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How To Avoid Conflict With Your Business Partner

How To Avoid Conflict With Your Business Partner

According to N.C. Secretary of State Elaine F. Marshall, “new business creation filings for 2021 grew 40% over 2020 to total 178,300 new North Carolina businesses.” If you are one of these new business owners, you know how challenging it may be to work with business partners. Here are three steps you can follow to avoid conflict with your business partner. 1. Do Your Research If you are starting a new business with a partner, there are a few things you should be doing to help with any conflicts that may arise. The first is conducting your own research on your potential business partner. Taking the time to research your partner’s work experience, business knowledge and other determining factors that may show their level of expertise is important. Launching a business or company is not easy. Putting in the work to not only find a credible, trustworthy, reliable, and dependable business partner is not something that happens overnight. The initial step of finding the right partner is not a process that should be rushed. The success of your business or organization depends on you doing your research. 2. Communication The key to developing and maintaining a business relationship is communication. Having an open line of communication between you, your business partner and even your team is an important part of preventing or dealing with conflict. Do you know the communication style of your business? Do you the communication style of your business partner? These are questions you should know the answer to. A 2021 article from Indeed lists four communication styles that may impact a work environment. The four...
Three Things to Keep in Mind while navigating the “Great Resignation”

Three Things to Keep in Mind while navigating the “Great Resignation”

The “Great Resignation” continues to be a hot topic for both employees and businesses owners. It’s no secret the traditional workforce as we know is changing. New business startups and established organizations are experiencing the “growing pains” of an evolving workforce. As your business continues to grow, here are three things to keep in mind or know while navigating the “Great Resignation.” 1. What is “The Great Resignation?” The first thing you should know as a business owner is an accurate definition of “The Great Resignation.” If you’re a little confused about “The Great Resignation” and what it really means, here’s some background on where the term came from. According to Anthony Klotz, associate professor of management at Texas A&M, the “Great Resignation” is referred to as the “widespread trend of a significant number of workers leaving their jobs during the COVID-19 pandemic.” Klotz, who coined the term in a 2021 Bloomberg article, forecasted the rise in employees quitting their jobs. In the original piece, the associate professor says, “When there’s uncertainty, people tend to stay put, so there are pent-up resignations that didn’t happen over the past year.” In December of 2021 alone, 4.3 million Americans quit their jobs, according to the U.S. Bureau of Labor Statistics. It’s easy to see why business owners are struggling to keep and recruit new talent. While no one can predict the future of what the workforce will look like in the next few years, it’s important to be well-informed and knowledgeable of all things that will impact your business. 2. Self-care Now that you know the proper definition for “The Great...
Property Tax Appeal Process

Property Tax Appeal Process

By Drew Nelson, Attorney The Davidson County Tax Assessor’s Office is currently performing property revaluation in 2021.  The current schedule in Davidson County for revaluation of property is every six years, with the last one being completed in 2015.  This can vary by county with other jurisdictions typically performing revaluations every four to eight years. Notices from the Davidson County Tax Assessor will be mailed out starting in January and will be entitled “Notice of Real Estate Assessed Value”. The Notice will state the assessed value, any deferred value, and the taxable value.  It will also give a summary of the legal description used to identify your property as well as the Parcel Identification number used by the county. Currently, the base tax rate for Davidson County is 0.5400 per $100 value.  This does not include tax rates for the city or any other assessments for local authorities. The Notice of Real Estate Assessed Value permits for the filing of an informal appeal if you disagree with the value of your property, whether it be appraised at more than the fair market value or less than the fair market value.  However, the appeal must be timely filed – within 30 days of receipt of the Notice. An informal appeal process is started by completing the appeal form at the bottom of the Notice and returning it to the Davidson County Tax Assessor.  You must state the reason of your appeal on the form.  You may not appeal the value based on (1) the percentage increase over the previous value, (2) your personal opinion of the value, (3) your financial...
Three Questions To Ask Before Selling Your Business

Three Questions To Ask Before Selling Your Business

By David Inabinett Operating a business in any industry is hard. Operating a successful business is even harder. As a business owner, you have to make difficult decisions every day. Whether your operating a brick and mortar location or ecommerce site, selling your business or company does not have to be difficult. Questions to Ask Yourself Do you have a plan? You will need to have a plan and clearly defined goals set in place before you start the process of selling your business or company. There are lots of things to consider when selling a business: price negotiationtime framelegal assistancehelp from certified financial experts There are pros and cons to every business deal. Following a plan or guideline will help you determine the best possible option.    2. When is the right time to sell? Timing is key when selling your business. Knowing and understanding when the market is up or down is an important part of selling your business. Selling at the right time and you can set yourself and your family up for the future. Selling at the wrong time can hinder the financial growth you have worked hard to build. 3. How much is my business worth? Knowing how much your business is worth ins not only important for you but important for buyers too. Potential buyers will want to know much your business is really worth. Is your business making a profit?Are you breaking even?Are you overextending your services or products?Is your business relevant in today’s quickly evolving market?What are the customary industry standards in valuing your business? You will also need to be...
Three Questions to Ask Before You Start a New Business

Three Questions to Ask Before You Start a New Business

Bradley Hunt| Everyone wants to be an entrepreneur. The idea of running your own business, not punching the clock, and not having to answer to a superior is what most people dream of. However, it is not as easy as it seems. To operate a successful business or company there are guidelines, procedures, and laws that you need to adhere to. Name selection, business structure, and licensing are important elements in starting any new business. What Name Should I Choose? A name is more than just a name when starting a new business. The name of your new business is the first thing customers will notice. We recommend coming up with several names in case your first (or second) choice is not available. New business owners don’t always consider that there are state and federal requirements to meet or that someone else may have already registered the name you wanted. The North Carolina Secretary of State website offers guidelines for choosing a business name: “An entity name shall not contain language stating or implying that the entity is organized for any purpose other than a purpose that is lawful and that is permitted by its formation documents. (i.e., Articles of Incorporation)The name must be distinguishable upon the records of the Secretary of State from the name of any other entity on the business registry. By Administrative Code, the business entity suffix of the name (i.e., Inc., LLC) is not used to determine distinguishability on the records.An entity name shall not contain words offensive to accepted standards of decency.” From a practical perspective, you may not want to choose a...
National Disability Employment Awareness Month

National Disability Employment Awareness Month

October ushers in fall and the beginning of holidays and celebrations. It is fitting that October is National Disability Employment Awareness Month. National Disability Employment Awareness Month was established by Congress in 1988 to applaud the many contributions by individuals with disabilities in our workforce, and to educate the public on issues encountered by those with disabilities. This year’s theme is: ”America’s Workforce: Empowering All.” Visit, What Can You Do to educate and inspire your team to focus on what each person CAN DO to effect and empower the team as a whole. We would like to take this opportunity to reiterate the importance of focusing on the “can do” by reminding employers of best practices: When hiring, you cannot discriminate because a person has a disability. What you can do is make reasonable accommodations for the individual so he or she can do the job without any barriers. The Americans with Disabilities Act Overview provides a good understanding of what you can do. Encourage team members to get to know each other. This helps put the focus on the person (and their abilities) rather than the disability. When referencing a person with a disability, you should not say “disabled person” or call the person by the name of the disability. Once an individual with a disability has been hired, remember to provide the same access to advancement, trainings, benefits and any other offering your company extends to all employees. Not all disabilities are visible or immediately apparent. Make certain all your supervisors and managers are aware of how to address requests for reasonable accommodations. Get your company involved! The...
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