On February 22, 2010, I addressed a topic in my column that, quite frankly, was difficult for me to write about – and for good reason. That was the day I shared with you the news that my father had been diagnosed with stage-three lung cancer and, since he is also my partner and the CEO of our firm, the relevance of that news was based on the need for a proper succession plan to mitigate the negative effects a serious illness can have on an organization. Well, he’s back. And last week, on August 23rd, six months and a day after the February 22nd column, we had an office party to celebrate the return of our CEO. We actually had two reasons for celebrating that day. One was obvious – we all wanted to officially welcome my father back after months of difficult chemo and radiation treatments, surgery and recovery. But we also wanted to acknowledge and celebrate the fact that he not only built a successful business, he also helped create an enduring organization that was greater than himself, capable of surviving without him, even during the worst economic recession since the Great Depression. That says something. While many of us are still jaded by Corporate America’s exposed “smash-and-grab” practices, and the “take-what-you-can-get” mentality of some of its biggest executives, it’s important to remember that the mark of a true business leader is the ability to act in the best interest of the organization and ensure its continued success – beyond one’s ability to lead it. How To Build An Enduring Organization:

Instant Replay. Whether you love it or hate it in your favorite sports, the question of whether or not to extend its role in baseball beyond homerun situations, as it is currently used today, resurfaced in a big way on June 2, 2010. That was the day that pitcher Armando Galarraga of the Detroit Tigers would have pitched a perfect game – 28 batters up to the plate, 28 batters out with no hits, no walks, and no errors – except for umpire Jim Joyce’s blown call on what should have been the last out of the game. As a result of this now infamous miscall which led to Galarraga’s imperfect game, ESPN’s investigative series, Outside The Lines, initiated an investigation titled, The State Of Officiating, where they reviewed every play of every Major League baseball game for 2 weeks from June 29 – July 11. Every call was examined, excluding balls and strikes, in 184 games. What they found was that 20% of “close calls” were wrong. That equates to 47 miscalls over the 2 week period – several of which ended up altering the outcome of the game. Perhaps you’ve never considered it, but in business, we’re constantly expected to make the right call. Despite our best efforts, however, we don’t always get it right – yet the way in which we respond in these circumstances will ultimately affect our continued success. By taking a second look at a difficult situation , you can develop a plan of action that will transform a bad call into a learning opportunity. When replaying a scenario consider these points…

I’ve heard it said that a consultant is someone who borrows your watch and tells you what time it is, and then walks off with the watch. While that’s actually pretty funny, I’m happy to say that my personal experience as a business owner is quite different – and I hope it is for you as well. Much of that positive outlook is due to the fact that my company has learned a thing or two, after more than thirty years in business, about when and how to qualify and select the right consultant for the right project or area of expertise. One area where sound, practical advice is absolutely indispensible is finance – especially during these difficult economic times – and it just so happens that our trusted Certified Public Accountant (CPA) of more than 25 years, Julian Rodriguez, is the benchmark I use to measure all other consultants.

I recently attended a small business conference where owners and entrepreneurs from around the country gathered to discuss the most pressing issues affecting businesses today. As you can imagine, the ongoing economic crisis dominated the discussion for most of the three-day event, but in particular, I was intrigued with the group’s overall reaction to the question of how we got into this mess in the first place. Our conversations on the sub-prime mortgage crisis, fraudulent lending practices and billion dollar executive bonuses on Wall Street, to name just a few of the reasons, was leaving a bad taste in our mouths, and I understood why so many people across America have become so cynical of big business, but I also sensed that something else has been developing in our national psyche as a result of the uproar which concerns me. It has to do with ethics in business, or the perceived lack thereof.

This probably isn’t what you want to hear right now – not in the midst of this global recession, when just hanging on is hard enough to do – but despite the difficulties, when it comes to business, if you’re not growing, you’re dying. This may seem like a difficult message to hear, but bear with me because there’s more to that statement than the obvious. That’s because in business, when we talk about growth, we typically think in terms of quantifiable increases in sales and revenue, market share and stock prices – and we would certainly be right to do so. We all want to hit the mark when it comes to our numbers. After all, that’s the bottom line we’re talking about, and there are few things more critical in business than growing the numbers. But what do you do when the numbers just aren’t there? What happens when your ability to externally grow your business is severely compromised by crippling market conditions? Many companies rightfully go into survival mode. They drastically cut costs and look for immediate work to, at best, maintain the status quo or, at least, stop the bleeding. But does operating your business in survival mode while navigating the worst global recession since the 1930s necessarily mean no growth? Of course not. At the moment you may not be able to grow your business, but you can certainly grow your organization – and that can be just as important.

