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How to Handle Conflicts in Family-Owned Businesses

Conflicts are inevitable within businesses and families. Personal rivalries, differences of opinion, competition for resources, and questions of prestige can set individuals at odds and lead to warring factions with competing loyalties. Resolving conflicts in both...

How to Protect Your Business from Lawsuits

Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected...

Business Trusts 101: What Entrepreneurs Should Know about Using a Business Trust

Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business...

How to Talk to Your Family About Business Succession

Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you...

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