Owning your own company may have been a lifelong dream. When you chose to form your business as a corporation, you knew you would take on shareholders.
They have responsibilities to your company, but you also must extend them certain rights. One of those rights allows your shareholders to keep an eye on the company, along with what you do with it.
Like many in New Jersey and elsewhere, you may be looking forward to retirement. In fact, you may have spent most of your career planning for the day when you would clean out your desk or locker and say goodbye to your job forever. Lying on a beach, sleeping late or traveling are not your goals for retirement. You have more of a challenge in mind.
If you are like a rising number of retirees across the country, you have a passion you want to pursue, and that means starting your own business. While this may be something you plan to do for self-fulfillment, it may also be a necessary source of income during your retirement years. Because of this, you will want to take the appropriate steps to ensure the success and profitability of your business.
You may have seen comedy shows in which a character repeatedly goes to friends and family, asking them to invest in his or her next great idea. While the joke is that the character's schemes are never going to be successful, the thought of going to friends and family for financial help with getting your business started may not seem funny to you.
If you are ready to start your own New Jersey business but lack the capital to make it happen, you may wonder where you can go for help. Perhaps you are not able to acquire the loan amount you need, and your loved ones are not able or willing to sink what they have into your business. You may want to explore the option of seeking an angel investor. These wealthy individuals often look for opportunities to invest in new businesses they feel have potential for success.
When you started your business, you likely hoped that you and your business partner would see smooth sailing for the most part. You undoubtedly expected squabbles now and then simply because any type of relationship has that possibility, but you may not have expected to face serious problems with your business partner that put your company at risk.
Unfortunately, not all partnerships work out as individuals intend in the beginning, and in some cases, the problems can stem from a partner stealing from company accounts. This idea may have seemed outrageous if you had thought of it when you first started your company, but now, you understand all too well how real a problem it is.
Starting your own New Jersey business can result in a mixture of excitement and terror. You may have little to no idea what to expect, but you know you are taking a heavy risk. Many first-time business owners are not successful, so you may have been pleasantly surprised when your company took its place in the market and began to make a profit for you.
Now, you have a new idea, perhaps one that is radically different from the inspiration that brought about your first business. The success of that first venture may give you confidence to dive right in, but there are some points you should keep in mind before you place both investments at risk.
If you own a small business in New Jersey, you know how difficult it is to start a company from scratch, build a client base and sustain success. You have poured your heart and soul into your business, and it may be difficult to think of a day when you will not be running your small business. However, that day will come, and it is in your interests to plan for it now.
Succession planning is a smart step for all business owners. Even if you believe that it will be years before you step away, you can make plans now that will give you peace of mind for whatever comes down the road. Having certain plans in place means that you get the final say over what happens to your company.
Whether your decision to sell your business was part of your long-term plan or circumstances such as a divorce or illness have left you no choice, you want to be sure to get the best price and avoid the risk of a breakdown in negotiations with a potential buyer. You may have put many years and dollars into your venture, and letting go of it will be difficult enough without losing everything you invested.
Unless you have sold a business before, you may have many questions about the best way to proceed to maximize your profit. Even if you do have experience in selling a company, you may find it beneficial to seek advice for avoiding some of the common mistakes that can bring your exit strategy to a crashing halt.
Because the business world is often considered dog-eat-dog, it may not seem surprising that some individuals will take unscrupulous measures to beat out their competition. Of course, as a business owner, you want to do your best to help your company succeed without stooping to such levels.
Unfortunately, you may not have the ability to avoid competitors who participate in deceptive trade practices. Commonly, these actions can harm one company's revenue while working to boost another company's success. The majority of these practices are not considered criminal acts, but they do create an environment of unfair competition, which you could file a legal claim against.
In any type of important endeavor, you need to protect yourself and your interests. When it comes to creating a business partnership, protection is just as important as with any other venture. While you may trust the individual or individuals with whom you have chosen to move forward, you may still want to ensure that everyone remains on the same page.
One of the best ways to make sure this happens is by having actual pages in the form of a partnership agreement. This contract can help everyone involved understand various aspects of the business relationship as well as specific roles and duties each person will have. Additionally, it could help keep disputes at bay or at least give details on how partners should handle conflicts.
There are many advantages to taking over an existing business rather than founding a new one. Existing businesses have already established themselves in the market, developed a customer base and built a reputation. They have a track record that can show you what has been successful or unsuccessful for them. And acquiring a business can be much faster than launching your own enterprise and waiting for it to grow to a certain size.
But buying a business has its perils as well as its advantages. Making a false step during the buying process or the resulting takeover can spell disaster. There are several important factors to take into consideration to help ensure success.
Dunn Lambert, LLC
East 80 Route 4 Suite 170
Paramus,
NJ
07652
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