't realize they're
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| entrepreneurs who aren't going to hear
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| | in a new ballpark with a new set of rules
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| the professionals out or follow a plan no
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| | they need to follow," Daniel said.Being
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| matter what. At that point, experts
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| | hard-headed can cost youRoger Bierman, a
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| realize that they might as well save
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| | Fiducial franchisee relations manager for
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| their breath and hope that the business
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| | Alaska and the North Central and
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| owner will eventually see the error of
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| | Northwest regions, says there's no
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| their ways before it's too late.When it
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| | shortage of procrastinators in the small
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| comes to offering his advice, franchisee
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| | business ranks who listen to what you
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| Sam Badgley is very up front with his
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| | have to say but never put the wheels in
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| Fiducial clients in Williamstown, WV. He
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| | motion."Some have to hear it many, many
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| tells them exactly what he expects and
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| | times," said Bierman. "There's an
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| makes it very clear what they need to do
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| | association between success and those
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| to follow his recommendations. If he
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| | people who react more quickly to changing
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| encounters someone who repeatedly ignores
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| | trends and the procrastinators who just
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| everything he's been telling them which
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| | sit there and tread water."For
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| is a total waste of his time, he then
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| | unsuccessful owners who procrastinate,
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| decides to cut them loose as a
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| | nothing's ever going to happen so they
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| client."Through experience I've learned
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| | can grow their business."Those that sit
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| that when you run into somebody like that
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| | out there and don't follow a system are
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| they are not going to change," said
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| | least likely to succeed but you need that
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| Badgley.Trust gives you a great
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| | to show it to the people who are doing
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| advantageWhere the problems usually occur
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| | things," he said. "There is a difference
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| between advisor and client is in the
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| | between night and day."Bierman has a
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| administration of the account where
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| | close friend who's owned an asphalt and
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| owners fail to deliver the timely data
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| | concrete business for 10 years as a
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| Badgley needs to help their
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| | middle man in various projects. He
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| business."I'll get them to set timetables
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| | advised the owner to lower his prices but
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| and set some of those goals or targets
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| | the owner procrastinated for two years on
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| but they just repeatedly miss them," he
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| | his pricing and it ended up costing him a
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| said.For those businesses heading for
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| | lot of money."He always wanted to run
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| bankruptcy that have not heeded his
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| | between 25% and 30% profit on his end but
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| advice, Badgley has suggested to owners
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| | when you add that to the bill you get
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| that maybe they might want to work for
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| | prices out of the market," he said. "I
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| another company."Either they have never
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| | told him if you lowered your price and
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| worked for somebody or they don't have
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| | get back to the 15% to 18% range then you
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| confidence," he said. "They don't
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| | would make it up through volume."This
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| understand that they could work for
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| | example does finish on an up note because
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| somebody else. I see the deer in the
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| | the owner finally came around and lowered
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| headlights look."Badgley says that you
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| | his prices two years later."Sometimes by
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| can tell whether or not people are going
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| | not listening to good advice and being
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| to be receptive to change."Most people
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| | hard-headed it can cost you money,"
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| who come to you are desperate," he said.
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| | Bierman said. "That happens to a lot of
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| "They are in trouble-its crisis city and
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| | people. They continue to use bad
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| you can pretty well tell whether they've
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| | practices and some don't catch it until
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| been there before and what caused it.
