A number of privately owned manufacturing businesses in the U.S. have more than one family member on the payroll. That’s not surprising when you consider that many people who start or buy a business do so for the good of their family.
A number of privately owned manufacturing businesses in the U.S. have more than one family member on the payroll. That’s not surprising when you consider that many people who start or buy a business do so for the good of their family.
Occasional employee absences or tardiness, although inconvenient, are part of the human condition. However, an employee who habitually arrives late, calls out or simply doesn’t show up is being unfair to everyone who has to take up the slack. Not to mention impacting production schedules, customer deliveries and productivity.
Few of us like to think about the end of things, especially a business we’ve just started or have been nurturing for some time. Plus, with all of the other day-to-day workplace challenges, who has time to plan that far ahead?
Most of us like to think that the buying decisions we make are based strictly on facts and figures. We look at specifications, evaluate the differences between options and make a perfectly logical choice. The truth is, every buying decision is also influenced by our emotions.
There’s no question that finding good employees for your CNC shop is challenging – as is holding onto them. Employees leave companies for a variety of reasons including uncertainty about their financial futures, particularly their ability to someday retire comfortably. One way to relieve this concern is to establish a 401 (k) plan. The IRS has specific guidelines for such plans, but in general here’s how they work:
Let’s say you’re a CNC shop owner looking for new ways to compliment your existing business. Or, perhaps, you have an itch to add a new business to your portfolio. In either case you can start from scratch, or acquire an existing enterprise.
Succession Planning Question 10: What will you do after you sell your business?
Succession Planning Question 9: Are you investing in innovation and R&D?
Succession Planning Question 7: How dependent is your business on you?
Succession Planning Question 4: How can you retain key employees.