Business owners and top executives usually fall in one of two buckets. The first is the owner who really knows how to produce the product or service the company makes. They systemized their operations using principles like LEAN management. The second group is the...
Business Builders
Ten things to know about the Corporate Transparency Act
1. What is the Corporate Transparency Act? The Corporate Transparency Act (CTA) is a federal law passed in 2021 as part of the National Defense Authorization Act that took effect on January 1, 2024. The CTA requires small or midsize businesses to file a Beneficial...
Exit planning gap: More than half of MN businesses unprepared
The 2023 Minnesota State of Owner Readiness survey reveals a growing trend among business owners to prioritize exit planning yet highlights a significant gap: more than half have not yet formulated a formal transition strategy. This underscores the crucial need for...
Cultivating a culture for growing your business and your people
The unique dynamics of a small business make workplace culture crucial to its success. Unlike large enterprises, small organizations depend on tight-knit teams to play pivotal roles in everyday operations. Research reinforces the link between a positive workplace...
Five social media insights that may surprise, help you in 2024
Where does your business fall when it comes to social media? Are you heavy investors in all things social? Just dipping your toe into the water? Somewhere in between? No matter how much time or resources your business is investing in the social media game, here are a...
Smashing the slog
As 2024 begins, it’s time to reflect, refresh and plan for the upcoming year. While many of us can feel the renewed energy around the holidays, we often start the new year with lower energy. For many of us, January feels like a slog, a slow burn of our energy, as we...
Cannabis legalization lights hazy workplace implications
On May 30th, 2023, Minnesota Gov. Tim Walz signed a bill that legalized the recreational use of cannabis. The bill, in large part, came into effect on August 1, leaving many organizations scrambling to figure out exactly how this migration of cannabis into public life...
Don’t let cash flow stunt your abilty to grow
We all know cash is king. But when it comes to business failure, cash flow mismanagement is largely cited as the number one reason why. While there can be a variety of issues that create cash flow problems for any business, one of the primary issues is converting...
Earnouts: A seller’s primer
Earnouts, a form of contingent payment payable upon completion of a post-closing financial and/or performance-based milestone, are a relatively common feature in business transactions and their usage is becoming more widespread. The circumstances under which earnouts...
Minnesota bans most non-compete agreements
On May 24, 2023, Gov. Tim Walz signed legislation into law prohibiting employers from entering into non-competition agreements with both employees and independent contractors. This new law took effect on July 1, 2023, and applies to agreements entered into on or after...