"Minority" businesses looking for growth opportunities need look no further than the healthcare industry, where – according to the U.S. Department of Labor – you will find 13 of the nation's 20 fastest-growing jobs. And they are among the best paying jobs in the country.
That scenario helps explain the healthcare emphasis that the Mid-South Minority Business Council Continuum (MMBC) has built into the 2012 Economic Development Forum set for Aug. 27-29 at the Memphis Cook Convention Center.
The challenges of working together as husband and wife have been conquered by Reginald and Janelle Eskridge of the Eskridge Law Firm. The Eskridges have successfully balanced home and work for over 20 years, providing their clients with professionalism, dedication and experience. Here they share their blueprint for success.
Carlee McCullough, Esq.: Tell us a little bit about the Eskridges.
Reginald Eskridge: We are husband and wife law firm.
A small business can adopt a number of business structures for tax and legal purposes. Each has its own advantages and disadvantages. Sole proprietorships, partnerships, and limited liability companies (LLCs) are fairly basic forms of ownership, whereas corporations are significantly more complex.
I recently had a fender bender and needed someone to tow my vehicle and tell me the extent of the damage. I remembered having been introduced to Father & Son Towing at a networking event and was fortunate to still have their card in my purse. With little time to waste, I called the number and Robert L. Hale Sr. was on the line. Shortly thereafter, my car was transported to his shop. When I say the finished product on the bodywork was incredible, I am not stretching the truth. My car looks better than before the accident.
Many people who inherit a tax-deferred IRA are confronted with a complex array of rules, restrictions and deadlines that may make it difficult for them to determine how to proceed. Unfortunately, beneficiaries must often make binding decisions about inherited retirement assets before they may be prepared to do so.
Each year families across the nation start businesses. With the American Dream in mind, they eagerly pool resources and efforts to launch businesses that will hopefully provide them with wealth, independence and a sense of pride. These enterprises tend to work well because of the loyalty and dedication that is intrinsically woven in familial relationships.
While family businesses have their benefits, there are challenges aplenty.
The market for selling small businesses improved slightly last year, but buyers typically still had the upper hand. The median selling price rose 3.3 cent to $155,000, while the median revenue for firms sold in 2011 rose by 6.7 percent.
Lenders generally require a professional valuation before extending credit to owners and buyers. But even if a loan or a sale is not in your immediate future, a precise valuation could be useful for effective business, tax, and retirement planning.