It makes sense that large, public corporations receive more press than small businesses. After all, those who have a financial interest in a large corporation may be far-reaching since public companies offer their stock on the open market. However, the most common Ohio business organization is the closely held business, which means only a few people own the company. While closely held businesses have the advantage of allowing owners to maintain control of their companies, there are risks those owners must be careful to avoid.
Starting a small business in Ohio means making many decisions before the first transaction is ever made. One of the first decisions may be the type of business organization to use that will be most appropriate for the goals of the entrepreneurs. Many just starting out find that partnering with several people is a good way of sharing the expense of business startup and operations. This is why about 90 percent of all U.S. businesses are closely held.
Customers and employees are the lifeblood of many Ohio businesses. They are both critical parts of most businesses. As such, the business owner often goes to great lengths to make sure that both are taken care of. Unfortunately, without proper planning for what will happen to the business organization if the owner dies or becomes incapacitated, customers and employees can suffer.
Boxing champ, Conor McGregor is well-known to fans in Ohio and across the country. An Irish fighter who gained international fame when he stepped into the ring with Floyd Mayweather, McGregor is known as much for his salty tongue as he is for his fists. Beyond his talent in the ring, however, the superstar fighter is reportedly planning to launch a line of men's toiletries. The endeavor may prove to be his biggest challenge yet as cosmetics giant, Estee Lauder has cited business law to halt the process.
The battle for the consumer is on. The latest market to enter this ongoing battle appears to be in the grocery industry. As businesses across Ohio seek to merge and/or expand, their specific business organization often plays a vital role in success or failure.
After months or perhaps even years of planning, it is time -- time to dive in and join hundreds of thousands of entrepreneurs across Ohio. The concept is sound and the opportunity for a new business startup seems right. Perhaps one of the only remaining decisions is what type of business organization to form.
It takes a one for all, and all for one attitude to help make a family business run efficiently. Often, family members can perform any number of tasks for the company. This is one of the advantages of a family business; everyone has a vested interest in its success. This means that you may have to vacuum the carpet of the offices, even if you have an accounting degree. Or your wife may spend time driving the company van even though she's a highly skilled chef by trade. What matters is getting things done in any way possible.
In every aspect of life, there can be profound shifts in attitudes between generations. Society is constantly evolving and what was once considered a normal mode of behavior is now thought of as being old hat or even just plain wrong.
If you are the proprietor of a family-owned business, you are most likely related to much of your workforce. In fact, your spouse, children or siblings may all hold the most important positions in your company.
According to a survey conducted by The Alternative Board, family businesses are on the whole finding financial success. And most family business owners believe that they will continue to thrive and succeed. But this optimism about the present and the immediate future is tempered by a belief among many owners that their businesses will not be carried on under the control of future generations. In fact, 62 percent of those surveyed harbored such fears.