Business succession planning is a process of preparing for the future of a business by ensuring that the right people are in the right positions to take over the business when the current owners or leaders retire or leave the business. It is a process of identifying and developing the next generation of leaders and owners, and ensuring that the business is prepared for the … [Read more...] about The Importance and Benefits of Business Succession Planning
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Durham Resources for Business Owners: Services, Financing, and Networking
Durham Resources for Business Owners is a comprehensive resource center for entrepreneurs and business owners in Durham, North Carolina. Our mission is to provide the necessary resources and support to help businesses succeed in the Durham area. We offer a variety of services, including business planning, financial planning, marketing, and networking. We also provide access to … [Read more...] about Durham Resources for Business Owners: Services, Financing, and Networking
Understanding Customers and Building Strong Relationships: Definition and Benefits
A customer is a person who purchases goods or services from a business. Customers are essential to the success of any business, as they provide the revenue needed to keep the business running. Customers can be individuals, businesses, or organizations. They can be loyal customers who have been with the business for a long time, or they can be new customers who are just … [Read more...] about Understanding Customers and Building Strong Relationships: Definition and Benefits
Understanding Franchising: Benefits and Risks
A franchise is a business model that allows an individual or group to purchase the rights to use a company's name, logo, and products in order to open and operate a business. Franchises are typically associated with large, well-known companies such as McDonald's, Subway, and 7-Eleven. Franchises offer a variety of benefits to entrepreneurs, including access to established … [Read more...] about Understanding Franchising: Benefits and Risks
What is an S Corporation?
An S Corporation is a type of business entity that is recognized by the Internal Revenue Service (IRS) as a pass-through entity. This means that the profits and losses of the business are passed through to the owners, who are then responsible for paying taxes on their individual tax returns. S Corporations offer several advantages over other types of business entities, such as … [Read more...] about What is an S Corporation?