Doing some pre-startup homework and crafting a business plan now will make your life post-startup so much easier. The real reasons to write a business plan have nothing to do with other people: They have to do with you.
You’re not alone if you inherited the family business with no formal succession plan in place. About 64 percent of family companies don’t have a written succession plan, while another 19 percent have one “in progress.” Use these tips to find your footing after you’ve suddenly inherited the family business.
As David Sperstad learned more about the basics of small business ownership and the ins-and-outs of running a bike shop, he and his wife thought they might like to start their own shop.