One of the most common and most painful mistakes that business owners make is waiting to engage an attorney until they need one. By the time you need an attorney, it’s often too late! Imagine waiting to use your seatbelt until you “needed it.” Why do so many business owners wait until it’s too late? […]
Five Things You Need in a Business Attorney Read More »
Updated: January 2020 This post was updated in Jan. 2020 to reflect the massive changes that were made to the Florida Business Corporation Act (Sec. 607) and the minor changes that were made to the corresponding Revised LLC Act (Sec. 605). Shakespeare famously wrote, “What’s in a name?” If you’re a business owner, quite a
Three Considerations When Naming Your Florida Corporation or LLC Read More »
Business owners use business entities to protect their personal assets from business debts and creditors, to separate management of the enterprise from ownership, and to enable outside investment into the business. A properly created, structured, and operated business entity can limit the risk to an owner’s personal assets. It can be difficult to decide which
Back to Business Basics: Corporations 101 Read More »
For those that are outsiders to the business world, the nomenclature, acronyms, and abbreviation systems can cause frustration. This is especially true with business entities. The possible abbreviations seem endless: GP, PA, LP, LLP, PLLC, LLC, Co, Inc. We aren’t going to try to wade through the sea of acronyms for business entities. Suffice it
Why You 100% Need a Business Entity to Limit Your Personal Liability Read More »
Corporation. It’s a word we’ve all heard many times. But, often, “corporation” is used as a substitute for “business entity.” This leads to confusion among many who aren’t involved in the business world. In fact, “corporation” is only one type of business entity. The primary reason that many business owners use a corporation, limited liability
Business Entities 101: The Basic Types and Structures Read More »
Every business owner wants to increase their revenue and grow their business. Unfortunately, most of them assume there’s only one way to do this: Get more customers. It’s true that a larger number of customers might increase sales and revenue, but getting those customers usually means expensive advertising and marketing campaigns, which can have uncertain
Two Ways to Create Exponential Growth for Your Business Read More »
When I consult with small business owners, there is one question I always ask: Are you working in the business or on the business? At the beginning of the typical entrepreneurial cycle, the entrepreneur is a jack of all trades—bookkeeper, computer technician, customer service representative. He does everything and anything to make the start-up viable.
How Much Is Your Time Worth? Read More »
For most small business owners, day-to-day business operations are their biggest source of stress. They feel like jugglers, always keeping balls in the air and dealing with customer, vendor, and employee issues. You can reduce the stress from your small business by focusing on the answer to this question: Do I own a business or
Do You Own a Business or a Job? or How to Reduce Small Business Stress Read More »
There are many ways to estimate the value of a closely held business, and they all seem complicated. But, in reality, the process isn’t much different than pricing a used car. Figuring out a price for a car is fairly simple. First, keeping in mind the price that was originally paid for the car and
3 Ways to Assess the Value of Your Business Read More »
After you’ve estimated the value of your business, settled on a reasonable price range, and put the sale process in motion, there are proactive steps you can take to make sure that the sale is as successful as possible. From an objective point of view success means simply closing the sale. But from a subjective
How to Leverage the Type of Buyer to Maximize Business Value Read More »
