What’s Your Exit Strategy?

When you start a family business, you need to consider what will happen when you no longer can or want to run it. In other words, you should think about your exit strategy. It might seem unnecessary to think about leaving a business you have just started (or have yet...

Five Types of Risk Businesses Face

Pursuing a business venture naturally involves risk. Eliminating all risk is not an option—there are many factors beyond your control, and it is impossible to prevent every circumstance that might deviate from your plans. Nevertheless, you can decrease the degree of...

How Does LLC Ownership Work?

The limited liability company (LLC) is a popular business structure for new businesses because it provides unique opportunities for customization. But what does it really mean to own an LLC? Here is what you should know about LLC ownership. The Basics The owners of...

Asset Protection for Entrepreneurs

Going into business for yourself is a risky endeavor. From investing in goods and services, to hiring employees, to simply carrying out the daily administrative tasks, each step can be fraught with risks and have the potential for exposing a business to litigation....

What Is a Business Succession Plan?

If you own a small business, developing your succession plan is a critical element of good business planning. Many business owners fail to appreciate the complexities and time involved in successfully transitioning a business. Busy with the day-to-day management of...

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