Starting a business with a spouse, parents, siblings, children or other family members is not like the typical startup.
According to the Family Firm Institute, family-owned businesses comprise two-thirds of the companies worldwide. However, only 30 percent endure into a second generation, 12 percent to a third, and 3 percent to a fourth.
The typical snare of a family business is putting too much weight on family and not enough on business. Rarely are the qualities of a healthy business entirely compatible with family harmony. When the business is going well, there will be jealousy. When it is going badly, there will be blame.
The earliest stages of a family business are the most ominous. Family members can join the promise of a new venture without clear definitions of their roles, duties, compensation–and, should they become problematic, exit arrangements.
To avoid miscommunication and hard feelings in the future, advises StartupNation.com, always put family business relationships in writing.
While various family members may qualify for similar duties, they must be divided up to avoid conflicts. Significant decisions can be reached together, but disputes over minor procedures impede the overall progress of the business.
The dominant structure of a thriving family business is having one person serve as the ultimate leader of the endeavor. When this leader is resilient and competent, he or she can persevere, stay focused, and proceed with their responsibilities and intentions despite the obstacles and challenges.
These capabilities are especially essential in a family business where professional and personal issues frequently become intertwined.
Leaders of strong family-owned businesses know that setting boundaries among participating family members is critical to continuing success. Precise methods of communication must be installed.
Since business quandaries and differences of opinion are inevitable, consider weekly meetings to assess current progress and plans, air differences, and resolve disputes. Moreover, keep family issues out of the boardroom and office.
Keeping pace with the times is vital to any business, more certainly those with multigenerational roots. Regardless of age, family members must continuously evolve and deliver or risk alienating both employees and customers.
Furthermore, so-called sympathy jobs should not be open as a last resort to children, cousins, or other family members for any reason. Employment must be based on the experience, knowledge, or skills a family business demands.
For leadership and staff positions the business demands, look outside for the qualities family members do not possess.
Cube versus open work space debated
Since the introduction of cubicles to the workplace a half-century ago, the pros and cons of their existence have been well-debated.
But today cubicles are being compared, often favorably and sometimes fondly, to open work spaces.
Open work concepts save floor space and encourage camaraderie, they also convey a false sense of productivity, in which movement and sound translate to only intermittent concentrated quiet, according to the International Facility Management Association.
On the other hand, open work spaces are often most suitable for telecommuting employees who only visit offices occasionally.
But those who work in the open office tell IFMA surveys that privacy is at an all-time low and 74 percent of workers are concerned about it.
The question is whether gains in office communication, brainstorming and camaraderie justify the open space. According to Business News Daily, a cubicle environment can also foster a sense of community, motivation and accountability. Open offices and cubicles also are easier to manage.
Separate office space ranks highest in terms of concentration, privacy, and personalization. But ranks lower in community.
Considering a vacation home? It might even pay for itself
A vacation home may be just the ticket if you love to visit sunny climes, the forest, beach, or mountainside.
These days, thanks in part to the sharing economy, more people than ever can afford a second home.
Today you can buy a home at relatively low interest rates, then rent that home out when you are not there.
Homeowners have successfully covered their mortgages and leases by renting out as little as one room thanks to sites like AirBnB.
According to John Banczak, executive chairman of TurnKey Vacation Rentals, for every $100,000 you spend to purchase a vacation home, you should expect yearly rental income of $12,000 to $14,000.
Vacation homes are appealing to owner and vacationer alike. The rate is often less than or equivalent to a hotel, but with the option to spread out more and eat meals in. For locations with popular attractions, owners can visit when they like and rent when they aren’t there.
In 2017, about 12 percent of home buyers purchased vacation homes. According to Economist Outlook, buyers wanted a second home for vacations (42 percent), for future retirement (18 percent), or because real estate prices offered good deals (12 percent). The median household income in 2016 for vacation home buyers was $89,900.
If you’re considering a vacation property, make sure to find a trusted local real estate agent to help you navigate the purchase. The agent will know the area and any local and state contract laws.
It’s also important to find a local person to keep an eye on the property, whether it’s your housekeeper, the agent, or a contractor. If you rent the property regularly, your housekeeper can be your second set of eyes, letting you know how the latest guests treated the property as well as how everything looks overall.
As part of your due diligence, factor in a higher insurance rate for a second home.
Consider installing a home security system for yet another set of eyes as well as a way to make sure the heat has stayed on.
Managing cellular service options while traveling abroad
Both frequent travelers and the occasional vacationer will need to prepare in advance to secure mobile data and phone service abroad.
There are many options available depending on the person’s current situation, according to Engadget.
