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CEPA Terms - Session 3: Questions & Answers (100%)
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CEPA Terms - Session 3: Questions & Answers (100%)
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CEPA Terms - Session 3: Questions & Answers (100%)What are the elements of Relentless Execution (VAAR)? Right Ans - Vision,
Alignment, Accountability, Rhythm
What are S.M.A.R.T. Goals? Right Ans - Specific, Measurable, Aspirational,
Realistic, Time-Based
What are the three main areas of Goals in Exit Planning Assessment? Right
Ans - Personal, Financial, Business
How do you test your Vision (BPOF)? Right Ans - Belief, Passion,
Opportunity, Focus
What three value systems tend to conflict when determining success (FOM)?
Right Ans - Family, Owner, Management
What is the ideal timeframe when considering goals and vision? Right Ans -
3-10 years
What is the "fourth gap" that many companies face, that results in a failure to
achieve their plans. Right Ans - Failure to Execute
What are 6 features of Workshops that distinguish them from normal
meetings? Right Ans - 1. Gathers the right people
2. Time constrained (2-3 hours)
3. Encourages input and outcomes
4. Facilitates buy-in
5. Conversational/mindshare
6. Promotes decision making and ACTION
What two workshops typically occur after the conclusion of a triggering
event? Right Ans - Personal Envisioning workshop, and Business
Envisioning workshop.
What are 5 drivers of your personal vision? Right Ans - 1. Personal Identity
2. Financial Security
3. Health Status
4. Family Responsibilities
, 5. Partner and Family situations
When it comes to developing personal goals, what does the acronym S.T.E.P.
stand for? Right Ans - Spiritual, Things, Experiences, People
Personal success areas Right Ans - Family and friends
Self Worth
Philanthropy
Health
Fun
S.T.E.P (Spiritual, Things, Experiences, People)
Financial success areas Right Ans - Need vs. want
Risk
Income
Personal Wealth
Retirement security
Business success areas Right Ans - Clarity of direction
Value factors
Salability
Viability
Predictability
What are the benefits of a start-stop workshop? Right Ans - - Let's us get a
deeper look into the company culture (or the culture of the family behind the
business).
- A start-stop workshop is useful to determine inside versus outside reality
- A start-stop workshop can help you understand informal politics and
leadership in the company
- A start-stop workshop determines what things you do well from a customer
standpoint
What are the 7 Action Plan workshops? Right Ans - 1. Envisioning - Owner
(upper management/key family)
2. Team Education
3. Strategic Framework I (3 - 10 years) (management/family/champions)
4. Strategic Framework II (1-Year, 90-Day Big Rocks)
5.Team Alignment (details/milestones/resources)
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