Great Ideas for your Small Business: Hire a Debt Arbitrator At ten, robert “bobby” blumenfeld was already working the sales floor of his parents’ retail stores in the Catskill Mountains. At twelve, he was selling men’s suits. So Blumenfeld isn’t bragging when he says he knows every aspect of the retail business. He’s worked both … Read more
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: Set Up a SIMPLE Retirement Plan Until recently, a business as small as Grassland Media in Madison, Wisconsin, had few pension plan options for its owners and three employees. The nearly twenty-year-old company, founded by Stu Stroup, makes industrial videos for a variety of clients. “We had been interested … 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: Sell Stock in Yourself Do your customers love your products? Then maybe they love your company enough to invest in it. Small companies with loyal customers and growing potential are likely candidates for an alternative form of financing called the direct public offering, or DPO. “Ninety-five percent of the … Read more
Great Ideas for your Small Business: Find a Strategic Partner Finding the right strategic partner is a critical key to success for many small companies. Teaming up with a bigger, financially stronger partner can provide a source of cash for growth and expansion. Joining forces with a more creative, nimble, or well-connected partner can open … Read more
Great Ideas for your Small Business: Hire a Good Accountant No matter what stage of life your business is in, you’ll need an experienced accountant not just to prepare your taxes, but also to help you plan your long-term financial goals. A good small business accountant understands and keeps up with state and federal tax … Read more
Great Ideas for your Small Business: Learn from David Bowie David bowie may not at first be your idea of a savvy businessman, but in 1997 he did a bond deal that pulled in $55 million—and attracted a lot of attention. Instead of waiting for future royalties, Bowie went to Prudential Insurance Company and offered … Read more
