Entrepreneur Series – Lesson 4 – Avoid Rookie Mistakes

I am not a professional athlete.  However, I would imagine that the rookie year on any of the professional sports circuits has to be daunting in nature.   Not only are you in front of some type of large crowd, it takes some time getting used  to all of the decisions you have to make to be the best of the best in what you do for a living.   Far too often, new entrepreneurs can make first year decisions which can put a major dent in the first year of your new entrepreneurial venture.  Even someone who has a lot of corporate experience cannot understand the firefight of being a business owner until you have to meet your first payroll.One great idea my business partner and I have put into place in our business is the 48 hour rule.   We’ve set criteria around what a ‘key’ decision is for our business and once we have made a decision on the direction ...

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Personal Finance 101 – What Is A Buy-Sell Agreement?

For many business owners, the value of their business is one of the largest components of their overall net worth, and the business itself is the result of years of hard work and investment.  Most business owners want to preserve the built up value of the business for themselves and their family while also ensuring that the business legacy they have helped create continues for years to come.  The best solution is a well-considered Buy-Sell Agreement. A Buy-Sell Agreement is a contract entered by owners of a business that specifies when and how ownership in the business will be sold or transferred.  The agreement can be a stand-alone agreement or incorporated into a partnership or operating agreement for your business. Buy-Sell Agreements are not “one size fits all”, so careful attention should be given to the details. Most business owners have heard of the importance of a good Buy-Sell Agreement, but many push this planning to the “back burner” to ...

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We are married and don’t discuss money!

When you get married and take your vows, it goes something like this. I take you to be my lawful wife/husband/partner, to have and to hold, for better, for worse, for richer, for poorer, in sickness and health, until death do us part. It does say for richer or poorer, but unfortunately many couples across America just don’t spend time discussing money.  More often than not today, I see separate accounts, unmerged finances, and she pays this and I pay that. I’ve been married for over sixteen years, and while I am the one that predominately handles the money, there is nothing hidden in our financial relationship.  The more secretive and separate things are in a financial relationship, the worse it always turns out to be whether it be your household or in business partnership. I have the same kind of relationship with my business partner. It’s true that each partner needs to have some independence, so it is very ...

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