Barry Kornfeld

Family businesses are advantageous – but they can also be challenging. On top of facing all the typical difficulties that a regular company will come up against, there are the added complications of mixing money and family, among other things.
So, that raises the question; how does one set healthy boundaries when working in a family business? Read below to get a better idea of why doing so is essential and how to get started.
Create Understanding
There are many reasons to ensure that a clear ...

Businesses rely on working capital management to ensure that operations are running efficiently. In other words, companies rely on established cash flow methods to ensure that monthly goals are kept in line.
Given the importance of capital management, it is essential to ensure that their system is both strong and efficient. Failure to do so could potentially cost the company down the line, especially in terms of wasted resources.
What Is Working Capital Management?
Working capital management ...

Every team has a unique history worth lauding. The Miami Heat have had their fair share of wins and have created a legend worth the fan following. The Miami Heat is part of the Eastern Conference Southeast Division and the National Basketball Association (NBA).
Key Information
The Miami Heat joined the NBA back in 1988 and is currently owned by Micky Arison, while their team president is Pat Riley. As head coach, they have Erik Spoelstra, and Burnie the fireball is their mascot. As for where ...

Every team has a unique history worth lauding. The Miami Heat have had their fair share of wins and have created a legend worth the fan following. The Miami Heat is part of the Eastern Conference Southeast Division and the National Basketball Association (NBA).
Key Information
The Miami Heat joined the NBA back in 1988 and is currently owned by Micky Arison, while their team president is Pat Riley. As head coach, they have Erik Spoelstra, and Burnie the fireball is their mascot. As for where ...

Businesses rely on working capital management to ensure that operations are running efficiently. In other words, companies rely on established cash flow methods to ensure that monthly goals are kept in line.
Given the importance of capital management, it is essential to ensure that their system is both strong and efficient. Failure to do so could potentially cost the company down the line, especially in terms of wasted resources.
What Is Working Capital Management?
Working capital management ...

Branding, marketing, and communication are all essential parts of a small business’s tool kit. This is how a company can stand out from the crowd. More importantly, it’s how a business ensures that potential customers know about them, remember them – and keep coming back.
Traditionally mom and pop stores may have relied on word of mouth, but with the advance of technology, it is now more important than ever to have a marketing campaign strategy. Here’s some advice for mom and pop shops to fol...

Many athletes dream of one day competing in the Olympic Games and taking home the gold. The Olympics are made up of the greatest athletes in the world competing for the most coveted and sought-after medals. It is an international sports festival that is held every four years with both Summer Games and Winter Games. While people are watching from all over the world supporting their country and hoping they’ll come out on top, the Olympics aren’t all about winning.
Ultimately the goals of the Ol...

When staying on top of your business’s finances, it’s essential to have a good understanding of what working capital is. A simple definition of working capital is the difference between a company’s current assets and its current liabilities. Current assets include cash, customers’ unpaid bills, inventory, and more. Current liabilities are accounts payable.
The working capital measures your business’s liquidity, operational efficiency, and short-term financial health.
The Importance of Working...

It isn’t “just business” when you’re working with your family. Although sharing a family business can be wonderful and even empowering, family dynamics can quickly get in the way and make business personal. Anything from sibling rivalry, generational differences, and past conflicts can lead to ineffective communication and misunderstandings, which affects the business. This is why having a code of conduct is essential for the success of your family business.
Why Have a Code of Conduct
A code ...

Stepping on to the court or field as a new coach can be intimidating and comes with a stack of new responsibilities and challenges. Whether you’re a seasoned athlete or an expert in the game, coaching for the first time is just as nerve wracking as it is exciting. Luckily, there are a few tips that can help new coaches approach their team with confidence and ready them for their first win.
Have a Plan
Before the first practice with the team, it’s imperative to have a plan. Study the team ahea...

To keep a successful family business on its feet for years to come, it’s essential to have a plan for future generations. No matter how well your business has done or how long it has been around, with new years come new challenges. To keep the business growing and adapting, the future generations have to be prepared to make the right decisions and implement the correct strategies by learning from the older generations.
Generations Working Together
The best way to prepare the future generation...

From startups to corporations, there is no more challenging and fulfilling business than a family business. The first breed of entrepreneurs, those who begin a family business, will deal with incredible challenges that lead to shared success. Other businesses can learn a lot from family businesses and are a wonderful example of building something from the ground up to ensure it flourishes into something successful and sustainable.
Realities of Succession
One of the biggest lessons any busines...

Sports have a valuable impact on the youth of the world, teaching them valuable life lessons. Some would argue that the most important life lessons can be learned from the world of sports.
The opinion of sports has been skewed over the years, with people focusing more on winning than the lessons it can bring. Yet, there will always be those who understand the importance. Such as the schools that make a point of weaving sports into their curriculums.
It’s Okay to Make Mistakes
One of the most ...

Believe it or not, most businesses in America are family-owned and run. According to Conway Center for Family Business, up to 80% of companies belong to families. Likely, when one pictures a family business, they’re thinking of a smaller scale business: the mom-and-pop stores. However, it’s important to remember that larger companies such as Walmart, Ford, Marriott, and Comcast are all part of that category.
Given that knowledge, it makes sense that families would choose to go into business t...

A new year means new opportunities for you and your small business. This is the perfect time for your business to start fresh and set new goals. Whether last year was one of your best or if your business fell on hard times, it’s time to reflect and reevaluate to make sure your business is off to a great, successful start to the new year.
Go Over Your Business Plan
Think about the last time you really looked at and evaluated your business plan. If it had been a long time or you can’t even reme...