“Hope for the best, prepare for the worst”. An old proverb that you likely have heard before. When you’re approaching major business decisions, imagining the worst-case scenario often helps you prepare most effectively for the best case. The transition of a family or closely-held business is one of those situations where this approach is...
If you’re like many seasoned business owners, thinking about stepping back from the company you built can stir up mixed emotions. You may be curious about your options, but it’s easy to quickly feel overwhelmed on top of the pressures of your day-to-day. And if your business is a big part of who you are, even starting the conversation can feel...
If you own a small business, chances are you’ve poured your heart, time, and savings into it. It may be your livelihood, your family’s financial foundation, and even a source of pride in your community. But here’s a question many business owners avoid: What happens to your business if something happens to you?
Back in second grade, it didn’t really matter much if you failed to make a decision. If one of your parents called out into the back yard to ask if you wanted a PB&J or grilled cheese sandwich for lunch and you were intent on climbing the tree and didn’t answer, you suffered no lasting harm from being served your second-choice lunch option that...
In honor of National Small Business Week, we were joined by our host Mark Perkell, Esq., who specializes in working with small business owners; he’ll share with us information on different entity options, the pros & cons for each, and why changing from one entity to another might make sense (and what the process would be).
There’s a myth out there that most owners of small businesses and startups are younger people. In fact, the opposite is true: Most business owners are age 55 and over. That reality can turn what are usually the peak earning and retirement savings years from your late 40s to late 50s into something more akin to watching " The Perils of Pauline."...
In 2020, the pandemic presented many small business owners with a crash course on financial metrics and why they matter. You may be one. I imagine you’ve owned your business for a few years or more, endured some ups and downs but overall enjoyed steady growth, watched your cash flow and know your bottom line. Why was selecting, applying for, and...
Just about anyone can start a business. Get an idea. Fill out some forms. Register with the necessary local and state agencies. Tell the world about your fantastic new service or product. But following your dreams is never easy — it’s hard work, fear of failure, loneliness, and mistakes. Running a successful business over time takes a lot more...
Buying or starting a business used to be unusual if you were considering a second career. But encore careers as a business owner become more popular each year despite the wide-spread perception of risk. Let's explore what is driving the trend and your options for transitioning in a way that can help safeguard your business dream and your financial...
Whether you are a member of the baby-boom generation born between 1946 and 1964, or a member of the generations of younger people that follow, you may be surprised to learn boomers are as likely to buy a business as to sell one.
