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Business succession is the process of implementing several estate plan and business strategies that will assist in the successful transition of a business. Transitions take place for different reasons. It may be when the business owner is ready to take on a different role within the business, at the business owner’s retirement, or at the owner’s passing away. No matter the reason, a well thought out succession plan will help ensure the transition to the next generation of the business...

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December is a busy time for small business owners. On top of day-to-day management duties, there are many preparations to make for the upcoming year. This list might include financial statements, tax forms and information, and end-of-year employee bonuses. End of Year Tasks for Small Business Owners It can be challenging for a small business owner or entrepreneur to manage time and maintain a healthy work/life balance. However, devoting attention to your business will help you end the year...

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There are plenty of clichés around the idea of the American dream. Starting with an idea and building it into a successful business is a skill few possess. Even if you have the ambition, energy, and fresh business plan to get a new business up and running, there are plenty of issues that can trip up new entrepreneurs. If you can anticipate these challenges, you can make a plan to overcome. Finding and Hiring Your Dream Team Even if you have run a team before, finding the right team to...

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New entrepreneurs are often confused by the jargon that comes along with opening and operating a small business. Two of these terms are cash flow and profitability. On the outside, it seems like these two terms are interchangeable, but they refer to two very different aspects of running a company. So what is the difference between cash flow and profitability? Let’s Break it Down: What is Cash Flow? Put simply, cash flow is the money that a company regularly pays and receives. It is made...

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Some business owners knew they wanted to pursue an entrepreneur career path from the get-go. They attended business school, have advanced degrees, and are very familiar with how business finance works. Other business owners are naturally savvy when it comes to finance. They have a great idea, product, or company, but are well-versed in the business world. Unfortunately, self-employment isn’t for the faint of heart and the learning curve isn’t very large. However, there are a few things...

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"The people who are crazy enough to think they can change the world are the ones who do." - Steve Jobs 70% of small businesses are owned and operated by a single person.1 Two-thirds of all present-day college students intend to become entrepreneurs at some point in their careers.2 It takes just 6 days to start a business in the U.S., compared to a whopping 38 days in China.3 There are 28 million small businesses in the U.S., which outnumber corporations 1162 to 1. 4 Small businesses...

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