Five Links on Chapters 20 and 21

Here are five online articles and videos that I found interesting:

Family Business: Separate the Personal from the Professional
This video provides some insight into the importance of keeping a family business humming smoothly by keeping personal issues apart from the work of running the enterprise.

Complete Guide to Ethics Management: An Ethics Toolkit for Managers
I found this guide worthwhile, as it provides both a nice overview of business management ethics and some practical advice on how to implement an ethics component into the actual operation of the business.

Green Business Practices Make Good Business Sense
This .pdf link talks in-depth about a point regarding Green initiatives that I think is critical to keep in mind: Going Green can be beneficial for business, and heavy-handed government regulation may not be the best way to balance the need for sustainability with keeping the economy functioning soundly (particularly important at this point in time).

Exit Strategies for Your Business
This article provided some thoughtful advice on how to best 'exit' a business, including some excellent pros and cons related to whether or not to sell a business to family or to an outside party.

Strategic Risk Management
This interesting editoral makes the case for the important of implementing Strategic Risk Managment for businesses -- a relatively new approach to business planning and insurance coverage -- especially during these uncertain economic times.

Five Points of Interest!

For those of you that work in a family business, pick up the latest issue of “Family Business Magazine”.

http://www.familybusinessmagazine.com/

Family Business and money woes

http://www.bizjournals.com/extraedge/consultants/at_your_service/2009/05/04/column69.html?market=portland

How important is an exit strategy for the entrepreneur.

http://www.entrepreneurship.org/Resources/Detail/Default.aspx?id=10672

A wonderful source with videos covering the different type of small business insurance.

http://www.myownbusiness.org/s5/

Business Weeks article on business ethics and AIG

http://www.businessweek.com/managing/content/mar2009/ca20090319_591214.htm

Successor for Warren Buffett?

http://www.reuters.com/article/newsOne/idUSTRE54127T20090502
Investment behemoth Berkshire Hathaway is looking for a successor. But you may not need to apply, since they have several internal candidates in mind. With $25B in cash, acquistions (outright purchases) of $6.1B in 2008, plus many more billions invested into large companies, they want someone with a lot of experience and the likelihood of great success like Warren Buffett. The board has one clear CEO successor in mind, with 2 backups, plus several external candidates they would likely tap for managing investments. In every case, the candidate has not only an established track record for financial results, but has also proved his committment to Berkshire's principles. "They all wish to work for Berkshire for reasons that go beyond compensation" says the company's annual report.
Keith

5 Sites to Help You

1) Here is a list of some of the oldest family businesses still around. Also, there are some tips to continue a family business.
http://www.familybusinessmagazine.com/oldestcos.html
2) Current tips to write a Succession Plan
http://www.evancarmichael.com/Human-Resources/770/Succession-Planning--Whats-the-Latest.html
3) 150 Types of Insurance Policies for Your Business
http://www.ampminsure.org/all.html
4) Business Ethic Cartoons
http://www.cartoonstock.com/directory/e/ethic.asp
5) Tips for a Business When Choosing a Charity
http://www.staples.com/sbd/content/article/a-b/businessdonations.html

A Lasting Green Economy

From the Philadelphia Inquirer, May 3, page D1, also in www.philly.com the article highlights the work of Leanne Krueger-Banesky as director of Sustainable Business Network of Greater Philadelphia. Targeting 4 key areas of policy, employer commitment, job training and funding, she has set forth a plan to take Philly to the top of the Green Cities list, creating a sustainable and measurable plan. The best thing about the plan is that it includes a clear effort to create jobs within the green sector, solving economic and environmental issues simultaneously.

Controlling insurance costs

Personally, I shop around to at least 4 companies and bundle all of my policies together. It proves to give a better rate and also I raise my deductibles. You can see big savings for higher deductibles . Every now and then say once a year pull out your deck pages and shop you coverage around. You just might find a cheaper rate. Its really easy, fax your deck pages and they do all the number crunching...

Grim number

70% of all first generation businesses fail to survive into the second generation.