The terminology for limited liability companies can be confusing. For instance: who are the members, managers and managing members?
All of the owners of an LLC are its members, similar to stockholders in a corporation.
There are two different possible management structures for LLCs: A manager managed LLC or a member managed LLC.
Topics: Business Operations, Business Best Practices, Legal, Strategic Planning
Back in 2011, our CEO, Ed Lette, wrote about the Five C’s of Lending. Given how important these factors are in the lending process, I thought it would be helpful to look at each one of these areas a little more closely.
Topics: Featured, Business Best Practices, Accounting & Finance
One of the terms I see frequently in literature on Leadership is “transformational leadership.” This term was coined by Dr. James Burns, a Pulitzer Prize-winning historian who studied great leaders in history and authored a book called Leadership in 1978. Since then, there has been a lot of research done and a model of transformational leadership has been developed. But the basic definition of transformational leadership is leadership that identifies needed change, creates a vision to guide the change, and executes the change in tandem with the organization.
Topics: Business Best Practices
Whether you’re looking to get a line of credit, plan for tax payments, or simply identify strengths and weaknesses within your business, keeping clear and accurate records is vital for business owners to succeed.
But managing your company’s finances can be daunting, and there are many ways your financial reporting can get on the wrong track (just check out Dwayne Kolly’s recent post to see what not to do). To make sure your finances run as smoothly and accurately as possible, it helps to simplify.
There are three primary financial statements business owners need to focus on to ensure their companies operate effectively.
Learn how others do it. Download our guide to growth.
In this episode of "Winning Financial Success in Business," we'll continue look at step 4: create a reliable financial forecast for the next 6 to 18 months.
In a few short minutes, I'll talk about some of the key ingredients of a reliable financial forecast. I'll also share the story of a business that used financial forecasting strategically to help them drive growth.
If you need to catch up or revisit past episodes, you can find them here: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10
Topics: Business Best Practices
In this episode of "Winning Financial Success in Business," we'll continue look at step 4: create a reliable financial forecast for the next 6 to 18 months.
In a few short minutes, I'll share 10 guiding principles that will help you as you begin to create a forecast for your business' financial future that you can trust.
If you need to catch up or revisit past episodes, you can find them here: 1, 2, 3, 4, 5, 6, 7, 8, 9
Topics: Business Best Practices
We teach our kids that “money isn’t everything.” But selling your business is perhaps the biggest financial event of your lifetime. How important is money then?
Most owners are bombarded with solicitations from business brokers and private equity groups. The reason is simple: the cost of funds has been very low for a decade. Returns on bonds and deposits are in the low single digits. Many investors are searching for better returns, and privately held companies have become an attractive option.
Topics: Business Best Practices
In this episode of "Winning Financial Success in Business," we'll look at step 4, all about creating a reliable financial forecast for the next 6 to 18 months. In a few short minutes, I'll talk you through this process, which will allow you to make more confident, profitable financial decisions for your business.
If you need to catch up or revisit past episodes, you can find them here: 1, 2, 3, 4, 5, 6, 7, 8
Topics: Business Best Practices
At age 12, Amy Simmons’ life took an unusual turn. Her mother suggested she read the 1,100-page novel, Atlas Shrugged. Although Amy went on to obtain degrees in Psychology and Biology, the lessons on capitalism in Atlas Shrugged made their mark on a budding entrepreneur.
Over the last 30-plus years Simmons has developed and expanded the Amy’s Ice Cream operation to 15 stores in Austin, San Antonio and Houston with the motto, “Life is uncertain, eat dessert first.” Recently she added Phil’s Ice House and Honey’s Pizza to the family. Simmons is a tireless champion of community businesses, employee education and charity. Oh, and she is a mother of three. I am convinced she never sleeps!
Recently, my Texas Lutheran University students were fortunate to have Simmons on campus to speak about life and business.
Topics: Business Best Practices
In this episode of "Winning Financial Success in Business," I'll dive a little deeper into step 3: diagnosing profitability or cash flow weaknesses. In a few short minutes, I'll introduce a tool that will help you manage your inventory so you can shorten the time between buying your inventory and selling it to your customer.
If you need to catch up or revisit past episodes, you can find them here: 1, 2, 3, 4, 5, 6, 7
Topics: Business Best Practices
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