The easiest route to take is to just do nothing, and that is possible for those using T-Mobile, Sprint, or Google’s Fi service because each of these offer some unlimited data coverage in most foreign countries.
T-Mobile and Sprint will cap the user at slower 2G speeds, but Google Fi will let you use up to high-speed 4G data if it is available. Check with a provider to be sure, but usually, this option requires enabling ‘roaming data’ in the phone’s settings to work.
Customers signed up with AT&T or Verizon, unfortunately, won’t have the luxury of free roaming data and will instead have to purchase roaming passes that are often expensive for what they offer. With monthly packs, for instance, AT&T will sell 1 gigabyte of data for $60 while Verizon has half a gigabyte for $70, but some plans might offer a few free passes each month.
To avoid this extra expense, local SIM cards can be an excellent option for saving money as long as the provider has unlocked the phone. For this option, head into a local telecom upon arrival, such as Vodafone in the UK, and purchase a temporary, ‘pay-as-you-go’ SIM or whatever variant they say is best for your situation. Unfortunately, a new SIM means a new phone number and anyone calling the usual one will be sent straight to voicemail as if the phone had been turned off. To make matters worse, certain new phones or devices that are still on an installment plan through the provider likely cannot be unlocked to use a local SIM, but those that hang on to older devices might be able to find something new enough to use for a short trip.
History Of Flood Insurance
InsureUS Cypress, TX, offers flood insurance policies, to Texas residents. While Texas does not require homeowners to purchase flood insurance, the State has a history of catastrophic floods.
History of Flood Insurance
There is a U.S. Constitutional basis for government control over protecting America’s waterways. In 1824, the U.S. Supreme Court, in Gibbons v. Ogden, ruled that the commerce clause, Article I, Section 8, permitted the federal government to construct and finance river improvements. Congress then appropriated funds and authorized the Corps of Engineers to remove navigation obstructions from the Ohio and Mississippi Rivers. Twenty-five years later The Swamp Land Acts became law which transferred swamp and overflows land to state government control. One project required that the states use money from land sales to build levees and drainage channels on the lower Mississippi River without the use of federal funds.
Congress continued its efforts in controlling flooding throughout the nineteenth century and the early twentieth century. In 1913 the flood in the Ohio River Valley killed 415 people, causing about $200 million in property loss. The public became alarmed, and Congress took more aggressive action authorizing a Committee on Flood Control in 1916 and the 1917 Flood Control Act.
FEMA
The framework for flood insurance was built for today’s legal basis for flood control and flood insurance. On April 1, 1979, President Jimmy Carter issued an Executive Order, ordering the creation of FEMA, the Federal Emergency Management Agency. FEMA is within the Department of Homeland Security.
NIFP/PRIVATE FLOOD INSURANCE
FEMA flood insurance aid was delivered through the National Flood Insurance Program (NIFP. On March 16, 212 non-Federal flood insurance was allowed to be underwritten by lending institutions to support private flood insurance.
The agents at InsureUS Cypress, TX want to speak to you before the next flood in your area. Please contact us before the next Hurricane!
Should I replace my home’s windows?
Though new windows are pricey, a lot of homeowners assume that they will pay for themselves in a few years in energy savings.
You might want to think twice about that. True, new energy-efficient windows can help keep your house warmer in winter and cooler in summer (assuming you use an air conditioner), but they won’t necessarily save you a bunch on your monthly energy bill.
An article in time.com’s Money section said that new windows produce about 5 to 15 percent of your total energy savings; and with the average homeowner in America paying about $1,000 a year to heat and cool a home, it would take more than 100 years to earn back your investment.
So does that mean you shouldn’t bother? Hardly.
You also need to determine whether the windows are doing their job of keeping moisture out, as they may need repairs or replacement on that factor alone. And even if they don’t save you the money you expected, new windows can make you feel a lot more comfortable by helping to reduce draftiness in the winter and retaining cooler air in the summer.
Newer windows are usually a lot easier to clean because of their tilt-in design, too. And new windows can help your home’s resale value; prospective buyers see new windows as a plus, not to mention an indicator that the house has been well cared for. The Time article said homeowners get about 73 percent of their replacement window investment back when they sell the house, according to the National Association of Realtors’ 2016 Cost Versus Value study.
How to make your business a government contractor
Owners of small businesses might not realize that Uncle Sam could become a valuable customer through government contracting.
But, to bid for government contracts, you have to be certified, according to the U.S. Small Business Administration (SBA).
Each year, there is around $100 billion earmarked for spending through small businesses to help them compete amongst larger companies. To qualify as a small business according to the government, manufacturing companies can have up to 500 employees, and non-manufacturing companies should have annual receipts of less than $7 million.
