December 13, 2019
Sometimes, it seems, you do have to look a gift horse in the mouth. As Sarah Needleman points out in her Wall Street Journal article, “Taking a Partner Can Help… or Hinder,” a promise of cash can lead to problems of control. When half of all businesses that try to borrow money don’t get any or all of what they need, entrepreneurs are turning to investors to provide a needed lifeline. However, investors often want more than just a return on their money. They may demand control, or a strong voice in the business. Even if they don’t have the temperament or the skill sets (above and beyond a fat wallet) that the company needs. Entrepreneurs will enter into these shotgun arrangements, often because they’re desperate for cash. How to avoid the dissention? Well, one way is with solid financial planning. Filing a patent application or needing to stock up on inventory are not business transactions that should come as any surprise. If your cash reserves aren’t falling short, you won’t need a quickie cash infusion and…
Continue ReadingQ.: I recently started a janitorial cleaning business. Our first job was subcontracted from another cleaning business. We completed three months of work and have yet to receive any payments. Two months ago I met…
Read MoreIn light of our just-celebrated Labor Day, I thought I’d share a little something about the dangerous games that small business owners play when, in essence, they hire employees and pay them as independent contractors.…
Read MoreWhat kind of a schmuck agrees to front the money and only take 50% (me, obviously). And another lesson from the “why didn’t I see this coming?” department: We couldn’t agree on a business name. …
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