In 1998, a Philadelphia couple took a trip to Long Island and decided to buy a winery. According to The Wall Street Journal, they dove head-first into wine-making and were largely successful. Their children were not involved in the business, which did not pose a problem until the end of June, when both parents died within a week of each other. The couple had not put together a plan of succession for the family-run business, and the children say they have not decided whether or not to sell the … [Read more...]
The advantages and disadvantages of using trade secrets
Posted on September 21, 2014 //
Most Chicago businesses have some sort of special ideas or plans that they believe to be unique to them and integral to their success. Whether a marketing plan or a completely new product concept, these trade secrets are generally considered highly confidential by business owners and entrepreneurs. However, there may be both pros and cons to this approach. The value of social impact and change While protecting intellectual property can be highly essential for some entities, a Forbes … [Read more...]
Finding the right location for your business
Posted on September 20, 2014 //
When starting an all-new company or looking to relocate an existing company in Chicago, finding the right location can directly impact the ultimate success—or not—of the business. Many things can contribute to what makes a business location the right one and those can vary depending upon the nature of the business. However, the following considerations can apply to most companies when seeking that perfect location. Traffic and accessibility Getting customers in the door is a must for … [Read more...]
Buying a commercial property for your business can be a good investment
Posted on September 19, 2014 //
Although purchasing commercial real estate has its risks, entrepreneurs and business owners in various industries in Illinois can benefit from buying commercial space. However, buying commercial property is not the right fit for every situation and is a decision that should be approached carefully by business owners. Buying versus leasing In many cases, business owners are forced to pay higher rental costs when the real estate market slows down. Purchasing commercial property eliminates … [Read more...]
Banks accused of violating property owners’ rights over illegal break-ins
Posted on September 17, 2014 //
According to Illinois law, homeowners who default on their mortgage payments are allowed to stay in their homes until the foreclosure process is completed. If the occupant moves out before the foreclosure process is over, it is up to the bank to maintain the property. In many cases, the bank turns over these responsibilities to another company. In Illinois, Safeguard, a company that contracts with mortgage lending services, allegedly abused their responsibilities and had a case filed against … [Read more...]
Medicaid planning: The risks of doing it on your own
Posted on September 16, 2014 //
According to the Congressional Budget Office, research suggests that more than two-thirds of seniors over the age of 65 will need some type of assistance during the remaining years of their life to deal with a loss in their ability to function independently. Although the price of long-term care varies, LongTermCare.gov estimates that it costs: $6,235 a month for a semi-private room in a nursing home facility$21 an hour for the assistance of a home health aide$3,293 a month for care in an … [Read more...]
Tips on creating a good business pitch for customers
Posted on September 15, 2014 //
It could be said that the best salespeople do not actually sell but solve. Problems, that is. The heart and soul of effectively promoting a product or service is really all about getting customers to need and want it. The way to do that is to make them see that it does, or offers, something useful to them. Chicago companies of all sizes and types must find a way to help their salespeople drop the old-fashioned sales mentality and adopt the more profitable relationship creating approach. Do … [Read more...]
Prepare before buying real estate as an investment
Posted on September 12, 2014 //
Investing in real estate can be a highly profitable venture. However, before purchasing a piece of residential property, those interested in making this type of investment should carefully prepare to ensure it benefits them. Understand the property and the location After finding a piece of real estate, future investors should check the condition of everything before signing a contract. For example, investors should turn on all of the appliances, check all of the light fixtures, and … [Read more...]
Proposed scheduling rules introduced for truckers ignites heated debate
Posted on September 5, 2014 //
All companies in Illinois that rely upon trucking as the means by which products are shipped to or from their locations should have a natural concern to stay abreast of major changes in the transportation industry. Certainly trucking companies, owner-operators and businesses that operate their own fleets find this to be an integral concern of their everyday operations. In July of 2013, the Federal Motor Carrier Safety Administration enacted new legislation that represented sweeping reform … [Read more...]
Trucking companies embracing natural gas vehicles to save money
Posted on September 4, 2014 //
The transportation industry may not be one of the most glamorous but it most certainly is one of the most important in our society. It is essentially transportation which allows Chicago grocery store shelves to be kept full and that gives consumers access to what they need and want, when they need and want it. Like any industry, the push to manage or reduce operational costs is ever-present whether for small owner-operators, large trucking companies or corporations with their own trucking … [Read more...]