This week I received an email from Robert, a reader responding to a recent column I wrote entitled “Shattering Rocks – A Simple Lesson That Will Last A Lifetime”. The feedback I receive week after week as a result of this column and my blog is both humbling and inspiring, but Robert’s email resonated with me on a personal level because he’s facing a difficult professional decision that I am all too familiar with – whether or not to make a career change. While my career change took place years ago at a relatively young age, Robert, like so many in today’s global recession, has been forced to deal with this conundrum later in life which poses a unique set of circumstances, and leads to a topic that is now more relevant than ever. Should older professionals struggling in this economy consider a career change, or should they stick it out and look for new ways to generate revenue within their respective fields? While I cannot make that decision for anyone, I can tell you that either scenario requires a reinvention of sorts. But no matter which path you choose for yourself, remember this: It’s never too late to discover new opportunities, and you’re never too old for new success.

We all know that the economy is cyclical. If you wanted, you could spend hours analyzing data and charts that track everything from the Future Inflation Gauge (FIG) and Leading Home Price Index (LHPI) to the U.S. Weekly Leading Index (WLI). Understanding the triggers that influence how our economy acts, and reacts, is important for a business owner’s strategic decision-making process, but the bottom line is this: The economy fluctuates up and down over time and, since business is inextricably bound to the economy, it too will fluctuate over time. This fundamental reality poses two recession-related challenges for the business owner.

It never ceases to amaze me when I think of how far we have come technologically and how deeply technological advancements have affected the way we do business. Let me give you an example. I’m spending part of the week in a conference in Palm Beach which my company is sponsoring as an exhibitor with a booth and a display with information on our firm and our services for the participants attending the conference. Conference itineraries are generally set up so that participants can attend workshops in the mornings and afternoons, then peruse the booths and displays in the exhibit halls during lunch and breaks. This typically equates to periods of “down time” for booth operators while the participants are attending workshops. In the past, these conference dry spells were terribly unproductive, but thanks to today’s mobile technology, my team and I can be as productive sitting in a conference booth as we are in our very own office.

My son was invited to a birthday party a couple of weekends ago for one of his friends from middle school. Danny, my son, was looking forward to this party for weeks, and since my wife was going to be taking care of errands that day, I was assigned the task of buying Angelo’s gift and taking Dan to the party. Simple enough, right? Wrong. That Saturday morning, before I knew it, it was 11:30AM, and we were running late. It wasn’t until we were half way to Angelo’s house that I realized I had forgotten to buy his present. Now what? Danny couldn’t show up to a birthday party that he was invited to without a gift – much less for one of his close friends – that would be unacceptable, but at that moment I was clueless as to what to get. Danny, however, knew exactly what Angelo, and every other boy his age, would appreciate – an Xbox Live gift card with 1,600 Microsoft Points! At the time I had no idea what that was, but it was easily available in the gift-card section at any corner pharmacy, and it was $19.99. I bought the gift, Danny gave his friend a great birthday present, and the crisis was averted. I was reminded of this recent incident as I reflected upon the events of this past weekend – in particular, something I did, or rather, didn’t do, that bothered me. Yesterday, July 4th, we celebrated what is perhaps one of the most important birthdays of the year – the birth of our great nation, the United States of America – yet how many of us, myself included, brought a present to the party?

“Success in life comes not from holding a good hand, but from playing a poor hand well. “
Denis Waitley

In the 1976 World Series of Poker Main Event, after surviving a field of competitors which included some of the best poker players in the country, Doyle Brunson, affectionately known as “Texas Dolly”, and Jesse Alto were the last two players standing. As the two poker veterans faced off in a head to head battle for the illusive title of World Series of Poker Champion, the last thing they could have imagined was that they were about to shape poker history.