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Succession planning is a way to make sure your business is prepared for the future. Whether it’s someday transferring the business within the family, or selling to a partner, an employee, or an outside buyer, it’s important to have a plan for how you will exit your business. Since a part of your financial future…
Thinking about starting a business? Have you considered an LLC? A limited liability company—or LLC—is a great way to get your company going, while protecting yourself. Limited liability means that your business, and any debt it incurs, remains separate from your individual assets. LLCs also simplify taxes by passing all income directly to the owners,…
If you are going into business with one or more family members or are thinking of hiring family members for an existing business, consider the following common mistakes and do your best to avoid them. 1. Not Clearly Identifying Roles With a family business, it's important to clearly identify the roles of each person so…
Thinking about selling your business? It's a big decision, and one that shouldn't be made without a great deal of thought. Here are ten things to consider before selling. 1. Know Why You Want to Sell Before you sell, make sure you really know why you want to sell. Take time to consider the reason…
As a small business, your company website can tell people a lot about who you are and what you have to offer. Here are some things to keep in mind to ensure you have a successful site. The Design Having a nice-looking design can go a long way toward making a good first impression with…
Technology is key to increasing productivity in the workplace. Business owners who make the effort to implement certain tools can reap major benefits. Following are some ways tech is making a big impact. Communication Communication is one big area that can benefit from technology and lead to increased productivity. With the right tools, team members…
There are a number of advantages and disadvantages to both buying and leasing office space. To determine which path is right for your business, consider the following points. Advantages of Buying When you choose to buy, there are a number of financial benefits. You can build equity. Your down payment and monthly payments will help…
If your business is stuck in a rut, you may be wondering what you should do to get things on a better track. Following are five ideas that are bound to lead to great things. 1. Get Your Cash Flow Under Control Cash flow should always be a primary concern for your business as it…
There are many kinds of insurance that businesses should look into to ensure they are protected in a variety of circumstances. The following are five types of policies that your business probably needs. 1. Liability Insurance Every business should have general liability insurance. This will cover you if someone claims they or their property have…
Many small business failures stem directly from fraud, and much of that comes from within the businesses themselves. That means employees may see opportunities to rip you without regard for the damage they may cause. Worse yet for small businesses, the majority of this type of scenario happens to businesses with less than 100 employees.…
