Is Your Business Scalable? 6 Tips to Grow

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As a seasoned business owner, you know how tough it is to grow your business. Some years you work your tail off just to squeak out another percent. But growth can come easier if you adjust your model to one with high scalability.

Your ability to scale depends mostly on what you do. If your business depends on your skillset, scaling will be difficult. There are only a certain number of hours in a day you can Continue reading “Is Your Business Scalable? 6 Tips to Grow”

Are rental properties REALLY a smart investment?

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Investment in rental properties, especially residential properties, is increasingly being seen as a hot new earnings opportunity.  In the wake of the economic down turn, as the rate of home ownership in the U.S. has fallen, the rental market has grown steadily.  With mortgage lending standards tighter and cash for potential home buyers more scarce, the number of renters has climbed, pushing rents ever higher in most Continue reading “Are rental properties REALLY a smart investment?”

PMI: WHAT YOU NEED TO KNOW

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For most borrowers PMI (or Private Mortgage Insurance) is just one of the many mysterious charges that get folded into their total monthly mortgage payment.  But anyone in the market for a new home, and the inevitable mortgage that comes with it, needs to understand how it works, and how it can be avoided.  Simply put, PMI is an insurance policy that your lender takes out as protection against the possibility that someday you will no longer be able to make your mortgage payments, except that it is your responsibility to pay the monthly premiums.  Also, the lender is typically the beneficiary, not you or your heirs. Continue reading “PMI: WHAT YOU NEED TO KNOW”

Giving Back…It’s just part of our Culture here at Litchfield Bancorp.

Like many businesses here in Northwest Connecticut, Litchfield Bancorp is asked to donate to and support local non-profits, community development projects and schools in our area. Of course, giving back is important to ensure these organizations are able to fiscally thrive, but to us here at LBC it’s far more than that. Continue reading “Giving Back…It’s just part of our Culture here at Litchfield Bancorp.”

How to Find and Keep Great Tenants in Your Multi-Family Home

The most important part of making a profitable return on your real estate investment is finding good tenants. It’s also the hardest part. Your rental may be in perfect condition in a renter-friendly area, but if you fill it with irresponsible tenants, your margin will erode. Continue reading “How to Find and Keep Great Tenants in Your Multi-Family Home”

Handling Conflict in Your Family Owned Business

Conflicts are a normal part of every business, but family-owned businesses present a unique set of challenges. It’s quite common for business issues to spill to the family realm and vice versa, infecting both types of relationships.

Dealing with these complex relationship issues should be a fundamental part of your business plan. The problems are inevitable, so plan for them in advance. Continue reading “Handling Conflict in Your Family Owned Business”

How to Transition a Family Business to the Next Generation

For a family business, the transition from one generation to the next is perhaps the largest (and most overlooked) challenge it will ever face. The transition doesn’t just cause stress, controversy, and bruised relationships. Only 30% ever survive the second generation, regardless of industry, location, or the current economic landscape.

The transition from one generation to another is an issue of relationships and expectations of the family members and non-family numbers. The health and success of the business depend on careful transition planning and healthy communication. This means it’s wise to develop a Succession Plan as a fundamental part of your overall Business Plan. Continue reading “How to Transition a Family Business to the Next Generation”

Family-Owned Business Challenge: A Family Member Isn’t Pulling Their Weight

Working with members of your family can be a rewarding experience, but it can also present some challenges. If a family member fails to contribute properly, the managers/owner may not be quick to correct the behavior. After all, how can one be harsh with family?

If you find yourself in a position where one family member isn’t pulling their weight, use these six steps to improve the health of your business. Continue reading “Family-Owned Business Challenge: A Family Member Isn’t Pulling Their Weight”