Small Business: Management
Planning ahead is your best bet for a successful resolution if a business deal turns toxic.
Amy, Wheeling, W.V.
I formed an LLC with two other partners. They are a couple. One owns 33%, the other 34% and I own 33%. We do not have any legal documents drawn up. I want to take the business and get them out. One partner does nothing and still works a full-time job and the other is a control freak making poor choices. This is a new venture, and they funded it with credit cards. The debt is small and I can easily take it over financially, but they will not sell the business to me. The response has been fantastic, and I want to have the business before they ruin it. Do I have any options at all?
A father-son company seeks advice on formalizing roles and building a sustainable structure for growth.
James, Miami, Fl.
I am part of a small family-owned drywall contracting company, with previous experience in estimating potential projects. My father is the other half of the company, as he has experience in field work. We have experienced some success already, but I'm looking to create structure in our company and lack the experience to do so. What are the steps that I need to take to create clear-cut roles that I should follow? Do my dad and I need to assign responsibilities that we each stick to? Read more…
Health Savings Accounts are gaining popularity, but business owners need to take a close look to see if the low-cost, high-risk plans are right for their company.
Normand Savellano, Chino Hills, Calif.
I am president of my own company and my wife is vice-president. We pay ourselves a salary and get our health insurance through the corporation. Are we eligible for an HSA and for the corporation to contribute? Read more…
You can still cut back without shedding staff. Here's how.
Avery Wasoleck, Partner, Lane Office Furniture, New York City
When costs need to be cut, the first thought is often employee layoffs. Is there a more creative way for my business to achieve savings?
Rising above higher commodity costs is challenging, but savvy owners can stay strong by adjusting to changing conditions.
Ahmad bin Saripan
I manage a food-processing business, and our sales are declining as costs and the price of raw materials escalate. How can I improve and grow the business? Read more…
Ask FSB's tips for keeping customers coming back year-round, even during the quiet seasons.
Lisa Jackson, Washington Terrace, Utah
I need a balance in my business. Some months I am swamped. Other months I have nothing. How can I market my services so that work comes in steadily, but slowly enough for me to handle each client with utmost care? Should I advertise a lot and put clients on a waiting list during busy times? Read more…
Jay, Vermilion, Ohio
I own a gas station in a suburban area, in a small town 5 minutes away from lake Erie. There are two others in the town, B.P. and Speedway. I have a tough time competing with them when it comes to gas prices. What can I do? How can I improve my inside sales and get people to buy the merchandise?
John L., Lakeland, Fla.
My product/service business needs the customer base of another company. I fully expect to revenue share with this company. What percentage should I expect to share if I have an exclusive agreement with them? How much for a non-exclusive agreement?
If one partner wants out, the other has a fiduciary duty to negotiate an exit strategy that won't damage the business.
Kath, Darwen, Utah
I am a partner in a restaurant and food-services business. I want to leave the business partnership, but my partner won’t buy me out. She says she’ll close the business and restart it, leaving me with nothing. I am only asking for the money I put in. Can she do this legally?
A staffing agency turns to Ask FSB for growth resources.
Scott Zimmer, AAA Labor, Minneapolis, Minn.
I purchased a 52-year-old industrial staffing agency. Where can I find affordable assistance to help structure the company for growth? There is very little help available for staffing agencies. Read more…
