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Caterers adjust as costs climb and customers watch spending

| Cameron Shaw
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Home » Jay Johnson: Building — and transition-proofing — a company’s social capital

Jay Johnson: Building — and transition-proofing — a company’s social capital

| Jay Johnson
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Businesses are woven into the fabric of Hoosier communities. They’re employers, customers of other local businesses, sponsors, friends and neighbors. Sometimes they’ve been there for generations, reflecting the norms, expectations and values of the communities they serve. You can’t separate the health of a business from the community around it.

According to the Indiana Business Research Center, businesses owned by people 55 and older generate an estimated $205.5 billion in annual revenue. This shows how much of Indiana’s economy is tied to businesses whose owners will have to decide what happens to their companies in the years ahead. This generational transition is referred to as the “silver tsunami,” and there’s more at stake than just who buys their companies.

The state’s Keep IN initiative helps owners prepare for succession, but new owners will acquire more than financial statements, processes and systems. They will take over businesses that depend on people. People whose knowledge and relationships have made them valuable.

A financial balance sheet shows assets, liabilities and owner equity. But a company also has another balance sheet, one that is harder to measure and potentially just as consequential. I call it the cultural balance sheet.

Assets on a cultural balance sheet are largely relational: the repeat customers, the supplier who has made special accommodations for 20 years on a handshake, the employee who can solve problems not covered in the operations manual and the goodwill a business has built with its community. Liabilities arise when those same relationships depend almost entirely on the person selling the business.

Imagine a longtime owner who has spent $25,000 each year sponsoring community events. The former owner may have seen it as an investment in the community that supported the business year after year, while the new owner might see this as an expense to eliminate. Either owner could be right. But how would the new one know without understanding what that sponsorship means to customers, employees and the community?

I’ve learned that business owners, employees and customers often have very different views of a business. Owners focus on keeping the operation running. Employees know the unwritten rules — how things really get done and what customers say when the boss isn’t around. Customers know whether the business is keeping its promise. The differences between those perspectives matter. The challenge is that a change in ownership can upset the delicate balance of relationships that made the business valuable in the first place.

Even when a seller is completely transparent, a change in ownership disrupts the status quo. It’s human nature for employees, suppliers and customers to re-evaluate their relationships after the sale. An employee wonders whether they can earn more or whether the new owner is someone they want to work for. A supplier revisits a handshake agreement. A customer asks whether the same level of service will continue.

Some buyers recognize this and examine culture and relationships before closing, but certain questions are difficult to answer beforehand. Owners may not want employees, customers or competitors to know they’re considering a sale, particularly in smaller towns. That limits what buyers can learn, and the cultural balance sheet may not become clear until after the business changes hands.

Six months later, the new owner may see sales drop, employees leave or a supplier push back on terms. Those may look like financial or operational problems, but the relationships may have changed first, with trouble appearing on the cultural balance sheet before showing up on the financial one.

Matt Tait, an Indianapolis entrepreneur who has bought and sold businesses, has seen this firsthand. He says employees, customers and suppliers reassess their relationships when ownership changes.

“The currency at acquisition is money,” Tait told me. “But everything from that point forward is entirely a trust-based currency.” In acquisitions he has participated in or advised on, reassessments can occur during the first two years after closing.

Sometimes a business needs a fresh perspective. Some traditions may have become liabilities, and a different approach may be exactly what it needs to remain competitive. The key is to understand what’s truly creating value, what’s holding it back and what might change simply because the owner has changed.

Across Indiana, the consequences will be felt beyond any one balance sheet. A business is not separate from the people who work there, buy from it, supply it and live nearby. As we track the coming “silver tsunami,” we should measure success not only by how many companies find buyers but by whether the next generation of owners can sustain and grow the relationships that make those companies valuable.

A sale transfers ownership. But trust and goodwill must be sustained, renegotiated or re-earned.•

__________

Johnson is CEO and principal adviser of ClickLoop, advising CEOs and leadership teams on growth strategy, operating performance and enterprise value.

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Home » Indiana startups face a tougher fundraising climate

Indiana startups face a tougher fundraising climate

| Joey Harris
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New SBA lending rules create hurdles for aspiring business owners

| Susan Orr
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Home » Chris W. Cotterill: Financial advising has always been a matter of trust

Chris W. Cotterill: Financial advising has always been a matter of trust

| Chris W. Cotterill
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