Key Harrington Barnes, PC

September 2015 Archives

Long-term planning for business growth

When business owners in Texas take the time to plan ahead, it will be easier for them to make short-term decisions each day, which can save a lot of time. By planning for long-term goals, business owners gain a better understanding of how to effectively employ capital. However, most business owners do not make long-term planning a priority.

How Texas fashion industries can protect their trade secrets

If a fashion retailer, manufacturer or designer loses its trade secrets, the results can be devastating. Even with all the security measures companies may have in place to avoid a security breach, it's a potential problem they still face. For example, several Nike designers who quit their jobs were recently suspected of taking the company's trade secrets and revealing them to Adidas, their new employer. The scheme was eventually discovered by Nike and ended in an out-of-court settlement.

The importance of business planning in the technology age

Many entrepreneurs in Texas and around the country are action-oriented and eschew activities like strategic planning that offer few immediate benefits. This kind of behavior rarely had dire consequences when paradigm shifts in the marketplace were rare, but the gathering pace of technological advancement has fostered a far less forgiving business environment.

How business advisers can help small business owners

Most small business owners in Texas hold the majority of their net worth in their business. When up to 90 percent of a person's assets are tied to one business that they own, the success of that business is crucial to the owner's livelihood. Meeting with a business adviser is a good way for small business owners to plan for the future of their most valuable asset.

Strategies for selling or passing on small businesses

Texas residents who own small businesses should also think about what they want to do when they are ready to retire or leave the business in some other way. They can choose to either sell the business or pass it on to a family member. However, it is necessary to lay the groundwork for doing so early.