A name change, succession plan, and staff restructuring prepare John Kiernan's remodeling company to weather future economic storms. More
What happens to the shares of stock allocated to an employee in a company with an ESOP (employee stock option plan) when the employee leaves the company? More
Whether it's for personal or business reasons, when you're looking for a financial planner you should interview candidates and get an idea of who you can work with because trust and communication are so important. More
Though all three of these young remodelers had other plans for their careers, they were drawn back to the companies they grew up around, bringing innovation and energy to the family business. More
Since selling my remodeling business in 2004, Iíve been asked by many remodelers for insights into how they might sell their own companies. Thereís no one-size-fits-all answer. Each business is unique and each prospective buyer is looking for unique characteristics. More
After Bill Medina was named Big50 in 1994, his company experienced record growth, nearly tripling in size after acquiring roofing, framing, hardwood flooring, and distribution companies. More
Ask a business owner why he or she restructured their business from a sole proprietorship to some other entity ó C-corp, S-corp, LLC, ESOP ó and the first answer is always: liability. In a sole proprietorship (even a partnership) you, the owner(s), are the business. If, for example, you shortcut building practices or use unlicensed trade partners and something goes wrong, it is you and your personal assets that the insurance companies will go after. More
Succession planning, a rarity in the industry just a decade or two ago, has become a serious priority for many remodelers big and small. More
As hard as it is to sell a construction business outright, it is even more difficult to sell in stages, allowing for a gradual withdrawal by the owner. More