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It is critical for 401(k) plan administrators to be aware of the various provisions found within the plan document, as well as regulations affecting the plan. Although each plan is unique, and many errors can occur in plan administration, there are five common errors to avoid when administering your company’s 401(k) plan.
Struggling to find and retain tradespeople? Deciding when the timing is right to replace that 30-year-old machine? Noticing that your technology systems are slowing you down rather than making you more efficient? You’re not alone. Our 2017 manufacturing outlook addresses the biggest issues facing manufacturers this year and offers perspective from a firm that’s been working with numerous manufacturing companies for 45 years.
A family meeting is a gathering of all family members related to the owners of a family-owned or privately held business, regardless of role in the business or the family. Our philosophy is that even entrepreneurs and unrelated business owners have a family business. The business itself is a ‘family asset’. Click here to read if you’d like to learn more about how to have family meetings.
Intrapreneurship embodies risk taking and innovation within an established business. When evaluating the sustainability of any organization, one might revisit the business model and consider new business lines that could resist the numerous tugs experienced in the lifecycle of any business.
“It’s not fair.” When your children are toddlers, this statement hits you like nails on a chalkboard. But when you hear it from your grown children, it can quickly turn from an annoyance to serious family drama. As a family business, attempting to keep children’s compensation fair can be a minefield. Following a few simple compensation-planning strategies helps you maintain peaceful family dynamics while strengthening your business at the same time.
As a family business owner, you are pleased when you walk by a marketing team meeting and see your son suggesting ideas for the new website. You have built a strong, successful business, and you are proud to be able to pass it down to your children someday. Inside this article you will learn seven key ways your business will benefit from including the next generation of business owners in accounting meetings and practices.
Growing companies often choose to create a board of directors or an advisory board to bring in outside influence and perspective. While the two kinds of boards have similar responsibilities, differences in how the boards are managed influence which type of board should be used. Most companies bringing in outside advisors for the first time start with an advisory board because it is less formal and less constricting.
On the surface, a franchise seems like a low-risk investment with promising rewards. You don’t need to start your own business from scratch and a lot of the hard work seems to come with preset directions. It can’t be that bad, right? The reality is, buying a franchise is not just an investment of hundreds of thousands dollars, but also a healthy investment of analysis and skepticism.
Starting your own business is no easy task. There is lots of risk involved and the resulting stress can become overwhelming to handle while navigating hundreds of business decisions a day. If you add a spouse into the ownership arrangement, things only become more complex. Here’s what you should know before starting a business with your spouse.