Media Mentions

Starting a business is a complex, ever-evolving monster of a task, and tough decisions have to be made almost every day. Perhaps no decision is quite so tough as when an owner has reached the crossroads where money’s tight, frustration is setting in and it’s time to decide whether to press on or cut losses. That single decision could mean the start of a new direction for a business—or its end. In this article, COO Brad Federman and other Forbes Coaches Council members discuss when you should walk away from your business.

As Sears Holdings Corp teeters on the brink of liquidation, its employees are pushing for a hardship fund they hope can replicate the success of bankrupt retailer Toys 'R' Us, whose workers collected $20 million in severance pay from its former owners.

Sears on Tuesday agreed to consider a revised takeover bid from Chairman Edward Lampert, temporarily staving off a liquidation that would have spelled the end of the company.

The latest attempt by Lampert follows a decade of revenue declines, hundreds of store closures, and years of deals in an attempt to turn around the company he put together in 2005 in an $11 billion deal.

Now, the retailer's approximately 68,000 workers are pushing Lampert to set up a financial fund giving laid-off workers a week of pay for every year of service.

"If he (Eddie Lampert) can drum up the money for another takeover bid, he can find the resources to come up with a hardship fund," said Onie Patrick, a laid-off Kmart employee who is part of the organizing effort.

A Sears spokesman declined to comment.

The fight for a hardship fund has become the new normal in U.S. retail, signaling a growing push for severance pay and benefits in an industry that has witnessed a raft of store closures and bankruptcies.

Sears is among the dozens of retailers like Gymboree, Claire's, Nine West, Payless Shoe Source and True Religion that have filed for bankruptcy in the past two years. Others like Bon-Ton Department Stores and Toys 'R' Us have gone out of business.

In the case of Sears, if liquidation is announced, employees will have to file claims with the court for both lost wages and severance that was promised to them, said Jerry Glass, president of labor relations at consultancy F&H Solutions Group.

Sears employees will be competing for the limited funds available, with other creditors, investors, and management employees who will be retained to assist in the liquidation, he said.

Last year, private equity firms Bain Capital and KKR & Co Inc — which bought Toys 'R' Us in a 2005 leveraged buyout and loaded it with billions of dollars in debt before liquidating the chain in June 2018 — set aside $20 million for retail workers, who had demanded $75 million.

The fund was an unusual move for private-equity owners, who are not required under bankruptcy law to provide such assistance for ex-employees.

Rise Up Retail, a campaign from labor group Organization United for Respect which assisted Toys R Us employees, does not think that will be a barrier.

The group has sent a letter to Lampert and other creditors demanding financial assistance for workers. It is also pushing for state and federal legislation that would require bankrupt companies to make severance payments.

"Eddie Lampert has picked apart this company and this is about him taking financial responsibility for his actions and the impact that is going to have on thousands of families," said Lily Wang, deputy director for Organization United for Respect's Rise Up Retail campaign.

Sears workers are hoping a combination of public shaming and political support will move the needle, as it did on Toy 'R' Us.

"When I saw that Toys 'R' Us employees were able to get so much public support and win some financial assistance for their families through that fund, I knew we needed to fight back," said Gabe Maguire, a Kmart worker whose store is closing in March.

• Successors leave. High potentials often have strong, active networks and can be recruited away.
• Incumbents in key roles stay. Well-performing incumbents remain in business critical roles, depriving junior talent of the learning experiences associated with those roles. This limits the business’ pipeline and ability to develop its future leaders.
• Leaders make gut level, past-based decisions rather than engaging in future-focused, process driven-decisions. When deciding on developmental opportunities, leaders may assume they know what people need or want without undertaking a rigorous approach to development planning that serves the business’ future while considering peoples’ career aspirations when planning.
• Low quality development plans. Far too often, leaders accept development plans that list “take a course” or “read a book” without specific connections between activities, competencies developed, and benefits to the business. Many employees will recycle the same plan year after year because the development planning is a mechanical, check-the-box process with no accountability, follow-up, or link between development and business results.
• Poor or lacking follow-up and metrics. Building on the points above, managers are not held accountable by executives for ensuring that developmental activities have been completed and provided tangible value to the business, and thus, managers don’t hold their people accountable for completing learning activities.
• Some companies bite off more than they can chew. While the examples listed above fall under the umbrella of doing too little, some companies try to do too much. They adopt cumbersome, time-consuming processes that don’t deliver value to the business.

Podcasts are not only popular right now, but they’re also a great way for a business to spread its message in an engaging way. While creating a podcast is open to anyone, however, it’s not necessarily easy. You need to create a show that’s not only interesting and informative, but also attracts a loyal audience that will keep coming back.

Fortunately, there’s a lot of advice out there for podcasting newbies looking to get a show off the ground. From planning out your content to marketing your brand, here are eight tips from Forbes Coaches Council to capitalize on this trend.

1. Do Your Research

Currently, there are more than 550,000 podcasts vying for listener attention. Chances are, a number of your LinkedIn connections manage a podcast. Find them. Ask them what they did right and wrong. There is also a slew of resources via search. Just Google “How do I start a podcast?” My advice: Don’t leave marketing to chance. People can’t listen if they can’t find you. - Jeff Ikler, Quetico Career Coaching, and Consulting

2. Create A Content Calendar

Plan your content and decide how many episodes you want to publish in a month. Establish a content calendar to have a clear idea of what you need to accomplish. Follow an outline so you won’t get off topic, but don’t write a script and read it word for word. Remember, the plan should build on the brand you are creating or have created. Make sure everything you do is aligned with that in mind. - Brad Federman, F&H Solutions Group

3. Determine A Structure For Your Show And Stick To It

Organize your podcast into a show with parts and predictability so that your guests and audience know what to expect. Start with a topic, a question and a musical lead every time. Make sure you stick with the time allotted for each segment, then wrap up and end with the music or something memorable. Stay within your time bounds. Act like your podcast is a serious commercial show. - John M. O'Connor, Career Pro Inc.