Entrepreneurs, start-ups, and founders of privately held businesses can be excellent at projecting and planning for the success of their business. But in the honeymoon days of a new business, many partners are reluctant to consider what will happen if a dispute arises. To help ensure true success, however, businesses must plan for disagreements and even, in the worst case, the dissolution of the business. To do otherwise could be a costly mistake. With a little planning on the front end, and a well-considered operating agreement, likely disputes can be avoided or resolved without placing the business in jeopardy. To
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Many companies devote hours negotiating the “substantive” terms of a contract, but pay little attention to the dispute resolution clause often included among boilerplate terms at the end of the contract. This is a risky practice, since rights that were carefully bargained for may effectively be lost if the “right” dispute resolution procedure is not negotiated at the outset. When it comes to dispute resolution clauses, there is no one-size-fits-all solution. Those negotiating the agreement must fully understand the dispute resolution options available and their implications in different contexts. Because arbitration is a creature of contract, the ability to negotiate
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Are the people who work for you honest? Of course – or are they? Internal controls are designed to keep your business safe. No matter how honest people are, when they get into trouble, it’s just a short step from borrowing $20 from petty cash to issuing a check to themselves (or a fake company) and signing it. Even if they’re just “borrowing” from you, it’s still theft. Every year, owners discover that the office manager they trusted has been writing checks to themselves for $1,000 to $10,000 a month for the last 10 years. The losses run from thousands
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a hand dropping dollar bills down a conventional toilet to be flushed away
No one is ambivalent about staff meetings. You either think they’re critical to running your business, or you consider them a total waste of time. Are your staff meetings an effective use of time and money for your company? Think about how long your meetings take. We have one client whose weekly staff meetings sometimes take 6 hours!! When you consider how much that meeting costs, it’s no joke at all. How many people attend your staff meeting and what is their hourly rate? The owner @ $200/hour. 2 Exec VPs @ $80/hour; 3 middle level managers at $60/hour; 4
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photo of payroll check stub
As a small business owner, there are some things that you know you’re expert at. Sometimes you do things because you want greater control. Sometimes it’s because you want to save money. When it comes to planning for and doing payroll, what should you do? What are the options available, and what are the pros and cons of each? 1) Totally DIY (Do It Yourself), get the tax tables and do the calculations, print the checks and do the reporting yourself. 2) Buy or subscribe to Payroll Software that does some of the work for you. 3) Use a Payroll
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