How to Have a Small Business Board Meeting | Mark J Kohler | 2018

If you’re a small business owner you should be having regular board meetings I don’t care how small you are whether you’re an LLC an S corporation or even a sole proprietorship The board meeting could be one of the most efficient uses of your time It could save you more in taxes give you better asset protection and even build your business play like a big boys You should be having a board meeting on a regular basis and I’ll take your business to whole new levels now I want to tell you how why and the best way to hold the most efficient small business board meeting Now first just a few basics number one You should have as many board meetings as you want to hear at least annually Maybe quarterly or even monthly number two don’t think because you have an LLC you can get out of it Good luck in court without one sheet of paper in the drawer I’m telling you Nationwide LLC’s are being pierced when people don’t have a separate bank account a corporate book or corporate records even for their LLC Go through the process even if you’re a corporation or just that good old limited liability company number three I want you to have this to save Taxes have a board meeting with the people you love to hang out with it could be a nice dinner or even a little travel Involved to have that board meeting where you’re away from all the distractions and number four like I said this is asset protection you want to show that you’re a distinct entity and You’re holding these regular meetings to protect the corporate veil now Even if you’re a sole proprietorship and you haven’t even set up an LLC or corporation yet You should be having this meeting to get into good habits and build your business so you can get to that entity level now Let’s talk about the how number one it is easy to hold the meeting itself it’s simply pulling out a piece of paper and Keeping minutes or notes of the meeting and you’re gonna call it to order and vote in who’s on your board? You can do it yourself our law firm has a company maintenance program where we give you 25 questions and at least bug you annually to do it even with Your LLC’s or corporation? But have a meeting just start with some notes and start taking those notes and that’s what’s gonna go into your corporate records You can do it without even filing those with the state. They’re private and they go in your record book next Let’s talk about the people on your board. You may have a formal meeting with a Group of people that are your business partners or in the office working with you it might be a little more structured around the conference room table and you’re gonna talk about where your business is headed on even a monthly weekly quarterly or annual basis and talk about the business make it a very productive meeting of action items and Having different people with responsibilities and talking about the future of the business in a collaborative format. The other meeting is with your family I want to have your family on your board of directors. These could be your parents adult children even teenagers best friends Whoever you’re gonna get your family together the support you and don’t tear you down and you’re gonna break bread together You’re gonna get together as a family and you’re gonna talk about the family business This was a great opportunity for a tax write-off Typeof dinner or even a travel experience and the bigger your business the more frequent The medians can be and the better the write offs. Now number three. We want to talk about the structure of the meeting This is not going to turn into a brawl where? Everybody’s fighting for an opportunity to speak and you know how these family meetings could get or even in your office, you know? if it’s gonna turn into a fight stay away, I want you to have a meeting that is very productive and Organized and an agenda set aside where you’re gonna talk about future items things of how the business is done as well Talk about the reports and there’s status and health of your business Bring this all up in a collaborative meeting where you can have a structure that’s productive and not a disaster Next make your board meeting or training experience. You could sit down and watch some videos of myself Dave Ramsey other good financial training videos that are just Generic in sense that help pass on the the training that your family members might need or even your office To talk about the business and where it’s headed It’s okay to have a training section to your board meeting and give back to your board members Share something with them that they can take away with them Personally as you also share the future of your business now most importantly, I want you to share your strategic plan I’ve got other videos and articles on this down below look in the notes section This is where my blog and my youtube channel comes alive There’s so many things you could be talking about regarding your strategic plan your marketing plan get in front of the group shown what this? Vision is you need to be held accountable? That’s one of the main reasons you’re having this board meeting because it can get lonely as an entrepreneur I want you to share what your plans are so that you have a support system a network behind you to give you good ideas And to ask you how it’s going so that you actually have to report to someone and be held accountable That’s an important part of being an entrepreneur Finally don’t feel like you have to make it a big deal we don’t all have to fly to Vegas or to some all-inclusive resort in Mexico or go down to Miami or meet in some expensive hotel in New York It can be something even on the web get everybody on a FaceTime or on a Skype or some sort of medium That works for you and have everybody channel in talk to everybody Tell them what you’re doing and even though it may not be a big tax write-off Apple trip The purpose of the meeting is what matters most Get everybody’s thoughts and feelings and then walk away with an action item list. What are you gonna do? Maybe you’re going to rely on some of the board members But most importantly as an opportunity for you to tell them what your plans are and what you’re going to do So that you can report back in summary The board meeting is an important tool in your box of resources to help you succeed take advantage of it It’s actually built there for you right in the structure of your LLC or corporation It’s built into the IRS tax code for you to have a meeting on a regular basis take advantage of it some people rank Oh, yeah, the corporation is too much formality and it’s a pain What are you kidding me take advantage of it exploit it use it to your advantage Guys small business is an amazing opportunity. I love it It’s it’s it’s woven into the American Dream and with the opportunities we have in this amazing country But it can also be lonely. It can be frustrating and it’s a process. It’s a it’s a marathon. It’s not a sprint It’s gonna take time to succeed at this and that’s okay. The board meeting can be there behind you The Board of Advisors are people that you love and will encourage you and love you back And and they want to hear about your plans and hear reports back on how it’s going and get them involved take good notes and Rely on our office or law firm to help you long way if you need it But bare minimum you can do it even on your own take advantage of it

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