6 Small but Impactful Financial Steps for High Net Worth Individuals and Business Owners in 2015

For a moment, put aside the country’s economic prospects. Focus on your own personal financial outlook and that of your own business. We’re already more than a month into 2015. Are you seeing financial improvements? Do you have a solid investment and financial plan for the year? Personally, I think the country’s in an improving economy right now with lots of opportunity for smart business owners and high net worth individuals (HNWI). But financial conditions can change quickly. For you to reach your 2015 business and personal financial goals you need financial insight. Here are six ideas that may give you greater opportunities to grow […] Read more »

Does Your Business Reward Employee Performance?

Google “Five Guys Burgers and Fries Articles” and you’ll get 86,300 results. Five Guys is a huge business success and it’s still a family-run business with the mother, father, and five sons in charge. I find it fascinating to read that two key elements of the restaurant chain’s success (a billion in annual sales) relate directly to people issues. You and I can learn from their example. Reward Employee Performance First, Five Guys rewards employees liberally for outstanding performance. Rather than spend on marketing or advertising, Five Guys collects 1.5 percent from every franchisee and distributes that money to the work crews who score the […] Read more »

Business Owners: Stick with What You Do Best

Business owners can reach higher levels of success by studying what other companies do to succeed. That’s one reason I recently did some research about the family-owned, highly successful restaurant chain, Five Guys. Why use Five Guys as a model? Family Business magazine calls them one of the restaurant industry’s largest family-owned businesses. Five Guys has 1,000 restaurants and 2012 sales of $1 billion plus. That’s a pretty high level of success. Make Only Quality Products An article in Inc. magazine says that Five Guys attributes much of its success to producing a high quality product and only doing what the restaurant does best. The […] Read more »

Business Lessons from “Five Guys Burgers and Fries”

They’ve been featured in many of the major national media outlets including Forbes and Inc. magazines. A Family Business magazine feature calls them one of the restaurant industry’s largest family-owned businesses with some 1,000 restaurants and 2012 sales of $1 billion plus. You’ve seen the growth they’ve had here in Connecticut. So I thought you and I could certainly learn from Five Guys Burgers and Fries. Imagine: Their success began just 27 years ago with a single location in Arlington, VA. When two of Jerry Murrell’s sons chose not to go to college Jerry told them he’d use their college education fund to open a […] Read more »

Finding the Right Lawyer for Your Business

finding the right lawyer

Can one attorney handle all your business needs? Maybe, maybe not. It can be hard finding the right lawyer for your business. From the beginning, most new business owners need legal advice regarding a wide range of matters. These include whether your business should be a sole proprietorship or a corporation and what type of corporation you should form. Partners need a partnership agreement; leases have to be negotiated; and zoning issues may arise. You also need to consider the types of liability issues inherent in your business. For instance, do you lease or buy vehicles and equipment? If you have employees, you may need […] Read more »

Transferring Ownership of a Family Business

Transferring Ownership of a Family Business

Few business tasks are more difficult that creating a successful family business but transferring ownership of a family business may be close. A recent article by Harvest Capital’s James A. Fitts and Marshall Rowe in “Family Business” magazine provides some good advice on family business succession planning. Fitts and Rowe recommend that you begin planning the family business transfer years in advance. We all know the value of time to do research, think about options, seek advisors, and get all your company’s major players behind the transfer. Start by talking. Hold a family meeting to solicit everyone’s input and opinions. Doing so will help build […] Read more »