News

Theft in small businesses happens more than any of us would like to think. The results of employee theft can be dire for some companies struggling to succeed. Large thefts have literally forced some small businesses into bankruptcy.And the saddest...

Although small businesses are vital to the economy – and create the most jobs – stringent regulations and extensive red tape often hamper business operations. To bring awareness to this concern and influence creation of...

Confidential conversations at work aren’t always as private as you may think. Employees that you may not notice could be listening – administrative assistants, receptionists, maintenance workers, security guards. In fact, more than...

The old adage, “What you don’t know can’t hurt you,” doesn’t usually apply in business situations. In fact, another adage, “Knowledge is power,” is much more appropriate. In many cases, waiting until a...

As a family business evolves over the years, a time may come when the company finds it advantageous to hire someone from outside to manage its operations. This is especially true if family members aren’t prepared, qualified or willing to run...

Everyone has heard the statistics about family business survival to a second generation – only 30 percent make it. The chances of survival to a third generation are even smaller, about 12 percent. There are many reasons for this, not all...

Years ago, you started planning for it. You named someone to be your successor and started training that person to take the helm. More than likely, you’ve encountered a few bumps along the way – a few times when you have wondered...

Businesses go through a life cycle, much like humans. They are born, grow, mature and eventually decline. A family-owned enterprise has the added complexity of generational dynamics. The first generation is characterized by the entrepreneurship...

In today’s competitive business environment, it’s important to maximize every advantage. Everyone knows that great products or services, customer service and attractive prices are important to mention in your marketing campaign. But...

Say the word budget to most business owners, and you’ll see them cringe. Say the word to family business owners, and you may see them run screaming from the room! Like many issues in a family business, budgeting can become emotionally...

Although it was almost unheard of just a few decades ago, it is predicted that one in three family businesses will soon be headed by a woman. The trend toward daughters being named to take over the family business has been growing steadily over...

Family-owned businesses are unique to other kinds of business enterprises. When relatives work together, it can be the best of times – or the worst of times. Family businesses face all the pressures that other small businesses face, as...

Unemployment in the United States was bad during the recession, but it might have been far worse had it not been for family businesses, a new study has found. Family-owned businesses will go to more lengths to avoid laying off employees than...

U.S. income tax is basically pay as you go. As you earn income during the year, you’re expected to pay your taxes on it – or you’ll be penalized. There are basically two ways to pay your taxes – through withholding from your...

Family businesses are optimistic about the success of their businesses in the short run, but not the long run, according to a new survey. The majority of family businesses in The Alternative Board’s study of the first quarter of 2014...

Nearly one-third of family businesses don’t have a board of directors or advisors to guide strategic decisions and assist management with transition issues, a new study has found. Developing a governance structure is critical to...

Mention family business to prospective employees, and you might get pretty strong reactions. Some might tell you they “love working for a family business,” while others may grimace at horror stories they’ve heard. Getting and...

Family-owned businesses need to be particularly careful when it comes to the complexity of tax laws. A recent case involving the transfer of goodwill from a father to his sons is a good example. The IRS wanted more than $2.7 million in income tax,...

When the founder of a manufacturing company hired his son-in-law to manage a department, it was with high hopes and expectations. He felt secure that someday he could turn his business over to his son-in-law who was well educated and appeared...

The same attributes that can make a family business strong can also provide the greatest challenge. Namely: relationships. Family-owned businesses are a key segment of the economy, accounting for 50 percent of gross national product and 78...