A Buy-Sell Agreement assures a smooth transition of ownership and business continuity in the event of a departure of a partner or equity owner. It is a legally binding contract that establishes how the departing owners’ shares may be reassigned (obtained by the remaining partners) should that owner die or otherwise leave the business involuntarily,
Try considering the value of your business from an investment standpoint. Eventually, you will ideally either pass the business on to a family member, sell it to key employees or sell it to a third party. Either way, your future is invested in the value of your business. By consciously developing the business as an
Have you ever wondered if there is ONE business formula that is consistent across ALL types of businesses? ONE master reference point that summarizes the KEY DRIVERS OF BUSINESS that can be applied universally across all businesses. A common language that can help a technology business owner learn from a delivery company or a retail
Many people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result become quickly overwhelmed. Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you
Did you know that 79% of business owners have no written transition plan and 48% have done no exit planning at all? And on top of that, roughly 50% of all business exits are involuntary and are forced by dramatic external factors. You need to have a well-thought-out plan of what happens if something unexpected
Although many use these terms interchangeably, strategic planning and long-range planning differ in their emphasis on the “assumed” environment. Long-range planning is generally considered to mean the development of a plan for accomplishing a goal or set of goals over a period of several years, with the assumption that current knowledge about future conditions is
You have landed the opportunity to present your proposal to a prospective new client. You should always have a game-plan and the following preparatory and presentation tips should help tip the scales in your favor. Do the proper research. Learn as much about the prospective client before meeting as you can. “Google is your friend.”
The following are ten ways to help prevent fraud from occurring in your business: Review Monthly Bank and Credit Card Statements. If possible, do not send your bank or credit card statements to your business address if you don’t have a Bookkeeping/Accounting Department with good internal controls in place. Have them sent to your home
There’s a great line in Alice in Wonderland when the Queen says, “Sometimes I think of 6 impossible things before breakfast.” I think you’ll agree that this has to be creativity at its best! As a small business owner this is an ideal you really need to strive for … but how on earth can
Have you invented the next big thing? Built a better mousetrap? If you invent or discover a new and useful “process, machine, manufacture, or composition thereof” you can apply for a federal patent to protect your invention from being used by others without your permission. Do you remember the first video arcade game, Pong? Invented
