Latest Posts Under: E-book

Ten Fatal Mistakes Business Owners Make – No. 9: Failure to Set Up Reasonable Restrictive Covenants

Every evening at closing time, your employees walk out the door with your company’s most prized possessions – your intangible assets.  If everything goes as planned, they bring those assets back the next day intact. Intangible assets account for more than 75 percent of the value of a publicly traded company; for smaller companies, that amount may be even …

Ten Fatal Mistakes Business Owners Make – No. 10: Failure to Protect Intangible Assets

You do not leave wads of cash in random piles throughout your office.  You work too hard for your money to treat it indiscriminately. Consider, however, whether you are being haphazard with your most valuable business assets. Ideas are the lifeblood of your business.  If you develop and implement great ideas, your business will grow and …

Ten Fatal Mistakes Business Owners Make – No. 8: Failure to Follow Prudent Employment Practices

You started your business because you had a passion for providing valuable services or products.  As your business grew, you added employees to strengthen your business and enable you to better serve your clients. Every time you add an employee, the challenges of operating a business increase exponentially.  The dynamics of your company change with …

Ten Fatal Mistakes Business Owners Make – No. 7: Failure to Create and Update an Estate Plan

You know the old saying is true:  Nothing is certain but death and taxes. While you may know when the tax man will come, no one knows when their time on earth is done.  That’s why you need an estate plan, particularly if you own a business. A few years ago, a young widow came to …

Ten Fatal Mistakes Business Owners Make – No. 6: Failure to Fund Your Buy-Sell Agreement

If you think that you have protected your family and your business because you have set up a buy-sell agreement, you may still be seriously mistaken.  Unless you have properly funded your buy-sell agreement, death of one of the owners may have destructive consequences. Death of an owner is devastating, both for the family and friends of the deceased as …

Ten Fatal Mistakes Business Owners Make: No. 5 Buy-Sell Agreement

The biggest mistake that business owners make is failing to plan.  Failing to plan has some of its most devastating consequences in the context of an owner leaving the business. Consider the following questions: Do you want to be in business with your partner’s spouse?  If you don’t plan properly, you may unexpectedly find that …

Ten Fatal Mistakes Business Owners Make: No. 4 – Unqualified Statutory Agent

If you are like most business owners, you spent less time choosing your statutory agent than you did choosing the type of pens you would order. Though the decision may seem mundane, choosing the wrong statutory agent can create headaches for your company. A corporation or limited liability company is treated as a “person” under …

Ten Fatal Mistakes That Business Owners Make: Consolidated Business Operations

You may think that your business is protected because you made the prudent decision to operate your business as a corporation or limited liability company. You may also hold annual meetings, file the appropriate documents with the Corporation Commission, and maintain other corporate formalities. And yet, your business is still at risk if you fail …

Ten Fatal Mistakes Business Owners Make: Nos. 1 & 2 – Corporate Formalities

In a recent post, I outlined the Ten Fatal Mistakes that Business Owners Make. The first two mistakes are related, dealing with corporate formalities. Avoiding these two mistakes is fundamental to the success of your business. Mistake No. 1 – Failure to Set Up a Proper Business Entity Starting your business is an exciting event …

Ten Fatal Mistakes that Business Owners Make (And How to Avoid Them)

Running a successful business is hard work in any economic environment. Competition is fierce. Technological developments come at you at an increasingly faster pace. Your products and services require constant development and improvement. Staffing issues, bookkeeping, marketing, scheduling, planning, and managing. Whew! You have more to do than reasonably can be accomplished in a busy …

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