If you are a business owner or entrepreneur interested in strengthening your business outcomes, worrying less, and improving personal time management and work/life balance, then tune into this episode with Patrick Esposito, an entrepreneur and attorney who has supported 100+ organizations. The cold hard truth is that 50% of businesses fail by their fifth year, and Patrick wanted to know why. With wisdom from his new book, The Structure of Success: A Framework to Help Build Your Business Better, we discuss the eight categories that his research showed most impact success:
- Governance models and composition
- Management team models, composition, engagement, and compensation
- Adjustments and pivots
- Growth and infrastructure development
- Business disputes and breakups
- Acquisitions, mergers, exits, and other transactions
- Disaster preparedness
- Succession planning
As a former salesperson and leader, one of the highlights for me was failure to align compensation with business goals. For example, when salespeople are paid based on top line only, there is little incentive to be cost conscious and compliance focused, for example.
Patrick currently serves as president of ACME General Corp, a leading public sector innovation advisory business. Also, he recently launched Initiative Labs LLC to help small and medium-sized business leaders apply the approaches, methodologies, and tools from this book.