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Posted Nov 30, 2016 by IASourceLink Admin
As many of you probably already planned for, today was to be the date the new changes to the Fair Labor Standards Act would go into effect. However, the lawsuit that was filed in September by 21 states, including Iowa, went before a Texas judge last week. At the end of the day on Tuesday, breaking news hit the internet.
Business owners are well advised to begin creating a business succession plan as soon as possible. Even if a business owner doesn’t plan to transfer his/her business for many years, the plan should still be in place in case something unexpected arises. That said, picking up the pen and actually creating the succession plan can be very daunting for even the most sophisticated business owners.
I would recommend you really know and trust your financial resources. Of all the challenges I have faced the financial challenges in the beginning were the ones that kept me up at night. Whether you are self-financing your business, borrowing from a family member or going to the bank you must really understand what you’re getting into. If you’re self-financing, be extremely honest with yourself and the potential impact your investment will have on your household. If you’re borrowing from a family member think of what you’d do if that resource suddenly went away.
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