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| | it's too late. Then they find themselves
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| They are always willing to change to
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| | buried where they never can see
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| solve the problem but you don't know if
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| | daylight."Personal fortune is on the
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| they're willing to go beyond that."That's
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| | lineNo matter how strongly Fiducial
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| where experience helps, says Badgley,
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| | advisors plead their case to convince
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| because after you've seen enough and been
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| | clients, they can only go so far in the
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| told enough things it all begins to sound
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| | process.Gene Polley, a senior business
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| very similar. He thinks that trust with
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| | advisor in Fiducial's San Diego office,
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| any business profession gives you a great
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| | has a contractor client who does stucco
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| advantage because you know what has been
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| | work in the housing boom that's just
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| successful with those types of comments
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| | making money hand over fist. But until
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| so you can really cut to the chase.Over
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| | he makes some changes in his operation,
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| the years Badgley has tried following up
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| | the contractor is going to be paying vast
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| with former clients to see how they're
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| | sums needlessly to the IRS when Polley
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| doing and whether they eventually came
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| | says he could have designated some of
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| around."By and large most just continue
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| | those funds for a self-directed
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| to struggle but for me it's kind of
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| | retirement plan. He has recommended on
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| frustrating," he said. "That's the
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| | numerous occasions that the client change
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| challenge."New stage of business
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| | his business entity from a sole
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| developmentLisa Borgerding, a CPA and
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| | proprietorship to an S corporation to
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| business advisor in Fiducial's Arvada,
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| | protect his interests."I guess he's just
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| CO, office cited several scenarios of
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| | too busy to listen to my advice," said
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| clients who ran into difficulty by not
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| | Polley. "He has multiple vehicles but
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| heeding the advice of their advisors.The
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| | his personal fortune is on the line every
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| first client is in the construction field
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| | time one of his employees gets into a
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| and owes about $10,000 in payroll taxes
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| | vehicle."It's frustrating for Polley
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| to the Internal Revenue Service. Tack on
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| | watching clients throwing money away on
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| penalties and interest and it's easy to
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| | taxes when it could have been put to
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| see why this situation is having such a
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| | better use in the business but he knows
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| great impact on their business.
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| | there's a limit to how hard you can push
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| Borgerding noted that whether you claim
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| | people."You give people the experience of
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| bankruptcy or not, payroll taxes are not
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| | your years and sometimes they listen," he
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| going to go away."That's one of the
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| | said. "Sometimes they listen to you the
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| largest expenses they're ever going to
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| | first time but it varies from client to
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| pay," she said. "They just don't realize
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| | client. You still keep on telling them
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| how serious it is."And since they've dug
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| | to do the right thing."In dealing with
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| themselves such a large hole it's going
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| | clients of both sexes Polley has
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| to be even that much harder for them to
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| | discovered that women are smart enough to
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| escape it.Another client owns a
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| | realize what they don't know while men
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| repackaging company that also hasn't paid
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| | only like advice when things are going
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| its payroll taxes. Companies can easily
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| | well."When they're on a downward trend
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| fall into this trap especially when the
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| | they really don't want to hear it," he
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| economy takes a turn and they didn't have
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| | said.Perhaps it's the very strength that
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| the volume of sales they normally do.
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| | the business was founded on that is also
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| But when advisors put together a payment
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| | its greatest weakness."Business people
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| plan to try and right the ship, owners
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| | are successful because they're
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| need to follow through.Experts maintain
| |
| | self-assured and have been able to buck
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| that it's difficult for some
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| | the trend because they have this
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| entrepreneurs to accept advice from
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| | independent attitude," Polley added.
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| others because they've built their
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| | "They don't follow conventional wisdom in
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| business from the ground up by
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| | getting into the business."But that
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| themselves."The reason for that is
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| | sometimes makes it harder for the owner
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| they've had success using their own
| |
| | to listen and act on the sound advice
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| intuition," said Dr. Ralph Daniel, a
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| | they've been given.Dr. Daniel of the
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| business psychologist and family business
| |
| | Center for Family Business Dynamics added
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| governance expert at the Center for
| |
| | that in his experience, the "Rule of
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| Family Business Dynamics in Santa
| |
| | Three" often applies to owners who resist
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| Barbara, CA. "They've done really well
| |
| | advice."They don't believe it until they
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| following their gut instincts while other
| |
| | hear the same difficult advice from the
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| advisors were wrong. They say 'why
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| | third person," he said.
|
