Xtra Mile Resources

Many successors have been watching the company evolve alongside themselves since they were young children. But if absorbing all that context made them ready to take over in adulthood and accept the heavy burdens of ownership, far fewer family businesses would be shutting down every year. -McKinsey Institute for Economic Mobility For most founders, the business IS their actual financial plan. And that reality puts massive pressure on the founder-successor relationship. If you

Today's divisive politics are dampening the celebrations of our nation's 250th anniversary - the great experiment in self-governing. In July 1776, our founders ignited a worldwide revolution for freedom. The United States of America has protected a government of the people, by the people, and for the people for 250 years. Imperfect from the beginning, but still the best freedom experiment running on this planet. Our unalienable rights are Life, Liberty, and the Pursuit of Hap

Selling a business is Easy. Hard is letting the company's leaders buy you out. Hard is passing this legacy to your family. We're seeing the growing popularity of Private Equity Buyouts and EBITDA multiples in headlines across the SMB world. But what if cashing out isn’t the legacy you dream about? Maybe you want to create a life-changing opportunity for the people who helped build your business. Or maybe your deepest desire is to pass it onto your children, who have grown alo

If your next move after an underperforming employee asks to stay is hoping their behavior magically improves from one hard conversation, you are wasting your time. You need a formal Turnaround Plan. We ran this framework recently with a $100M commercial construction firm. A C-suite executive (and close friend of the owner) was destroying the culture by belittling and screaming at his team in the vein of “getting things done”. He chose to stay, but a vague promise to "be nicer