Posts tagged with "inspire kids to take over the family business"

Business · March 22, 2024
Avoid These 3 Mistakes When Choosing a Successor for Your Business
Selecting your business successor is more than a choice—it's a future-defining moment. Ensure your legacy flourishes by steering clear of common yet critical mistakes in the process. It's not just about replicating your leadership style but finding someone with the right vision, adaptability, and ability to connect with your team. Dive deeper into how to make this pivotal decision without compromising your business's future. As your trusted LIFTed Business Advisor, let me guide you through a sea
Business · March 15, 2024
3 Business Tax Mistakes to Avoid This Tax Season
As tax season rolls in, it’s crucial for small business owners to navigate the complexities of tax filing with precision. This blog highlights three common tax mistakes to avoid: miscalculating payroll taxes, misclassifying employees as contractors, and improperly deducting personal expenses as business expenses. With detailed examples and solutions, including the importance of clear payment policies and maintaining separate financial accounts, it provides actionable advice to ensure compli
Business · February 12, 2024
Love Your Business? Love Your Family? Then You Need A Succession Plan
Building a business is a journey filled with passion and dedication, mirroring the love you have for your family. But have you pondered the future of your enterprise and the well-being of your loved ones in your absence? Our latest blog delves into the essence of succession planning, a crucial step not just for the longevity of your business but as a profound gesture of care for your family. It outlines the necessity of a clear strategy to ensure smooth transitions, safeguarding your legacy and
Business · February 05, 2024
Have Kids? Hire Them In Your Business For Major Financial Savings
Incorporating your children into your family business isn't just a smart financial move; it's a valuable life lesson. This strategy not only fosters work ethic and financial literacy in your kids but also offers significant tax savings. With the right setup, their earnings up to $13,850 are tax-free, fostering early savings while reducing your tax bill. It's a win-win: your business gains dedicated helpers, and your family enjoys more quality time together.
Business · July 14, 2023
What the Debt Ceiling Extension Means for Small Business Owners
Pondering on how the recent national debt ceiling extension might shake your business operations? Or perhaps you're already experiencing its ripple effects? While it may feel like a distant concern, this significant move has the power to sway your access to credit, alter consumer spending habits, and even impact government contracts and tax policies. It's causing uncertainty in financial markets, potentially raising interest rates, and tightening credit conditions. Learn more here...
Business · June 30, 2023
Passing the Torch: How to Inspire Your Kids to Take Over the Family Business
Imagine the pride in your heart as you pass on the baton of your business to your children, witnessing the legacy you've carefully constructed continue to bloom. Yet, kindling the spark in your children's hearts to take the reins of the family business isn't always a walk in the park. It can be quite a hurdle and requires a delicate touch. Ready to uncover the secrets to successfully achieving this? Read on to learn more...