Former Secretary of State, George Schultz, summed up an essential element of business success when he said, “Trust is the coin of the realm.” It’s a critical aspect of human life in general and business in particular. But it’s a lot easier — and quicker — to lose than it is to gain. This month, I explain why trust is
Commercial
How to Tick Off Your Lender (February 2025)
There are many ways to annoy and worry your lender. And while I am not suggesting you do whatever is necessary to keep your lenders happy, you would be well advised to avoid doing things that will upset the economics of the loan or cause lenders concern. With that in mind, today’s newsletter shares specific examples of what not to…
Resource Constraints and Their Business Challenges
Constraints, whether in the form of time, people, money, or something else, are a fundamental aspect of business — no organization has unlimited resources. In practice, resource constraints pose three business challenges. Today’s newsletter explains. Read more…
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The Perils of Customer Concentration (December 2025)
“Customer concentration” — a label that describes companies whose sales are concentrated in too few accounts — is problematic, both in terms of the cost of capital and, ultimately, company value. The best fix for this scenario is to avoid it entirely. Today’s newsletter offers suggestions for what to do when that is not an option. Read more…
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Advice From the Ice #25: Know the Rules of Engagement
Watch the video here:
In every setting- business, sports, whatever- there are rules of engagement. Knowing those rules and applying guardrails in those situations can be the difference between success or failure. In a hockey game, I always ask the coaches at the beginning of the game about the history between the two teams. That allows us to gauge…
The Risk of Zero Risk (November 2024)
The essence of risk is that we don’t know today, with certainty, the effect our decisions will have in the future. We try and see if it works. But while businesses must take risks to survive, judgement is required to ensure those risks are undertaken wisely. Read more…
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Loan Defaults — A Business Borrower’s Primer (October 2024)
No business owner or principal takes out a loan with the expectation of not paying it back… and no lender makes a loan with that belief. Sometimes, however, circumstances (self-inflicted or otherwise) take over. Today’s newsletter looks at what to do if you are in danger of default. Read more…
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Is Your Organization Getting in Its Own Way? (September 2024)
Despite best efforts to communicate direction and hire well, many organizations struggle to achieve their goals. Often, the problem is one of internal bureaucracy, which prevents employees from completing tasks effectively. An “enabled organization” empowers individuals by ensuring they clearly understand their objectives, have the time and resources to achieve them, and the authority to make decisions. This month, I…
Directors and Officers: You May be More Vulnerable Than You Realize (August 2024)
My clients arrive in financial trouble — they hire me to get them out of it. But the best way to fix financial problems is to never get into trouble in the first place. The key is to pay attention to and execute on several important financial things. Today’s newsletter explains. Read more…
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How *Not* to Become My Client (July 2024)
My clients arrive in financial trouble — they hire me to get them out of it. But the best way to fix financial problems is to never get into trouble in the first place. The key is to pay attention to and execute on several important financial things. Today’s newsletter explains. Read more…
The post How *Not* to Become My…