Big Kudos for Small Businesses

The entrepreneur is our visionary, the creator in each of us. We’re born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. . . The entrepreneur in us sees opportunities everywhere we look. . . “ – Michael Gerber, founder and chairman of E-Myth Worldwide

The week of April 21-25, 2008 is National Small Business week, a week dedicated to recognizing the important role of America’s small business community. If you’re wondering just how important is the role of small businesses in the U.S. economy, take a look at these figures from the U.S. Small Business Administration, Office of Advocacy

Small businesses: 

• Represent 99.7 percent of all employer firms.

• Employ about half of all private sector employees.

• Pay more than 45 percent of total U.S. private payroll.

• Have generated 60 to 80 percent of net new jobs annually over the last decade.

These statistics are nothing to sniff at. Small businesses are what our country was built on, and even now serve as the backbone of our culture and economy. As such, small businesses must be nurtured and protected to the best of our ability. This includes taking steps to ensure a business can continue into the next generation with business succession planning, reducing the risk to a business-owner’s family and personal assets by forming an LLC or FLP, and keeping up to date with legal requirements and changes in state and federal tax codes. We can help with all of these.

If you are an entrepreneur or small business owner, the relationship with your attorney should be one of the closest relationships you have. In addition to answering your legal questions and providing asset protection, we can also help you plan for the future, and update your business plan as your company grows.

This week our nation recognizes and honors small businesses. Give your own business the recognition and attention it deserves by protecting it and planning for the future.