There is no perfect or right way to value a small business. There are, however, lots of wrong ways to do it.
When a partner or owner dies, becomes disabled or leaves the business, the business must be valued so that a fair price for his or her ownership interest can be determined. But a process that takes too long to value the company is fair...Read more
"I have a corporation which I own 50/50 with my sister.
"We get along great, but our accountant is putting pressure on us to put together a shareholders' agreement so we know what to do if one of us dies, becomes disabled, or gets divorced. Our business is a high technology startup, if that makes a difference.
"Where we're stuck is that we ...Read more
'Tis the season for last-minute tax questions. Here are some of the more interesting ones I've received in the last week, along with my best suggestions.
Q: "I am not yet registered as a business with the government, so have no tax I.D. number. I was just doing this as a trial for myself to see how it went first, and now plan on going forward...Read more
"I have been running my own service business for many years. So many years, in fact, that my name is widely known in my field. Over the years I have mentored many young people who have gone into this business, and the fact that I have trained them has been a major factor in their success.
"Someone recently suggested that I should 'brand' ...Read more
As I get ready to celebrate my 63rd birthday, I find myself spending more and more time with young people.
As a lawyer dealing with technology start-ups and other entrepreneurial ventures, I not only find my clients getting younger and younger but also the lawyers I deal with. I find myself acting as mentor for a growing assortment of ...Read more
"I am forming a nonprofit organization with two other investors who want to effect social change in our community.
"Because it will take quite a while to launch our fund-raising activities, get money from private donors, and file applications for government grants, the three of us have decided to put up some money to get this organization off...Read more
I had the privilege of speaking at the Sellers Conference in Philadelphia last week.
This event, formerly known as the Seller's Conference for Online Entrepreneurs, or SCOE, was and has always been the leading U.S. conference for people who sell merchandise on Amazon. But last week's event demonstrates how a virtual team headed by event ...Read more
"We started a business some time ago, and have about 10 employees.
"The business has done well, to the point where we want to give our employees options to acquire stock in our company.
"We had our lawyer draw up a stock option plan and agreements granting options to our employees, but we're getting hit with tons of questions and don't know ...Read more
Errabundis [Kindle Edition]Carol Budinger
This epic fantasy of love and transformation tells of The Lorilex, poised to destroy the world. But in the far off, dusty caravan town of Errabundis a powerful force for good is cloaked within an ordinary life. A life that must be awoken to itself if the world is to ...
"Some friends and I formed a nonprofit organization 10 years ago to help at-risk youth in our community.
"We had a few good years, but then things fell apart. One of our board members left town because her husband got a new job. Another board member got divorced and stopped attending meetings because she didn't want to bump into her ex.
"We ...Read more
Being cooped up in the house in New England this time of year isn't fun. To live up here, one must have a rich interior life. If you don't have a Netflix subscription, books become really important to maintaining a positive state of mind.
Each winter, I try to pick a reading theme. Last year's was murder mysteries set in ancient Rome (books ...Read more
DING IN YOUR BUSINESS
Deregulation for Small Businesses? Don't Hold Your Breath
The White House recently issued an executive order designed to reduce government regulation of small businesses (for the full text of the order, visit the White House website).
The purpose of the order is simple: reduce the number of regulations federal government...Read more
"Some friends and I started a high-tech business a couple of years ago and formed a Delaware corporation to run the business. We live and work in another state but were told that Delaware was the place to be for tech startups (it may have been one of your columns, actually).
"We formed the corporation online to save money, and it seemed like ...Read more
As I said last week, nothing frightens a small business owner more than hearing that one of the big-box retail chains, such as Wal-Mart, Costco, Lowes, Home Depot and the like, is moving to town.
In last week's column, I gave you an overview of what you have to do to beat Goliath. Here are some specific tips that have worked for many of my ...Read more