What happens if the single owner of a business dies? It is a tad morbid, but it is a very important part of business succession planning that needs to be prepared and discussed. The first question you need to answer is: who gets the business? Family, Children, and Minors As we...
In this post about business succession planning, we are going to talk about matters to consider in the event of a disability to the business owner. I typically approach the topic of disability by asking whether the owner is going to be disabled for two months...
Any discussion of business succession planning has to start with the overall structure of the plan. First things first, you need to remember that this document is flexible and can be changed at any time. A business succession plan is not a document that is...
This is the first in a series of posts that will be discussing business succession planning. Something that small business owners should be considering is what happens in the unlikely scenario of a long-term disability or death of the business owner? Business succession planning is...
On a daily basis, any small business owner has to think about finances, legality, relationships, insurance, customers, vendors, suppliers. It is almost impossible for one person to be able to manage all of those aspects all of the time. But a business doesn’t have to...
Often when I’m advising small business owners I tell them that they need to assemble a Management Team. After telling me they can’t afford a management team, many of my clients ask: What does a management team look like? Who would be involved in that...
I want to take the opportunity to address a couple common misunderstandings between legal entities and tax designations. One common question that we get is if I should form an S corporation. The answer to that question, actually, is that you can’t. Let’s step back and look at this...
I recently had a client with an interesting problem related to timekeeping practices. If you employ non-exempt (hourly) staff, in order to calculate their pay you need to have the number of hours that they worked in a pay period. A lot of folks use the good old...
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