09
Dec
A Hard Days Work for a Hard Earned Dollar
More than one company has split at the seams because there was no agreement on what kind and level of effort was required of family members who wanted to enjoy the business’ benefits. Without that agreement, the idea emerged – and perhaps having a token title – was the only criterion for taking home money or enjoying perquisites.
The moral of family members and non-family employees alike plummets at the sight of a family member putting in 12 hours and taking home the same or better compensation as another employee who puts in 12 hours a day. It may take a hard nose to do it, but the family has to set forth in clear terms what inputs are required to be eligible for the outputs.
This is one way you can protect your business and run it like a business.
A Business Consultant can help you recognize and address the many challenges, problems and issues that trouble you concerning running your business, and provide options to help you resolve issues.
Consult an Attorney to help you with legal advice and a CPA for tax advice. Their fees are well worth the investment.
C Bruce Matthews, CTEP, CWM
TruOptions Business Consultants, LLC
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My insurance called me yesterday and informed me that they would be cancelling my insurance because I have rented my house to a group of students. They gave me two weeks to find new insurance before they cut me off. I’m having trouble finding someone who will insure us. If they cut my insurance, my bank will cancel my mortgage, and I guess that means I’d lose the house. Is this insurance company allowed to drop me in this manner. When we got the insurance two months ago there was nobody living in the house, but it was rental insurance. We never lied or anything, we were completely honest through the whole process.
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