Family Businesses

Starting a Family Business? 5 Ways to Ensure Success

~by Lizzie Weakley~ . Running a family business can be as challenging as starting a business with an associate or former coworker, if not more so. There are personal feelings to consider as well as bruised egos. Plus, they’re people you love. And if you don’t have a plan in place, dissension can easily detract from results. If you’re starting a family business and looking for ways to better ensure its success, consider these helpful tips. 1. Select a Leader Whether it’s you or your older brother, designate someone as leader of your management team. This should be the person

3 Must Haves For A Successful Business

I guess you could say I grew up eating, drinking and sleeping business. Ever since I can remember everyone I knew owned businesses. My grandparents owned a finance company, that was started by my grandfather’s parents. My aunt and uncle owned a furniture store. My parent owns rock quarries that his father started and my sister and her husband are buying. My mom owned her own salon. My brother has owned businesses, my husband has owned businesses…I think you are starting to get the picture. Our family holidays and dinners are all business chatter. Taxes, employees, customers, great years, bad years,

Pros and Cons of Working in a Family Business

Pros and Cons of Working in a Family Business

~by Vincent Spivey~ . Establishing a family business and passing it to your children can be vastly rewarding. A family business is a commercial enterprise involving family members. But the thing is, family businesses show ownership and sometimes management challenges. A perfect way to minimize the risk of disputes is to plan with the whole family. Try imagining this scenario: it’s Monday and you arrive at the office early to make up for your partner who hasn’t been so productive for the past few days. A normal employee would go ahead and complain to the boss, right? But what if

Creating a Dream Team for the Family Business

Dream Team

~by Donya Zimmerman~ For your family business to succeed, you need to create a “dream team”. The “dream team” for the family business consists of: Accountant Attorney Insurance Agent Bookkeeper Business Coach Banker Mentor Here are some important groups to have on the “dream team” for the family business: Board of Directors Management Team Human Resource Management Legal Team Support Team The business owner, of course, is the first member of the “dream team” because they are one who starts, develops, runs, and grows the business. Also, employees play a valuable role in the daily operation of the business because

Is Your Family Business Properly Insured?

~by Donya Zimmerman~ To protect your family business, you’ll need to do more than a business plan or incorporate the business. You’ll also want to have the right insurance for the business. It can protect your business from possible disasters: Natural disasters like fire and etc. Negligent acts committed by employees Customers being injured on the business property With proper insurance the family business can remain open and not be forced to close due to expensive lawsuits. The business owner needs to ensure that they have the proper business insurance needed to operate the business in an efficient and effective

Steps to Incorporate a Family Business

Family Business

~by Donya Zimmerman~ The most valuable step to starting a family business is to ensure protection from lawsuits and loss of personal assets. So you’ll want to incorporate your business. Here are some steps and considerations when incorporating a small business with your local governmental agency: Formation Documentation: The formation documentation to incorporate a business is normally called the Articles of Incorporation or Certificate of Incorporation, it depends on the governmental agency terms used. Fees. The fees for registering a business as a company runs from $50 to $400.     Waiting Period. The normal waiting period to have the

How to Properly Incorporate a Family Business

~by Donya Zimmerman~ When starting a family business, you’ll need to determine the best way to incorporate it so you can protect your assets. By incorporating the family business with the proper governmental agency, you’ll ensure that the business is protected, and the business assets and personal assets are protected. With this type of protection, the family can enjoy being in business without the fear of losing everything. Also, it is good to have the proper business licenses needed to conduct business in certain states. Here are the different types of incorporation that can be used for a family business

The Basics of Starting a Family Business

~by Donya Zimmerman~ Starting a small family business can be a daunting task. At times, being around family members can be very difficult and stressful. Going into business with family members means that not only will you see them at home, but you will spend a lot of time with them at work as well. Starting a family business is not the same as starting a business with strangers and friends; you have to be mindful of not allowing close ties and personal feelings to play a part in major decisions of the daily operations of the business. When it