Archive for November, 2008
Family Business Management
Sunday, November 30th, 2008 | Uncategorized | Comments Off
A family run business has an added dynamic to it that can make or break the owners. The dynamics of personal and professional issues combined create an added pressure which can hinder good business decisions. Unresolved family conflicts may be carried into the workplace and impact the motivation and productivity of everyone involved.
I have current experience of managing a family business with my web design business, and we have found there are some important issues that need resolving before even embarking on that road. It is important to realise managing any business in today’s environment is not simple, so when difficult decisions need to be made to ensure the survival and the success of the business then those decisions must stand even if it affects the harmonious relationship at home.
Leadership
The first issue is one of leadership. There has to be a leader whom everyone should be able to respect and who is capable of making sound business decisions.
There are different styles of leadership:-
The Autocratic Ruler - This sometimes works as long as the rest of the family are willing to do what he wants. But long term I don’t think the autocratic ruler is good for business.
The Democratic Ruler - Will encourage each member to speak about their area of responsibility in order to establish the necessary and relevant information on which to base sound business decisions. Discussion and argument, chewing over the policies I see as healthy and necessary to arrive at agreed actions for the good of the business.
Conflict Resolution
Family businesses can be a minefield of unresolved conflict and resentment. It is important that you have a way of dealing with conflict that is healthy before you even contemplate working together as a family. When we first set up together in our business which provides CMS systems we made an agreement that if we were not happy with some behaviour or something that was said, then we would say how we feel and give the other person an opportunity to change. The important thing is for us to listen to each other and respect the other person’s point of view.
Attitudes and Values
Being part of a family business, for the most part, the attitudes and values are shared. In a regular company there are many diverse attitudes and values which generate tensions when working together. Listening and understanding each other is Key to good working relationships. One of the benefits of having a family business is intuitively knowing the other members and being able to trust them with your life if necessary. Even if there are disagreements you will know exactly the integrity and reliability of each individual. (Or not as the case may be!)
Inheritance
It may be important to tackle the issue of succession in the business especially if the owner of the business has more than one child. In many cases it is inevitable the children will fight over the ownership of the business if it has not been made clear who will inherit. To avoid these kinds of situations may just be a matter of planning. Having a defined succession guide will enable all the children to live harmoniously with one another while helping the business success.
Conclusion
Even if all the members of the family do succeed in having a healthy business relationship, it is still good idea to separate business from personal matters. This allows the business owner to make decisions with less bias and more flexibility for the betterment of the business. Also other family members may have exposure to a greater variety of ideas, which they can then bring to the workplace. Probably the most important thing in managing a family business properly though, is ensuring that the whole family will have a good relationship that will last even if the business doesn’t. Ultimately, blood is thicker than water and family is more important because the business can be replaced but your family cannot. One great example of a successful designer lingerie family business is Under Wraps.
Can I Refinance my Home After a Bankruptcy?
Sunday, November 30th, 2008 | Uncategorized | Comments Off
When hit with bankruptcy individuals tend to panic and they do not think straight anymore. The do not realize that there are ways to complete a mortgage refinance after bankruptcy. In fact, refinancing your mortgage after bankruptcy is the same thing as replacing everything with a new mortgage. People need to take action when problems appear. It is the same thing with bankruptcy. Learning how to start and complete an after bankruptcy mortgage refinance is just a little more difficult than learning how to refinance a normal mortgage.
The most met reason for looking into a mortgage refinance after bankruptcy stands in obtaining lower interest rates that will turn beneficial due to saving money on a long period of time. You can actually lower your payments and save money on a month to month basis during different periods of time. Interest rates change constantly and benefits offered by loaners also change. The fact that bankruptcy is the case at hand will have an impact on refinancing but it can still be done. Dealing with mortgages means that you are dealing with your home, which is usually the largest asset you posses. As time passes, the value of your home will rise as well and you can take advantage of this by linking equity to refinancing mortgages, even after bankruptcy.
Mortgage lenders will consider an after bankruptcy mortgage refinance because it will involve fewer risks in doing so than in starting a new mortgage altogether. The biggest secret in learning how to refinance mortgages after bankruptcy stands in getting different quotes from the multitude of lenders that are competing for your business. You did rear right! People want to offer you the best contract available even after bankruptcy in order to put you on your feet and gain some money in the process. All you really need to do is complete application forms at various institutions. You can get pre-approved in just minutes after sending the application form. Even if you hit bankruptcy, refinancing your mortgage can and should lower payments while giving you extra cash in order for you to invest and get out of the predicament you are in.
Before you actually go to the banks and begin talking with the bankers, you may want to learn how to refinance a home so that you are confident when you are talking with them!
Many people think that it is impossible but mortgage refinance after bankruptcy is actually a very good solution to get out of problems. There are so many mortgage brokers out there that you will actually have to spend some time searching for the one that can present you with the best offer. It is a bad idea to get hyper about the first opportunity you get. The best way to achieve a mortgage refinance after bankruptcy is look to around for the best offer available. As already stated, there are many loaners out there that want you to be their client. You can also contact your current broker and try to renegotiate terms in order to gain benefits.
Just because you hit bankruptcy you need not stand around and wait for something to happen. Now more than ever you need to take action. A Mortgage Refinance after bankruptcy is possible and you can even get help from various companies that offer the possibility of sending online application forms. If there is no broker that can help in the area you live in, you can also look for another that will. Start learning how to start a mortgage refinance after bankruptcy by consulting all the information available at different companies or banks and think about the best solution, the one that can make a difference in your case. Refinancing your home via mortgage is the best way to take advantage of lower interest years that appear in many years and can be done even after bankruptcy.
To get more information about refinancing a home, I have an ebook titled, “Home Refinancing… What the Banks Won’t Tell You About Refinancing Your Home.” Take a look here: Learn How To Refinance Your Home