Great Ideas for your Small Business: Join a Captive Insurance Company to Cut Costs Sign maintenance workers perched in “cherry-pickers” three hundred feet above Times Square would make most insurance brokers sweat. But not Richard Butwin, who has been the Artkraft Strauss Sign Co.’s broker for the past seven years. Six years ago, Butwin, a … Read more
Great Ideas for your Small Business: Create an Employee Stock-Ownership Plan When a small business owner wants to cash out or pull some equity out of his or her business, there are several options. One of the best options for both employers and employees is an employee stock- ownership plan, or ESOP. ESOPs allow business … Read more
Great Ideas for your Small Business: Lock Your Supply Cabinet Profit-meister barry schimel shared this idea. If your office supply bill is skyrocketing, and the supply closet shelves are always empty, try locking the closet. Hand the key to one responsible person, the office manager, or if that’s not feasible, to a couple of managers … Read more
Great Ideas for your Small Business: Shop Carefully for Long-Distance Service Every day, entrepreneurs are bombarded with offers by long-distance companies. Deregulation has created absolute chaos and confusion in the marketplace. But you can sort it out if you know the right questions to ask. Gerald Dunne Jr., former chief executive officer of Group Long … Read more
Great Ideas for your Small Business: Use a Savvy Real Estate Broker If it’s time to move out of the back bedroom or garage, it means your business is doing well enough to pay rent. But moving into commercial space is a serious financial commitment. In many cases, rent is the second-highest expense after payroll. … Read more
Great Ideas for your Small Business: Be Prepared for the Sale Thousands of small businesses change hands every year, but often not enough money is left in the hands of the seller. I asked David Troob, former chair of the Geneva Companies, an Irvine, California–based mergers and acquisitions firm, to share some advice about preparing … Read more
Great Ideas for your Small Business: Sell at the Right Time and Price Business broker colin gabriel has some simple advice for entrepreneurs: Keep your financial statements audited and buff up your business plan. Why? Because you never know when a buyer will show up. “The best buyers are the ones who come knocking on … Read more
Great Ideas for your Small Business: Rent a Financial Genius Ward wieman, founder of management Overload in Santa Monica, California, helps small, fast-growing companies manage rapid growth. To manage his own cash flow, he says, “I rent a financial genius once a month.” Relying on this kind of outside expertise helps him keep track of … Read more
Great Ideas for your Small Business: Choose the Right Bank One of the biggest challenges a small business owner faces is establishing a good relationship with the right bank. The problem is, bankers are often cast as villains by the small business community. While the myth is that bankers just don’t like entrepreneurs, the reality … Read more
Great Ideas for your Small Business: Find Yourself an Angel If your company is too young, too risky, or too offbeat to qualify for traditional bank financing, you might want to look for an angel. An angel is a private investor, often a successful entrepreneur, who invests in small businesses close to home. Angels prefer … Read more
