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    Small Business Ownership Mistakes: What You Don't Know Will Destroy Your Business
    Small Business Ownership Mistakes: What You Don't Know Will Destroy Your Business
    Small Business Ownership Mistakes: What You Don't Know Will Destroy Your Business
    Ebook67 pages37 minutes

    Small Business Ownership Mistakes: What You Don't Know Will Destroy Your Business

    By Amy Rose Herrick

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    About this ebook

    You are unaware of what you don’t know.

    You came from an employee background. Like Superman, you were assumed to have x-ray vision, super human strength, unlimited endurance, ability to seize opportunities with your psychic powers, the speed of a bullet train completing customer orders all while handling the media with flair...looking well groomed, rested, spotless and fabulous at the same time.

    Over the years I have had the opportunity to see small businesses grow from little more than an idea to being highly valuable assets to own, enabling owners and employees to thrive.

    I have watched some of these same businesses, once thriving with so much promise, fail miserably. When the doors finally closed, what was left was virtually worthless, or unsaleable.

    Something in the building process caused them to implode. What was it?

    You made some mistakes that no one noticed in your ownership structure.

    Then reality stopped by one day. You found out that you were not psychic about managing a financial threat, seldom talked about until it was too late, looming outside the door. When you did get your valuable education on business ownership mistakes via the school of hard knocks and experience it was too late to change course. You were already committed to the hard way.

    This is a difficult position to change when you are ill equipped to ask all of the right questions before significant mistakes with lasting impact are already made.

    Why did you make these mistakes? You didn’t know the right questions to ask before you made them. You didn’t know the wide implications or the cause and effect of your business ownership choices in advance.

    This book is designed to open your eyes to the world of possibilities that exists in structuring your business ownership correctly to accomplish your long term goals.

    Whether you choose to own a business with or without partners, you want the best odds for surviving and thriving when the unexpected day to day financial threats happen to you.

    LanguageEnglish
    PublisherAmy Rose Herrick
    Release dateFeb 7, 2015
    ISBN9781310358326
    Small Business Ownership Mistakes: What You Don't Know Will Destroy Your Business
    Author

    Amy Rose Herrick

    Amy Rose Herrick launched Money With Amy in late 2014 to enable her to share her wisdom and expertise acquired in her 30-plus years of experience in the financial services field.She is a Chartered Financial Consultant (ChFC).In 1991 Amy expanded her professional expertise and ongoing licensing becoming a qualified Insurance Agent for Life, Disability, Critical Illness, Long Term Care and Air Ambulance coverages. She also shifted her focus from corporate clients to an individual and small business clientele and she secured her series 6 & 63 securities representative licensing. Not satisfied that she had all the planning tools needed to advise clients to the best of her ability in changing economic climates, in the early 90’s she also took the necessary training and ongoing educational hours necessary to secure her ability as a tax professional.Amy's financial planning articles have appeared in numerous publications. She has accepted short term assignments for regular newspaper columns on specific items of public interest in addition to her private practice demands. She was selected to contribute two chapters to books that were collaborative efforts between multiple professionals.In addition to her writing and other business activities, Amy is a dynamic public speaker who is able to engage with her audiences by breaking down complex concepts into manageable ideas that are easily understood using custom designed presentations.Amy's planning expertise extends into situations that encompass corporate, individual and small business financial issues related to cash flow, debt structure, income tax reduction, charitable giving, business succession plans, mental or physical incapacity at any age, life insurance settlements for unwanted policies and overall estate planning.Amy and her family relocated from the Midwest to call the beautiful island of St. Croix their family home in early 2011.Amy continues to serve a wide range of clients on the U.S. mainland coast to coast as well as clients residing in the US Virgin Islands.She loves to travel and has a flair for art in her free time.

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      Book preview

      Small Business Ownership Mistakes - Amy Rose Herrick

      Small Business Ownership Mistakes

      What you don’t know will destroy your business.

      Amy Rose Herrick, ChFC

      ~~~

      Smashwords Edition

      SMALL BUSINESS OWNERSHIP MISTAKES. Copyright 2015 by Amy Rose Herrick. All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. For information, address inquiries to: Info@MoneyWithAmy.com .

      Amy Rose Herrick’s books may be purchased for educational, business or sales promotional use. For information please write to: Info@MoneyWithAmy.com.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favorite ebook retailer and purchase your own copy. Thank you for respecting the hard work of this author.

      This book is dedicated to my big brother Dave and to Mr. Rakes who owned a little bait shop for a time on a corner of Topeka Boulevard on the North side of the bridge in Topeka, Kansas.

      Dave patiently taught me how to catch night crawlers in our yard by flashlight and to put them in damp clover to keep them fresh.

      Mr. Rakes taught a little neighborhood girl in grade school who loved to fish how to sell all the night crawlers she wanted to catch. I made more money selling worms with my little crop than everyone else was earning picking up empty pop bottles.

      You both planted some of the earliest seeds of encouragement for me to become a small business owner and entrepreneur when I grew up.

      Thank you.

      Table of Contents

      Introduction

      1. Someone failed to establish clear ownership of the business.

      2. Do you really want a 50/50 or similar equal ownership split?

      3. You are in business with the grieving spouse, children, siblings or parents as your new partners.

      4. What happens when a partner experiences an unexpected disability?

      5. Why did my partner leave our business to children or other relatives in the will?

      6. What if I plan to leave my business interests to my spouse?

      7. I think I am interested in Employee Stock Ownership.

      8. I don’t have a partner - I’m a sole proprietor.

      9. Buy/Sell agreements - No business should operate without them.

      10. Disability Buy/sell agreements - no business should operate without them.

      11. Put your personal financial house in order.

      12. Key positions need to be considered.

      13. What types of insurance does my business need?

      14. Did you start a business without an exit strategy?

      15. What are some examples of succession planning?

      Conclusion Checklist

      About the Author

      Books by Amy Rose Herrick

      Introduction

      Over the years I have had the opportunity to see small businesses grow from little

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