Business owners, for all the business challenges you may not have control over the loss of a key person is one you can plan for. (more…)
People grow up in America dreaming big. They want to be their own boss. There will always be those who shun the 9-5 job and who are drawn by the potential of starting their own business, and who can blame them. With the markets in unchartered waters—hello, DOW 20,000—it demonstrates that sometimes big risks reap big rewards. Any successful, profitable business at year’s end ultimately faces the same realization…tax time. (more…)
At a recent gathering, I spoke to Will, a local small business owner. Will and his uncle have built a very successful diesel repair business, they specialize in heavy equipment. I asked how their year had been.
Will was excited over the level of growth they had that year. They took on a large contract with Caterpillar, along with their existing client base, “it set them up pretty”, to quote Will. They hired two additional diesel repairmen and expanded their shop adding two additional repair bays. I asked if they had spoken to a financial advisor lately – his response was, why would they? They are doing great. (more…)
College football season is upon us! This is a great time of year to be a fan as teams get ready for another season and run for the national championship. And it may be the best time of year to be a Duke fan, because we’re still undefeated! There’s so much to be excited about right now, with players across the country working to get in shape, learn the playbook and get acquainted with new teammates. At the same time coaches are preparing their team and staff for the grueling college football season, but for those coaches the stakes have never been higher. (more…)
I was talking with a friend of mine the other day – she had called with a concern about her business. She is a co-owner in a retail store that’s been doing really well. She and her business partner get along and see eye to eye on most things. When they started the business together about 5 years ago they took all the right steps and that included setting up a buy sell agreement. That agreement spelled out what would happen if one of the owners died or terminated employment.
So, what was her concern? Her business partner had recently become ill and was having a hard time coming to work every day. They agreed that they needed to hire a part timer to fill in …now it’s six months later and her business partner isn’t showing signs of improvement. (more…)