Ideas & Insight

Most business owners spend a lifetime building their business. And when it comes to their succession plan, they face the difficult decision of whether to sell, dissolve or transfer the business to family members (or a non-family successor). Many complicated issues are involved, including how to divvy up business interests, allocate value and tackle complex […]

Company retreats can cost enormous amounts of time and money. Are they worth it? Sometimes. Large-scale get-togethers can involve considerable out-of-pocket costs. And if the retreat is poorly planned or executed, participants’ wasted time is the biggest expense. But a properly budgeted, planned and executed retreat can be hugely profitable, producing fresh ideas, renewed enthusiasm […]

Life insurance can be a powerful financial and estate planning tool, but its benefits may be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Here are common pitfalls to avoid: Naming your estate as beneficiary. Doing so subjects life insurance proceeds to unnecessary state […]

Some business owners make major decisions by relying on gut instinct. But investments made on a “hunch” often fall short of management’s expectations. Make better business decisions with metrics. In the broadest sense, you’re really trying to answer a simple question: If my company buys a given asset, will the asset’s benefits be greater than […]

In business, and in life, among the most important ways to manage risk is through insurance. For certain types of companies — particularly start-ups and small businesses — one major threat is the sudden loss of an owner or hard-to-replace employee. To safeguard against this risk, insurers offer key person insurance. Under a key person […]

Just about every business intends to provide exceptional customer service. And though many claim their customer service is exceptional, very few can back up that assertion. After all, once a company has established a baseline level of success in interacting with customers, it’s not easy to get to that next level of truly great service. But, […]

A successful family business can provide long-term financial security for you as its owner, as well as for your loved ones. To improve the chances that your company will continue to benefit your heirs after you’re gone, take steps now to keep it in the family. Staying in-house Careful estate planning can ensure that a […]

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis to be higher than its value. This can be costly […]

Turning receivables into cash is among the most important things a business must do. Of course, it’s easier said than done. Here are five ways to speed up collections: Streamline the billing process. You can’t collect what you don’t bill. Invoice customers promptly — as soon as the product ships, if possible. Or, if your […]

We hate people. People we don’t know, people in big groups; we’re introverts. We appreciate the quiet, dread large networking events and consider our words carefully before we speak. We research a subject before offering an opinion, we’re willing to thoughtfully consider the opinions of others, and we develop long-term relationships. Can an introvert be […]