~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…
Read more
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…
Read more
~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…
Read more
~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…
Read more
~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…
Read more
~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…
Read more
~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,…
Read more
~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.…
Read more
