For many Americans, owning and operating a family business is part and parcel of the American Dream. If that describes you, you have probably invested a significant amount of time and resources into your business. With that in mind, you have undoubtedly gone to great lengths to protect your business from things such as theft, natural disasters, and even economic downturns. What you may not have in … [Read more...] about The Importance of Succession Planning in a Family Business
The number of small businesses coming onto the market has increased dramatically recently due in no small part to baby boomers eager to retire. A survey from Pepperdine University and two industry groups, M & A Source and the International Business Brokers Association, shows that small business sales have increased by over 50% in 2013 from the same time in 2012. Much of the increase can be … [Read more...] about More Boomers Selling Their Businesses
Are you interested in starting a small business, but all the legal jargon has you confused? You’re not alone in this issue. While there are a lot of acronyms to learn about – LLC, INC, C Corp, S Corp – understanding how to structure your business legally is important and must not be overlooked. Because it is not difficult to start a business or a company, there are defaults already put into … [Read more...] about Small Business Planning – Seeking Assistance
If you are a small business owner, the Limited Liability Company, or LLC, is one among several forms of ownership available for you to choose from. The LLC can be a viable option for both sole proprietorships and businesses with multiple owners, and it combines certain features of a partnership with certain features of a corporation into a business form that offers flexibility and protection to … [Read more...] about The Limited Liability Company
If you own a business and you want to see that business survive even after your death, you need a succession plan. And, if your business is co-owned, part of that succession plan should be a Buy-Sell Agreement. What is a Buy-Sell Agreement? A Buy-Sell Agreement is a contract that you and your co-owners enter into, while you’re all still alive and well - preferably when your business is … [Read more...] about Does Your Business Have a Buy-Sell Agreement?
When people consider buying a life insurance policy, they’re usually thinking of providing for their spouse and children in the event they pass away. But, if you’re a business owner, you need to know what life insurance can do for you. The first step is to envision what you’d like to have happen to your business if you passed away unexpectedly. If Your Loved Ones Will Take Over If you plan to … [Read more...] about Own a Small Business? Don’t Forget Life Insurance
If you’re like a lot of small business owners, it’s probably easy for you to get caught up in taking care of the day-to-day operations, and put off thoughts of what would happen to your business if you passed away. Yet, if you want your business to thrive even after you’re gone, it’s essential that you have a plan for how that will happen. So, where do you start? The first, and maybe the most … [Read more...] about Own a Small Business? You Need a Succession Plan