The Private Business Owner

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Why On-Site Medical Care Is Good For Business

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Your assistant has a cough that won’t go away but keeps putting off going to the doctor. Your HR manager needs half a day off to get her annual physical. Another employee wants to check to make sure his new medication is controlling his blood pressure properly.

Each of these scenarios take place in businesses across America every day, and each doctor visit means several hours off work and pricey office visits, maybe even ER visits. That coughing assistant could be infecting others as well as getting sicker herself.

Think on-site health care is too expensive for your mid-sized business? It may be time to change your thinking. Many medium-sized businesses are using on-site wellness programs to differentiate themselves from other employers – and keep their workforce healthier while lowering expenses. [Read more…]

Rewarding Non-family Business Managers

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Finding ways to reward non-family executives in a family-owned business can be one of the biggest challenges faced by owners of a small- to mid-sized firm. However, it’s imperative for the health of your business that you retain top performers, especially as your growth demands you hire talent outside the family.

What can you do to keep your best employees motivated and acting like owners even if you can’t share ownership? [Read more…]

Balancing Risk and Innovation for Market Success

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innovation vs riskBusiness owners tend to be conservative, particularly where innovation is concerned. Why should you encourage innovation with its inherent risks?

According to the National Center for the Middle Market, significant innovation in the form of new products, services or processes provides significantly greater rewards:

“… companies that invested in new knowledge in existing markets reported an average initial investment of $1.6 million with a return of $5.2 million in revenues and $2.7 million in profits for their last completed innovation project. Per dollar invested, that’s 100% more revenue and 125% more profit than companies received when they innovated more conservatively.”

Here are a few tips to help you capture those extra profits. [Read more…]

How To Fire A Relative From The Family Business

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Few things are harder to manage in a family business than the need to part ways with an underperforming relative. However, for the business to thrive, you must address all poorly performing employees, including those you see at the Thanksgiving table.

Maybe your great aunt really needs to retire so you can upgrade the accounting system. Maybe your niece is an entitled, lazy jerk. Maybe your brother needs to fulfill his dream of starting a different kind of business.

Regardless of the circumstances, here are five don’ts to follow when it comes time to separate a family member from the family business. [Read more…]

M&A Weekly Digest – May 17, 2013

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This M&A Weekly Digest brings discussions about how active private equity firms are in the middle market, the pros and cons of an employee stock ownership program vs. phantom stock, and tips for selling a business in today’s market. Click on the article headline to read the complete piece. [Read more…]