Phillip M. PerryPhillip M. Perry is a New York-based writer and consultant.RetailCashing Out - How Much Can You Get For Your Business?June 28, 2012HomeHow To Negotiate A Better Deal With Merchant AccountsRetailers can reduce the costs of their credit card merchant accounts by shopping for quality providers and vetting their contracts. Thanks to a more competitive marketplace merchant account providers are more willing than ever to deal.When negotiating merchant account contracts it pays to be familiar with the credit card industry's jargon. Here is a brief overview of the dynamics of the system, courtesy of Effective Payment Management, West Palm Beach, Fla.May 22, 2012HomeControlling Your Workers' Comp CostsHow do you report workplace injuries and file claims? How do you decide what doctors the injured workers may see? What are the requirements for notifying workers of their rights and responsibilities? What size employer is exempt from x-mod calculations?April 20, 2012HomeBusiness Owners Must Monitor Customer Reviews On Social Media SitesPeople are talking about your business. Do you know what they're saying?"Online consumer reviews count very heavily in terms of influence on ultimate purchases," says Greg Sterling, an internet analyst in San Francisco. "They are widely consulted across the board as people do online research before making purchase decisions. Surveys show they are heavily trusted, second only to recommendations of friends and family."March 27, 2012RetailHow To Solve The Toughest Family Business ProblemsLet's discuss how to solve three of the most common problems.March 8, 2012HomeKeeping The Peace In A Family BusinessFamily businesses can be hotbeds of emotion that erode the bottom line. Here are some suggestions for reducing conflicts from Stacey A. Lundgren, a former family business owner and now a consultant in Howell, Mich.:February 1, 2012HomeA Profitable PartnershipWhile banks have more money than ever on their books, business owners have difficulty qualifying for loans. The mismatch between lender and borrower results from a more conservative financial environment in which bankers rely on cash flow projections and businesses struggle with an uncertain market.January 26, 2012RetailRetail Forecast 2012December 8, 2011HomeMake Your Bank a Partner in ProfitsWhile banks have more money than ever on their books, business owners have difficulty qualifying for loans. The mismatch between lender and borrower results from ...November 17, 2011HomeKeep Business Succession Clean And EasyMost family business owners expect their thriving enterprises to transfer to the younger generation with minimal fuss and bother. Reality, though, can be far different. Absent a carefully designed plan, misunderstandings and disputes can turn any business transition into a costly train wreck.Suppose one family member wants to exit the business but asks for some compensation in return. The buy-sell agreement may include a clause that specifies the value the individual will be paid for his or her shares. That sounds fine on the surface, but it can backfire if the individual then goes out and starts a business pursuing the same customers."Never provide for a business transition without having a tax expert review the documents and the plan," says Scroggin. "Proper planning can substantially reduce the tax cost of the transaction." In many cases, for example, the sale of the business to family members can create substantially more taxes than a gift.It's important to set up vehicles for funding the buyout. Often life insurance provides funds for buying the shares of an owner who has died. And if the owner is retiring, there can be provisions for installment payments over time.Suppose one child wants to leave the business after some time passes. How much will that individual be paid for his or her shares? This should be spelled out in a legal document that you can think of as a kind of pre-nuptial for business owners. "Two people who own a business together are even more likely to divorce than a husband or wife," says Scroggin. "There should be an agreement that defines their relationship and obligations and describes how they can exit the relationship."October 13, 2011Previous PagePage 9 of 16Next PageTop StoriesBuilder2026 Awards of Excellence: Bronze WinnersFrom stunning residential retreats to impressive commercial installations, explore the projects that earned Bronze honors in the 2026 PHTA Awards of Excellence.EducationReading the Room Without Losing YourselfBuilder2026 Awards of Excellence: Silver WinnersChemicalsPool Power PyramidSponsored ContentThe Chlorine Pyramid Side 2: Corrosion, Staining, Scaling and LSI
