Tag Archives: familybusiness

Small Business Guide: Company Retirement Plan Options

Retirement strategies aren’t just for large companies. Small companies need them, too. Thankfully, there are several solid retirement plan options for small companies. The one that’s best for you and your company depends on factors such as your company’s size and type. Here are your options and what businesses they work best with. Small Business Retirement Plan Options Simplified Employee Pension (SEP IRA) – A SEP IRA is going to be your simplest option, as it’s painless to set up and doesn’t have many contribution limitations. Keep in mind that this simplicity means less features and customizability. The employer funds this plan entirely. It’s best for self-employed individuals or businesses of ten employees or less. SIMPLE IRA – SIMPLE stands for Savings Incentive Match Plan for Employees, which sums it up well. Employers must match all contributions employees make to their own retirement plans, with annual limits upwards of $10,000….
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Five Ways to Stop Negative Business Culture From Turning Your Company Into a Zombie

As the head of your small business, there are a lot of things that you can delegate to managers and other employees, but building and maintaining a lively, positive business environment is not one of them. In the same way that a positive atmosphere can drive your company to success, a negative business culture can quickly turn it into a decaying zombie. How to Avoid Killing a Business Dead Stop hiring blood-sucking vampires. Make sure that your hires not only know and understand the company values you want to emphasize, but that they also desire to emphasize it themselves. It’s important that employees are excited and happy to be working in your business otherwise they are likely to drain the life from everyone else around them as well. Stake them. Zombie hordes are bad. While it is important that everyone be on the same page as far as the company…
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Transferring Ownership of a Family Business

There comes a time in every business owner’s tenure when he or she considers transferring ownership. Maybe you want to retire, or maybe it’s time to let the kids take over. Whatever the reason or situation, there is a way to pass the torch smoothly and without hitch. Depending on how you want to proceed, there are a variety of ways to transfer ownership of your company to someone else. Some of these options are as follows: Outright Sale – This is typically the fastest and easiest way to transfer ownership of your business to a family member or any other buyer. If the sale price is equal to or more than the fair market value, then it is not subject to gift taxes. Buy-Sell Agreement – This is an agreement struck between you and a buyer that stipulates that the business remains yours until a specified situation triggers the…
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