When I think of finding happiness in business, the first thing that comes to my mind is the ability to be flexible. Whether you are the boss or an employee, finding how to be flexible can truly be the key to career happiness. How to be flexible as a boss: As the CEO of MyCorporation, I am inherently fortunate because getting to be flexible comes with the job description. As long as the work I need to get done gets done, I can come and go as I please. If I know my boys have a soccer game at the end of the day, I can come in early and make sure to get everything done so I can leave to make it on time to cheer them on from the stands. If my family has a summer vacation planned, I can confidently leave the office behind for a week knowing I have empowered and trained my team well enough to step aside and let them take care of business in my absence. If I want to make a Pilates class on my lunch hour, I can leave a few minutes early and get in a few minutes after the hour, and that’s okay! It’s all about time management, keeping your schedule organized, and remaining flexible. However, I did not get to where I am now overnight. When I first came into ownership of MyCorporation, I came in early every morning and left late in the evenings. I still managed to make it to my kids’ games and performances, but not with the loose, flowing flexibility I have in place now. There were no immediate family vacations at this time and I wasn’t attending any workout classes on my lunch break. Now with a couple years of consistent hard work and a great team on my side, I finally have the flexibility I’ve been working towards. How to be flexible as an employee: Before I was a CEO, I was an employee and during my time as an employee, I learned how to be flexible in a different sense. In addition to pertaining to schedules, flexibility can be about maintaining a certain attitude. Before I was even introduced to MyCorporation, I was at a law firm partnership in Los Angeles. While there, I learned to take whatever was thrown at me. Sometimes a day can take a complete turn from your normal duties, and you have to adjust and reorganize your priorities - it’s the only way to stay on top of things. You can’t stress about the little things, you have to remain flexible. Take this to heart as being an employee first helped me to become the boss I am today. Keeping flexibility in mind, whether you’re the boss or on the staff, will help you achieve happiness at your job no matter what kind of position you’re in. Deborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Twitter @deborahsweeney and @mycorporation.
The Main Street Alliance and the American Sustainable Business Council recently conducted a survey of small business owners, and their findings report that "retirement security is a drag on the economy."
The article goes to to say that a large number of retirement age individuals are opting to start their own business. Guidant CEO & Co-founder David Nilssen is mentioned in the article, discussing those who utilize retirement funds to start those ventures. Read the full article here.
In a recent Client Alert Commentary from the Latham & Watkins Tax Department, authors Brian C. McManus and Theodore J. Wu confirm that recent results of the case, Peek v. Commissioner, which challenged the legality of self-directed IRA transactions, should not extend to Rollover as Business Startups (ROBS) arrangements. “While the Peek case represents a significant development in the tax laws applicable to IRAs, the case should not adversely impact typical ROBS arrangements, which qualify for a special exemption to certain prohibited transaction rules under ERISA section 408(e), and are generally subject to different regulatory requirements.” The IRA beneficiaries’ guarantee of corporate debt triggered a prohibited transaction, which caused the IRS to treat the subsequent sale of the company as fully taxable. The taxpayers countered that the company had a separate identity and their personal guarantees were not indirect extensions of credit to their IRAs. The Tax Court ruled in favor of the IRS interpretation. The authors in this piece clarify that there are several distinctions that set ROBS transactions apart from the self-directed IRA structure as referenced in this case. For example, 401(k) plans are protected by ERISA transaction rules and do not carry the same compliance risks as this IRA scenario. To read their full article, click on this link.
The story of how Dry Fly Distilling came to be is serving as an inspiration to aspiring entrepreneurs who assumed they were out of options for funding a new business. The owners, Don Poffenroth and Kent Fleishmann, used Guidant Financial to roll their 401(k) savings into shares of the startup and the rest is history. The two, along with Guidant CEO David Nilssen, were interviewed recently for the Profit Minded Yahoo Small Business Advisor Blog and describe their journey. Read the full story here.
In a Franchise Times article today, the option of 401(k) rollover financing is explored, with a helpful list of Do's and Don'ts for how to move forward with such a plan.
Guidant CEO & Co-founder David Nilssen is featured in the story, commenting that he anticipates this segment of financing will continue to grow in light of the challenging credit environment. Read the full piece here.
Our President & Co-founder Jeremy Ames, is a guest blogger on MyCorporation today, offering valuable tips for entrepreneurs on how they can manage their time most effectively. Read the full post, The Real Value of an Entrepreneur's Time, here.