August 31, 1990 Ken Griffey and Ken Griffey JR become the first father and son to play on the same time at the same time in professional baseball. While it is unusual for a father and son to play on the same sports team together, it is not so unusual for a father or mother and child to work in the same family business. While this scenario is not as unusual as parent/child playing professional sports together, running a family business can be fun, exciting and yes very stressful. Money and family and friends don’t always go well if there are not rules in place for how to handle situations. So how does one make a family business work? Defined roles are the starting point. Each family member needs to be given a defined measurable role … [Read more...] about The Family Business
Merger & Acquisition…Right Time?
When is the right time to consider a merger or acquisition? It has been my experience that in many circumstances the right M&A can save a company or in reality can save and improve the situation of not only one but both companies involved. Proper research needs to be conducted on both sides. The companies need to not only review balance sheets and profit and loss statements; but culture, management style, employees, sales procedures, etc. Once you have determined that both companies or a fit, the next question is when. Proper timing is critical in and M&A deal. Slow integration between personnel and systems allows the culture to develop into a single living and breathing new company. If successful the M&A deal will create … [Read more...] about Merger & Acquisition…Right Time?
When I first started this business I had a vision to create a company that would be full service to its customers. I wanted to establish a place where a client could turn to for help, not just for a singular a service. No, I am not speaking of a “Cheers” bar where everyone knows your name but a place where we genuinely care about our clients. Where we listen to you and try our best to educate and help. How do we do this, with years of experience and personally working through challenging business situations along the way. It is through those experiences that have made me understand what a business owner needs and wants. I also learned how to think outside the box and develop creative ways to solve the problems at hand. Making my business … [Read more...] about Full Service
The Evil Corporation
I reflect back to a day that I had a knock on my door. I opened the door expecting to politely ask another set of salespeople to leave so I could eat my dinner in peace with my family. Instead, I was greeted by petitioners asking me to sign a petition to help “take down evil corporations”. Now, being a business owner and a person who helps small businesses was taken back by the conversation. I did not realize the complete misunderstanding individuals have about “corporations”. Most people believe that corporations are only large businesses. I get that a lot when I have a new client sitting in front of me asking me to establish a new business for them. When I bring up establishing a corp for them the first thing they ask is are they too … [Read more...] about The Evil Corporation
Taxes Got You Singing The Blues?
One word that every small business owner despises more than any other is “taxes”. For sole proprietors and owners of LLC’s it means income taxes on profits as well as self-employment taxes. Corporations have the pleasure of payroll taxes, corporate excise taxes as well as income taxes owed should you be a C Corporation. There have been plenty of songs penned about taxes like The Beatles “Taxman”, or Cheap Trick’s “Taxman, Mr. Thief”, Creedence Clearwater Revival’s “Fortunate Son” or one of my favorites “Take the Money and Run” by Steve Miller Band. These songs discuss share the disgust of having to pay taxes. The reality is no matter what song you sing taxes are still an inevitable part of the small business owner’s life. So, outside … [Read more...] about Taxes Got You Singing The Blues?
Thinking Of Starting A Business?
They say the hardest part of any journey is taking the first step! That first step is not only a scary one, but it is also a critical one. There are many questions that should be asked before one step has been made in the direction of business ownership. Questions like: What am I going to sell? Who is my target audience? What price level should I start at? What type of entity should I establish? What is my liability? How much does it cost to create my company? These are all viable questions that should be answered before you head down your new journey. Consulting with a business advisor is always your best option. Your advisor will help you understand where your pitfalls are and where you can and should highlight … [Read more...] about Thinking Of Starting A Business?