The most successful business leaders are people who know all aspects of the companies they run. That in-depth knowledge creates challenges when the time comes for their retirement and much-needed succession planning.
Essential is a commonly used word defined as, “absolutely necessary and extremely important.” However, the word is creating a bone of contention between two companies in the consumer electronics industry.
The continuing war between one of the world’s most powerful combines and a well-financed up-and-comer has yet another casualty.
KFC’s current and highly popular ad campaign has shown a succession of celebrities portraying the legendary Colonel Sanders. The commercials are credited for turning around the fast food chain’s fortunes. From Daryl Hammond to George Hamilton, impressionists, actors and comedians share the iconic white suit with KFC’s blessing.
Last week we started discussing some ways that a business can keep their dispute out of the courtroom. Beyond communication and having a general appreciation for the other side’s perspective, there are some very specific safeguards a business can set up in order to protect itself.
Whether we think about disputes in our personal life or in our business life, one thing is for sure: we try to avoid them or resolve them as quickly as possible. Another thing is pretty clear as well: they are inevitable. Through certain disputes comes more understanding and growth in a relationship and that very same concept can be applied to a business too.
Starting a business with family can have many fulfilling aspects. However, it also has its share of difficulties. In addition to the typical challenges with starting a business, starting a business with family can have its own set of issues connected to it. This includes issues related to boundary-setting.
Businesses have a duty to always act ethically with their partners and customers. This includes not misleading others through your business dealings. When the practices of a business become deceptive, they become illegal, and are therefore prohibited by state law.
Doing business means you enter into contracts regularly. You purchase services and supplies from vendors. You hire workers, employees, and contractors. You may offer products and supplies to others. Day-to-day business requires regular contractual agreements.