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”
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”
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”
College costs are one of the biggest expenses a student (and their families) will ever have to pay. A four year degree will cost between $40,000 and $120,000 for the tuition alone, before figuring in housing, transport, food, and all the other costs a young academic has to pay. In fact, research shows that on average it takes 21 years to pay off student loans!
Depending on when your kids are going to go to college, you’ve got several options to help them pay for their education — Let’s explore what they are.
Continue reading “The Curse Of College Costs – What To Expect And How To Get Help”
Savings Clubs are making a comeback!
When it comes to personal finance, what is old has become new again. The latest new thing in thrift is the savings club, a time-honored tradition that our parents and grandparents relied on to accumulate money for the holidays or for a special purchase. With the advent of the credit card these plans have largely faded away, but are now enjoying a revival. The idea of the savings club is both simple and financially prudent. Instead of paying for your next major outlay, for example a vacation, a remodeling project or just your annual holiday spending blowout, by piling up credit card debt and racking up interest charges on top of whatever you may need to spend, a savings club account lets you plan ahead and start saving incrementally for your next big expense. Continue reading “Savings Clubs are making a comeback!”
As a business owner, you’ve seen people come and go. Everyone is different, but you’ve noticed that each age group has similarities.
Millennials are entering the workforce now, challenging businesses with new ideas and forcing their managers to adapt to their peculiar lifestyles. Integrating the new generation with the Baby Boomer culture is challenging, but not without advantages.
The biggest benefit of hiring millennials is their self-confidence. It’s no secret that kids these days have been lauded with attention and validation. For many, that grows into a strong sense of drive and a desire to achieve. That’s something you have to foster in older employees, but you just have to point younger ones in the right direction.
So how do you assimilate Millennials into your business without disrupting your flow?
Continue reading “Making it Work with Millennials in the Work Place”
For families who are approaching that point in life when elderly parents are less and less able to care for themselves and increasingly in need of help, the task of deciding what to do and when to do it can produce wildly conflicted emotions—if not outright conflict—on all sides. But it need not. Confronting the need for new living arrangements forthrightly with all parties involved and at an early point in the aging process can help alleviate many of these issues, but the decisions can still be difficult, for the parents and for their adult children. To ease the potential for trauma—and drama—there are some things you can do. Continue reading “Estate Planning, Part 3 – Finding a Caring Environment for Elderly Parents”
One of the hardest tasks the adult children of elderly parents may have to do is to involve themselves in the legal and financial affairs of the parents. Issues of privacy, independence and judgment can quickly bubble to the surface and make a difficult situation worse. But it is important for everyone involved that these issues be clarified, especially if a parents’ memory and/or physical capacity are in decline. The financial and emotional well-being of the parents, the children, and the grand-children are often at stake. Continue reading “Estate Planning Part 2 – Helping Your Parents Get Their Affairs in Order”
Municipal infrastructure & equipment upkeep is expensive. City/Town councils or commissions have to make hard decisions every day on how to finance capital projects – the big question is to borrow money or save over time and pay with cash. Sounds much like a personal budget dilemma – and in fact, it is.
Continue reading “Municipal facelifts: To finance or not to finance – that is the question”
Science has taught us that children are like sponges – they soak up the most information when they are young. Linguistic experts always note that children who grew up hearing phonemes of other languages have an easier time learning the language when they are older. The same is true when it comes to learning about finances. The bottom line is: children pick up habits when they are young and it shapes who they are as adults.
Now, I am not advocating for you to sit your three-year old down to help you balance your checkbook – although, I would be impressed if they could do it! However, there are other ways to teach your children valuable lessons on saving, such as:
Continue reading “Young savers will turn into adult financial rock stars!”