Phillip M. PerryPhillip M. Perry is a New York-based writer and consultant.HomeKeeping 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, 2011HomeAssessing Your Website's Effectiveness With AnalyticsDo you count the customers who come to your store? Do you watch how they walk the aisles and pick their merchandise? Do you know what days of the week are most popular and what people purchase on those days?September 22, 2011HomePool Builders Should Consider Leasing EquipmentIn a tight money market, equipment leasing can be an efficient way for a pool building company to diversify its financial structure, whether the business is a rapidly growing juggernaut or an established player in a mature market.August 30, 2011PoolsUsing YouTube To Sell More Pools And SpasComing soon to your website: Video.August 4, 2011HomeAvoiding Costly Discrimination And Harrassment LawsuitsIs your business safe from lawsuits for sex harassment or discrimination?July 5, 2011HomeHow To Deal With Workplace Drug AbuseSam, one of your employees, has been acting strangely. First you noticed changes in his appearance. Then he started ignoring his co-workers. And now you've found him sleeping in his truck.For-cause testing is especially subject to state and local laws, and Delogu emphasizes that an attorney must advise you on what constitutes "reasonable suspicion" in your jurisdiction. Sometimes reasonable suspicion can be triggered by accidents, tardiness, poor productivity or behavior changes, especially if in conjunction with an increase in argumentativeness or belligerence.June 17, 2011Previous PagePage 9 of 15Next PageTop StoriesBusiness OperationsHow to Build a Team That LastsUnlock the science of building a dream team for your business with proven hiring and motivation strategies.RenovationFrom Grand Plans to Grounded GreatnessMarketingRudy Stankowitz: Winterize Like It'z 2025MerchandisingThe Psychology of Monthly PaymentsSponsored ContentPVC Membrane Revitalizes Lazy Rivers at Florida Waterpark
