With a family business, the owners are often a married couple who anticipate passing the business on to their children. But there can be a fine line between grooming your children to take over the job and participating in nepotism, the practice of hiring or promoting...
Noncompete agreements have gained a lot of interest among employers looking to secure their business in the market. However, for reasons we will discuss below, it may be wise to consider using alternative means of protecting your company if you are a business owner....
In a public corporation, shareholders can sell company stock at the current market price at any time. However, selling shares in a privately-held corporation is more complicated because the shares cannot be sold to the general public. Typically, shareholder agreements...
Brand awareness and recognition are critical components of consumer trust in your business. Thus, building it up can be an important priority for you. However, in the pursuit of increasing your business’s recognition in the marketplace, it can be crucial to consider...
Starting a business comes with a huge amount of duties and obligations. Managing a workforce is one such responsibility. If you are getting ready to hire workers for your new business, know that there are a few costly mistakes new employers should avoid. Overextending...
Running a business might not be something that you envision doing for the rest of your life. Maybe you want to retire now that the company is successful, or perhaps you want to move on to a different industry or a more challenging role at a different company. Of...
If you are a new business owner, entering negotiations with vendors, clients or even employees can be stressful. There can be a lot at stake in these situations, and getting too emotional or upset can result in unwise decisions. To avoid missing out on a deal or...
Many entrepreneurs dream of running a family business. They imagine working with people they know and trust, then handing the company down to their children when they retire. It’s an attractive goal, and while keeping it in the family is certainly possible, nepotism...
The success of a business depends on factors beyond making a good product or delivering a reliable service. It also relies on the decisions a business owner makes when securing valuable, proprietary information and keeping it from competitors. One tool that many...
If you own a small business, the chances are good that you fill multiple roles yourself. For instance, you could be a one-person Human Resources department. In this capacity, you may need to take on responsibilities like conducting an exit interview with an employee....