Signing up to be placed into the pool of businesses that sell or want to sell to the government requires applying for a Dun and Bradstreet (DUNS) number to verify that there is a real physical business.
There are additional opportunities with separate spending earmarks for companies that are women-owned, veteran-owned, disadvantaged, or working in particular urban or rural areas that are part of HUBZone.
Once you are on the government list, you’ll have to learn how to write applications targeted to certain projects or goals.
The SBA’s 8(a) program can set up a small business owner with a mentor-protege program to help navigate the contracting system and give them an edge over the competition.
Avoiding mortgage refinancing scam
Scammers are targeting homeowners, trying to trick them out of cash and home equity, according to U.S. News.
‘Loan flipping’ scams seem to offer relief for those struggling with monthly mortgages. What actually happens is the scammer offers a fantastic deal on lower interest rates or mortgage payments. The homeowner goes through the lengthy loan application process only to find the terms and fees are much higher than advertised.
Scammers get away with this because victims are either too fearful or exhausted by the process to end the deal.
Some schemes strip equity from homeowners who are in danger of foreclosure. ‘Mortgage rescuers’ focus on homeowners who have a lot of equity in the property, but now can’t make mortgage payments. They tell delinquent payers that they will pay off the mortgage if they sign over the deed and make rental payments. Unfortunately, the rental fees are likely to be just as high. The scammer waits until the person falls behind, evicts them, keeps the equity and sells the home or skips town.
Here are things to look for:
- Leaseback schemes. The scammer is going to own your home and you will rent from him. Always crooked.
- Bad credit doesn’t matter. Credit always matters. If someone tells you otherwise, be suspicious.
- Upfront fees. These criminals review public records of people in default on their mortgages. For a big fee, they offer to help homeowners refinance, usually through a government program, but they actually do nothing. In the end, the house is foreclosed, the homeowner loses everything, and the helper pockets the fees.
When is RV Insurance Required?
If you are looking to take a long road trip or go camping, one great investment to make would be to buy an RV. When you have an RV, you will be able to ride in comfort and style. While an RV is a recreational vehicle, it is also an asset that comes with a lot of responsibility. For those that are in the Cypress, TX area, one important decision to make is to choose a good RV insurance policy. There are several situations in which having RV insurance is required.
You Drive It
One situation when you will need to have RV insurance is when you drive it on the open road. Similar to any other vehicle, those that are driving an RV will need to have minimum levels of liability coverage. This type of insurance will protect the other driver if you are at fault in an accident.
You Have a Loan Outstanding
Another situation in which having RV insurance is a necessity is when you have a loan outstanding. Buy a new or used RV is a very big purchase that will normally require you to take out a loan. If you do have to take out a loan to purchase your RV, the lender will want to ensure that their collateral is properly protected. To do this, they will normally require that you have RV insurance in place as long as the loan is outstanding.
If you are in need of RV insurance in the Cypress, TX area, you should reach out to InsureUS as soon as possible. The team at InsureUS can help anyone to better understand their RV insurance needs. You can then pick the policy that is right for your situation.
Is college worth the cost to you?
College gives young people more than a degree. It is also offers critical thinking skills while forcing young people to manage independent living.
But is it necessary for everyone?
Many jobs do require a college degree, and graduates do tend to make more money.
In college, you’re acquiring lifelong skills like critical thinking, organization, problem-solving, and teamwork. You also have access to counselors, career centers, internships, job fairs, clubs, and volunteer opportunities to intensify your marketability after graduation.
However, the Federal Reserve Bank of New York reports that 43 percent of today’s college graduates work in a job that doesn’t require a degree. A 2017 Gallup survey revealed that 51 percent of Americans who went to college would consider changing their degree, major, or institution. Moreover, The National Center for Education Statistics found that only 59 percent of college students get their degree within six years.
Try to determine whether the money you’ll earn with a degree will be worth what you’ve paid for it. If you’re not entirely sure about your career choice, you may later regret going to college at all.
While a college degree can open doors, sheer ambition, determination, and willingness to work open others. Do not dismiss such alternatives as trade schools, community colleges, and apprenticeships, among others. Becoming a real estate agent, medical assistant, or web developer doesn’t require a college degree. Capitalize on your entrepreneurial spirit by starting your own business through websites like eBay, Amazon, and Etsy. Take free online classes, learn a trade skill, or earn an associate degree at a community college, among other possibilities.
Most people invest in college to prepare for a productive and rewarding future. This pursuit is viable when you know what you want, manage your expectations, and intend to pay for everything from your own pocket. If necessary, apply for scholarships, find a part-time job, maybe even take a few semesters off to save up before you leave for college.
This way, you may earn a college degree without being haunted by a student loan for years and maybe decades to come.
