Partnership agreements often focus on the positive. People starting new business enterprises often anticipate success and plan accordingly. They focus on what they intend to provide for the company and how they want to share profits when the company succeeds. However,...
Business-Employment
Do family farmers need succession plans?
Family farmers in Minnesota work hard to build sustainable, productive operations—often across generations. Yet despite that long-term investment, many farming families do not have a formal succession plan in place. This can create confusion, conflict and financial...
3 reasons a merger might fail
There are many benefits that one organization can obtain from merging with another business. The combined entity created through the merger may have a bigger market share. Access to specific premises, intellectual property and talent can also make a merger beneficial...
When is the right time to begin business succession planning?
People who start or purchase businesses often plan to continue running them indefinitely. They may want to work at the company until they retire. They may intentionally perform as many job functions on their own as they can to keep company costs low and profit margins...
How can businesses protect their intellectual property?
Producing or acquiring intellectual property can give a business a competitive advantage. Original creative works can be useful for branding or can be sources of revenue. Trademarks can help companies establish a loyal customer base by becoming easily recognizable....
Minimizing liability when starting a new business
Entrepreneurs developing new business concepts are often eager to move forward as quickly as possible. They want to establish themselves in an as-of-yet unoccupied economic niche before competitors get the same idea. The beginning of a business is a time when people...
3 staffing concerns with planning a merger or acquisition
Having the right talent on staff is crucial for the long-term success of a business. Companies often hire specialists to help recruit and train talent. Some organizations even work with outside companies and professional recruiters for that purpose. Workers are one of...
3 important inclusions in a business partnership agreement
A business partnership is one of the most influential relationships a person can establish. A partner contributes money and talent toward an entrepreneurial endeavor. Their work and ongoing financial support can be crucial to the company's long-term success. Those...
3 risks when turning blue-collar skills into a small business
Discussions of entrepreneurship often center those who have experience running businesses, like executives and managers. However, there's another group of individuals who may also potentially benefit from starting their own businesses. Blue-collar professionals who...
The FTC has announced a rule banning noncompete agreements
The Federal Trade Commission (FTC) helps to regulate economic activity across the country. Policy guidelines established by the FTC can have a major impact on day-to-day business operations. Sometimes, the FTC makes aggressive policy changes to correct for certain...