How to keep laid-off workers honest
Experts reveal the best ways to keep company information in the building when the employees exit.
Tom Goll, Owner, U.S. Diversified Tech, Nashua, N.H.
We always hear about what employees should do to prepare for layoffs. But what should employers do to ensure that company data, contacts and customer lists don’t walk out the door with terminated employees?
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DiggWhat to pay the boss’s bosses
How much should you pay your company directors? First, take a hard look at what skills they’ll need to guide your business.
Paul Dzera, MGBD, New York City
What would you recommend for determining board of directors’ fee levels (annual retainer, board meeting fees, committee meeting fees, etc.), both in cash and stock options? I have a small public company with revenues of about $30 million. To date, I have reviewed the Director Compensation Report available through the National Association of Corporate Directors, but their “smaller” company information is for companies with revenues ranging from $50 million to $500 million.
Fair pay for you and your partners
Not every business owner contributes equally to a company’s success, but with advance planning, you can adjust salaries accordingly.
Michele Cosentini, Baltimore
I am planning to start up an LLC with three partners. We will be designing and facilitating retreats. What is the best way to figure out how much to pay each of us? We will each spend time working both individually and together, and I’m not sure how to measure how much time each of us is putting into the business so that salaries can be split fairly. Also, do we have to pay ourselves a salary and declare how much that would be up front, or can we just keep putting the money back into the business and then divide up earnings at some later point?
‘I signed a noncompete – but now I want a new job’
Is a court likely to uphold a restrictive noncompete agreement? It depends on where you live.
Ryan H. from Fort Wayne, Ind.
When I started my current job, I signed a noncompete agreement without really reading it. After reading it in full, I discovered that it sounds like they’re trying to keep me out of the entire Web design industry, anywhere in the U.S., for two years after leaving. I am looking for a new job right now – should I be worried about this? Would a judge ever uphold such a sweeping contract, in spite of my signature on it?
Cut staff hours but keep the morale
If you need to cut costs, here’s some tips on how to break the bad news to the staff.
Richard Ryan, Barberitos Southwestern Grille and Cantina, Charleston
I own a small restaurant that grosses around half a million a year. I am going into my third year and I currently employ six people. Most of them live off this job. I am holding a meeting today to explain why everybody will have their hours cut in half. Any advice on how to do this without losing the good performance and enthusiasm of the staff?
Who pays the penalty for hiring illegal workers?
If you work with outside staffing agencies, both sides have some responsibility for ensuring that your workers are legal.
Sharon Rider, Lake Charles, La.
If a small business needs temporary help and uses a staffing firm to obtain hourly workers, who will be subject to penalties if the workers turn out to be illegal aliens? Is it the small business or the staffing firm?
Creating structure in a family business
A father-son company seeks advice on formalizing roles and building a sustainable structure for growth.
James, Miami, Fl.
I am part of a small family-owned drywall contracting company, with previous experience in estimating potential projects. My father is the other half of the company, as he has experience in field work. We have experienced some success already, but I’m looking to create structure in our company and lack the experience to do so. What are the steps that I need to take to create clear-cut roles that I should follow? Do my dad and I need to assign responsibilities that we each stick to? Read more…
Will an HSA save you money?
Health Savings Accounts are gaining popularity, but business owners need to take a close look to see if the low-cost, high-risk plans are right for their company.
Normand Savellano, Chino Hills, Calif.
I am president of my own company and my wife is vice-president. We pay ourselves a salary and get our health insurance through the corporation. Are we eligible for an HSA and for the corporation to contribute? Read more…
How can we balance life and work?
Experts share tips and tricks to prevent work from eating family time.
Claudino Petruccelli, Owner, Petruccelli Pasta, Ridgewood, N.J.
My wife and I are selling our food business. Although we’re exhausted emotionally and physically, we want to start another company – but not to the detriment of our three young children. How do successful owners manage their businesses without wrecking their home lives?
Are layoffs my only cost-cutting option?
You can still cut back without shedding staff. Here’s how.
Avery Wasoleck, Partner, Lane Office Furniture, New York City
When costs need to be cut, the first thought is often employee layoffs. Is there a more creative way for my business to achieve savings?
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