Starting a business? Here’s what you need to know

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Starting your own business can be both an exciting and scary endeavor. Not only will you need passion and perseverance to weather the ups and downs, but you’ll need to be prepared well in advance of putting up that Open Sign if you want to make it in the long run. If you are thinking about starting your own business here’s what you need to know to get started. Continue reading “Starting a business? Here’s what you need to know”

Why your bank wants to see an updated business plan before giving you a business loan

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You’ve been in business for years, you’ve got a solid Profit and Loss Statement, so why is your bank asking for an updated business plan before providing you with a loan? Well, to simplify it, even though you’ve known your cousin Sharon for 30+ years, you probably wouldn’t loan her thousands of dollars without asking her what she plans to use it for, how risky a venture it is, and how she plans to pay it back. It’s kind of the same theory. Even though your company isn’t a start-up, you’ve been known in the community for years, there is still a risk for the bank in lending your business the money. Continue reading “Why your bank wants to see an updated business plan before giving you a business loan”

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”