Starting a new business is a risk for both the ownership group and potential employees. It may be difficult to ask for a commitment from employees when there is no guarantee their jobs will be there long term. One way to provide an incentive for high performing talent is to issue equity, or ownership, in the company. Here are some items to think about how to give employees equity in a start-up. Continue reading
Starting business partnerships can be an exciting time. You can be your own boss, set your own schedule and work with people that you choose to work with. In the beginning, it may seem like developing documentation for you and your partners may be unnecessary, but that “high” that you are on can quickly change when there is a change of heart in the leadership team or there is a large dispute about the direction of the business. When you enter into a business partnership, you are setting rules in place to work together that protect all parties when an inevitable dispute arises.
It’s best to know what your options are when setting up a partnership for your business. Below are brief outlines of the primary types of business partnerships.
If you are deciding to research business succession planning, you are taking the first step to secure your legacy and leaving your business in the right hands. Business succession planning involves a series of logistical and financial decisions concerning how a business owner wants to exit their business. Whether you leave the business by retirement, disability or death, having a succession plan in place is a smart decision.