Some Ideas For Your Business

Managers of small businesses can benefit from what other small businesses have been through. The following ideas are generated, in part, by the mistakes other businesses have made.

One day you or your heirs may want to sell your business. The documents that should be coordinated to provide for a sale include:

1. Your will.
2. A sales agreement to transfer the business.
3. An insurance policy to fund a buy-sell.
4. A trust if minor children are involved.

If you solicit investment money from outsiders without registering with the proper authorities, you could be in violation of investment laws. Check with your attorney.

Avoid having a partner if possible. If you can't hire the expertise you need, or borrow the money you need, perhaps a partnership is unavoidable. Keep in mind that all partnerships terminate sooner or later; death, disability, retirement, or disgruntlement will end the partnership. A written partnership agreement should describe what happens when that occurs.

Have your insurance agent meet with you at least annually to discuss all necessary insurance coverage changes.

Formal employee pension plans for small companies can be very expensive to administer. As an alternative, consider establishing a SIMPLE plan or funding individual IRAs for each employee. At 6% earnings, a thirty-year-old person can accumulate over $220,000 in his or her IRA by age 65.

We can help you save money on accounting by handling some tasks for you and training your staff on others. We can also help you set up and maintain your computer system and network. Outsourcing and paying for only the time and services you need can often prove less costly and more reliable than hiring and managing full-time employees, as well as giving you more control over expenses.

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© Copyright 2001 Raymond S. Kulzick. All rights reserved. 010703.