December 9, 2018
Family. You can’t live with them; can’t live without them; most assuredly, want to pull your hair out working with them (sometimes). Family businesses are delicate creatures, and as James Lea (via Marian Banker’s blog) points out, trying to effect positive change takes honesty, courage, and willingness–characteristics often in short supply. I briefly worked with a brother-sister business which came to a disastrous end because of cultural differences. They came from a traditional Asian culture and set up a flower shop in the area. The brother (who knew less about the business and had fewer “people skills”) insisted on remaining the big shot, and felt threatened by his sister’s increasingly visible role in the business — a role which would seem normal from U.S. cultural standards, but not given their family background. So it’s important to take a moment to see if there are any underlying social or societal mores that also may be at play, which could get in the way of making changes in and to the business. If Dad just can’t see…
Continue ReadingHow many times have we run afoul of film producer Samuel Goldwyn’s famous maxim: “A verbal contract isn’t worth the paper it’s written on”? (I’ve certainly done it). And yet, isn’t life nicer, simpler when…
Read MoreListen to the Episode Below: If you’re in the service business, the value of the business is in your hands. (Or brains). But how do you monetize your specific service and skill set? How you…
Read MoreQ.: I recently became a sole owner of an LLC due to a partnership split. I am renaming the LLC due to the split. Is it necessary to obtain a new employer tax ID (also…
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