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.
‘Should I hire a business coach?’
If your company is stalled, a coach could be the catalyst you need.
Darrin Lugash, Houston
I have a business in theory, but haven’t seen any action in it. I’m working full-time in my former trade while I wait for my business to take off. I’m not sure where to get help – when is it time to hire a business coach? What should I look for in a coach, and what should my expectations be of him or her?
Business triage: Kill what’s ailing
Some sales aren’t worth winning. If parts of your company are successful and others aren’t, it’s time to purge.
Sharron Stankiewicz, Ohio
I own three hearing aid businesses, all listed under the same corporate name but located in different areas. Two of them are going bust. Can I get out of my lease and still keep the one successful business running? What could the landlord do if I simply walked away from those leases where the businesses are failing?
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?
Finding the best customers for your business
Some clients aren’t worth the headaches. Advance vetting and precautions can spare you the pain.
Chris Walker, Phoenix
I started a concierge service on a tight budget. I am not looking to conquer the world in a day. I would like to attract the “right” customer and grow the business within my means. What would be the best methods to find that “right” customer?
I want a loan. My business partner doesn’t.
How to get capital when you are your partner disagree on the risks.
C. Miranda, Urban Revitalizers, Boston
I am a partner in a small, certified minority business, and have been managing it for the past 10 years. My firm has just won a statewide contract to conduct assessments of real estate throughout the state. It is our first large contract, and it requires some start-up capital. I have applied for several business loans to carry us through until our first pay-down. The problem is that my business partner of 10 years is not willing to sign, saying that she wants to be able to continue to pay the bills if everything fails. I have used all of my credit cards to get us part of the way there, but still need more capital. My credit score is high. Can someone tell me how I can get over this hurdle?
How to manage an inherited business
When an entrepreneur dies, loved ones are forced to make tough decisions.
Ann Gaspar, Fairview Park, Ohio
I recently inherited a small computer servicing business due to my husband’s passing. I am looking for reading material on learning/managing an established business and can’t find any titles. Can you recommend anything that will help me step into this role and excel in it? I am a registered nurse, so the business world is new to me. There are six employees that have kept the business going fairly well in the year of my husband’s illness, so I’m not on my own entirely.
How to ditch bad business partners
Planning ahead is your best bet for a successful resolution if a business deal turns toxic.
Amy, Wheeling, W.V.
I formed an LLC with two other partners. They are a couple. One owns 33%, the other 34% and I own 33%. We do not have any legal documents drawn up. I want to take the business and get them out. One partner does nothing and still works a full-time job and the other is a control freak making poor choices. This is a new venture, and they funded it with credit cards. The debt is small and I can easily take it over financially, but they will not sell the business to me. The response has been fantastic, and I want to have the business before they ruin it. Do I have any options at all?
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…
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