By Paul Morrone CFP®, CPA/PFS, MSA
Running a small business is demanding work and requires the business owner(s) to wear every possible hat, especially during the infancy stages. Responsibilities are often broad and involve making decisions that can impact everything from the strategic direction of the business to the color and design of the letterhead it uses. While every business operates differently, building a strong foundation is necessary to ensure that future operations are scalable, efficient and accurately tracked. Unfortunately, many businesses are formed in haste, or without proper guidance, which can lead to ambiguity, complexity and missed opportunities down the road. These issues are further compounded if there is a partner (or partners) involved in the venture who each have something to lose if the business is not successful.