You’re not alone if you inherited the family business with no formal succession plan in place. About 64 percent of family companies don’t have a written succession plan, while another 19 percent have one “in progress.” Use these tips to find your footing after you’ve suddenly inherited the family business.
This article aims to help entrepreneurs better understand the intent and importance of a business purpose.
Starting a nonprofit doesn’t necessarily mean you can quit your day job right away, but like any small business owner, you could eventually earn enough from your nonprofit to justify a full-time salary for you and your staff.
In developing your business plan, you need to decide which structure your business should operate under for legal and tax purposes.