Never Fifty-Fifty (50/50)?

There is a simple rule for businesses that will have two owners working together: Never set it up as a 50/50 ownership. As I will point out later, the issues around this unwritten rule are more complicated than the statement suggests, and I do not technically subscribe to the rule, but the reason for the rule is to get owners to STOP! and think for a minute before they do something natural, but often catastrophic to their business.

In the beginning, […]

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Exit and Business Succession Planning: The Death of an Owner

Estate Planning
Unplanned Inheritance

When an owner dies, without specific planning, their business interest becomes a part of their estate. Without a will or directive, the assets in the estate will be transferred in probate according to state law. This transfer could also result in tax consequences depending on the value of the estate.  As far as exit planning goes, this may work adequately for a family run business where the spouse or a single heir is sufficiently involved in the business, […]

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Business Legacy, The Big Why, Purpose, Goals, and Business Structure and Planning

Purpose and Legacy

Tony Stark, in Iron Man II, makes his appearance at the Stark Expo as Iron Man, takes off the suit, and after pompous, self aggrandizing statements, asserts that it’s not about him, and its not really even about us, its about legacy.

Simon Sinek did a Ted Talk about how great leaders inspire action and focuses in on the question “Why?”. He suggests that people are engaged by causes in which they believe.

Conflict Between How and Why

Initially, business […]

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