Overland Park Attorney

Weekly Blog Digest - Overland Park, KS - Estate Planning

 

“Facing Retirement” Gets a Whole New Perspective

Executives of Bank of America’s Merrill Edge program have taken a page from The Christmas Carol to prompt investors to change their financial behavior: They’re offering them a glimpse of their future selves.  Through a new online tool that ages a consumer’s photo, investors can see what they’ll look like many years down the road.

Avoid These Five Retirement Planning Mistakes

Unfortunately, planning for retirement isn’t an exact science. There’s no one-size-fits-all when it comes to saving the right amount for your golden years--which is part of what makes retirement planning so nerve-wracking for a lot of us.

In a Rush to Make a Charitable Donation? New Tools to Help Your Decision

The holiday to-do list is already long. There are last-minute tax moves to make. And somewhere along the way, people find a few minutes to make a series of hasty decisions and dash off a bunch of checks.

Tax Uncertainty: Refrain From Hasty Decisions

With all the ominous talk of tax increases and a “fiscal cliff” if President Barack Obama and Congressional leaders cannot agree on a plan to avert automatic tax increases Dec. 31, some investors may be tempted to act soon to take advantage of current tax rates. But financial advisers say that in their rush to do something this year, investors might end up with regrets.

Should You Mix Business with Friendship? 

Have you considered co-founding a new business with a family member or friend? If so, you’re in good company –Fox Business reporter Susan Shreter reports that about half of today’s startups are co-founded among friends, family members or spouses.

Should You Mix Business with Friendship (especially in Overland Park, KS)?

Have you considered co-founding a new business with a family member or friend? If so, you’re in good company –Fox Business reporter Susan Shreter reports that about half of today’s startups are co-founded among friends, family members or spouses.

Going into business with a friend or family member? It certainly makes sense that one would want to pursue their most ambitious goals with people they trust. But is doing so good or bad for the relationship you have with your co-founder?

When working with friends, expectations of loyalty and understanding are higher than is common among everyday work colleagues. And when friends let us down, resentments can linger and cause a deep divide in both work relationship and personal relationships.

Here are five ways startup misunderstandings can spiral out of control and potentially end friendships, according to Fox Business.

#1: Unmet Expectations. The typical startup business will take a lot more time and money to become profitable than anyone ever expects.

#2: Work Style Conflicts. Even though friends get along great when hanging out at the bar, this compatibility may not resonate in the office environment.

#3: Business Strategy Disagreements. New startup partners tend to be well aligned to the grander goals of an organization, but rarely have worked through the nitty gritty details of how to achieve these goals.

#4: Spending Conflicts. One of the most common areas of disagreement is spending authority and budget priorities.

#5: No Way Out. What happens when one partner wants to sell out, quit or reduce involvement in the business?

A recent Forbes article, titled “Co-Founding With a Friend - - Without Decimating a Friendship,” shares a few words of wisdom from successful businesses founded by friends. One startup says “when making decisions, we make the conscious decision to not be disrespectful because at the end of the day, we want to stay friends.” Another startup recognizes the importance of keeping work and personal lives separate.

In order to avoid any misunderstandings that could potentially end the business or the friendship, it is important to discuss all issues that might interfere with productive business building.

 References: Fox Business (June 13, 2011) “Why Co-Founding a Business Can Decimate Friendships”

 Forbes (December 12, 2012) “Co-Founding With a Friend – Without Decimating a Friendship”

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