I get this question from time to time and my response is always the same. There are two good reasons for firing family members: Reason number 1—they have failed to fulfill their roles and responsibilities to the business. Reason number 2—see Reason number 1. It is no surprise the response I always get back is, “I just can’t do that.”
Business advisor: "The problem with your business is your son — he's incompetent and destructive. You need to fire him right away."
Business owner: "I know it, but there is just one problem. I have to sleep with his mother."
Continue reading "Help, I Want to Fire a Family Member from the Business" »
Massive spending, large fiscal deficits, and huge debt accumulation (currently $12 trillion, having doubled in past 8 years)…this is the story of our Government. Throw in a loose monetary policy and it is no wonder other countries continue to talk of moving off the dollar as the world’s chief currency reserve. This past week President Obama was in Asia and they have made it very clear they do not like a weak dollar. The Wall Street Journal recently had an excellent article which addressed the so called “Asian Asset Bubble” and “Carry Trade” which is being blamed on our easy money policy.
Much of the current concern involves the U.S. government’s debt-funded economic stimulus efforts that have flooded the economy with cash. This causes the dollar to fall in value when compared to other currencies.
Continue reading "How Does a Falling Dollar Impact You?" »
Stauffers of Kissel Hill (SKH) is a growing and innovative group of supermarket and garden center locations with a large expansion of services offering high quality foods, garden, floral, and nursery products and services in Southeastern Pennsylvania. Headquartered in Lititz, PA, SKH is a great organization with humble beginnings and a rich history of serving. I am excited to profile them in my series of Organizations that “Get It”.
SKH was founded by Roy M. Stauffer, Sr., who was born and raised on the Stauffer Fruit Farm in Warwick Township, a few miles southeast of Lititz. His father raised fruits and vegetables and sold them on the farm and to local stores. This thriving business began in 1932 when Roy purchased the Kissel Hill home and a small farm of five acres. Later that year, the present Kissel Hill building at Lititz was built. This small beginning grew rapidly with the addition of several employees and the help of the family.
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Statistics reveal that only 12% of family businesses make it to the third generation and even less to the next. Why? Is it because of poor service or bad products? Ineffective operations? Probably not. It is more likely the result of poor family relationships and a lack of participatory leadership. This is according to Dr. Stephen R. Treat of the Council for Relationships during his recent presentation at the S. Dale High Center for Family Business.
His focus was on unique challenges that family relations play in family businesses. These family relationships (both healthy and unhealthy) are the single biggest reason why a family business survives or fails.
Continue reading "Family Business: The Power of Participatory Leadership" »
This week I had the privilege of attending and speaking at the IGAF Worldwide Marketing Conference. The conference had emphasis on Web 2.0, which is about having an interactive approach to the web (as opposed to Web 1.0 which was about a static website…an online brochure).
I had the privilege of speaking as one of the few CPA firm partners in the entire country that have a blog (who knew I was so special…I will need to share this with my wife). I was able to present with Michelle Golden, who is the founder and President of Golden Practices. Together we shared why it is important for CPA firms (and all organizations for that matter) to have an interactive approach to your web presence. People want to do business with those they like and trust and Web 2.0 can speed up this process.
Continue reading "Social Media Marketing and Why You Cannot Ignore Your Web Presence" »
Last week congress overwhelmingly passed the “Worker, Homeownership, and Business Assistance Act of 2009.” This bill, which is expected to be signed into law shortly, includes several important tax law changes (one of those changes could result in a windfall for your business).
The most published change in this bill is the extension of the First-Time Homebuyer Tax Credit. Under current law, the first-time homebuyer tax credit is an $8,000 refundable tax credit available to an individual buying a principal residence for the first time. The credit is phased out for individuals with income over $95,000 and for joint filers with income over $170,000. The credit was set to expire on November 30, 2009. This bill extends and liberalizes the credit by making it available to higher income taxpayers and also to existing homeowners.
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If you can’t answer “yes” to the question: “Are you using Positive Pay?” you may be unintentionally putting your company at risk. Fraudsters can easily obtain blank check stock from an online vendor or your local office supply store and forge vendor checks. Your bank doesn’t know all your vendors and these checks are often easily cashed without any questions being asked.
Depending on the size and complexity of your organization, this fraud may not be found until the bank reconciliations are done. This gives the fraudster plenty of time to cash several checks and disappear.
Continue reading "Are You Doing Everything You Can to Prevent Check Fraud?" »
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