Tuesday, November 25, 2008

Five tips for owning a business

1. If you start a business, consider one that has the potential for a resale value, rather than a single-member personal services firm.

2. How you finance the purchase or founding of a business will directly impact the strength of both the business and family finances, as well as your marriage.

3. Before you think about acquiring rental property, consider the negative monthly cash flow that might result while you accumulate equity over time.

4. Rental properties are not as easy to maintain as you might think, so before you jump feet-first into being a landlord, contemplate whether you and your partner will be effective property managers.

5. Determine a method that both of you can accept to value the business, now or in the future.

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