Don’t partner up with anyone until you ask yourself these 10 questions. Strategic alliances: They’re great when used effectively to expand the range of your product or service offerings; they’re not so great when you collect them like Manolo Blahnik shoes, merely because, well, everyone else has them. “Strategic alliance” is a chic but vague [...]
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Hereâs a terrific resource for you â and not just because Iâm the guest expert for their monthly teleclass next week: The Virtual Assistance Chamber of Commerce.  J Itâs not just for virtual assistants; their programs, columns, and forums can benefit all entrepreneurs who are in business by themselves.  Iâve entitled my teleclass âYouâd [...]
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Entrepreneurs occasionally ask me about the value of forming a nonprofit (“not-for-profit corporation” (NFP) in legalese). I suppose they say, “Hmmm . . . nonprofit . . . that means I don’t have to pay taxes!” And to a certain extent, they’re right. Nonprofits are exempt from paying federal and state income taxes, provided you [...]
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Q.: What is sweat equity and how does it work? My husband has recently started a new job where the salary is $50,000; however, he only takes home $25,000. The other half is going into sweat equity. Is this a normal practice and how might my husband benefit from this? Read on to find [...]
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The word “motivate” means “to stimulate towards action.” I emphasize towards because too often, we hear of stories where it’s only the threat of the lash (and termination) that keeps employees in their seats … for fear of losing their income. But that’s not motivation—as in moving forward. That approach doesn’t bring your team happily [...]
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6 smart ways to ensure your peace of mind and your company’s protection against loss. Few things in business–or in life–provide you with an ironclad guarantee. There’s no assurance of 100 percent success or 100 percent protection. That’s something to consider when it comes to the potential for lawsuits. There’s no way to absolutely, positively [...]
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As we’re still in the early part of 2010, it’s a good time for corporations (and LLCs!) to prepare their annual minutes. Minutes outline the major decisions the company made in the previous year. Not only are they a handy way of recalling the significant issues the company faced in the prior 12 months, they’re [...]
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This isn’t just business divorce, it’s “real” divorce. The business divorce is the icing on the cake and people fight over it the way they do over children, favorite pets, or heirlooms. There are two main ways a family business can be owned. (1) One spouse owns the business. In that case, the non-owner spouse [...]
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Often, when a situation is just too fraught with complications and struggle from the outset, it’s just not meant to be. But did I listen? No. Not at first, anyway. For the icing on the cake: I didn’t do enough due diligence to make sure I had chosen the right partner. Here’s the kicker: I [...]
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I am a real fan of Michael Gerber’s The E-Myth (Revisited). I’ve used it in my own law firm, Paltrowitz & Kaufman LLP; I’ve used it as a teaching tool; I recommend it every chance I get. So I’m jumping at the chance to alert you to his article, “The E-Myth for Dentists,” in the May [...]
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Taking on a business partner is not a decision to be made lightly. It’s much like getting married. With the tools provided to you in The Entrepreneur’s Prenup you will always have the partnership guidance you need, regardless of where you are in your partnership process.
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