Studio Bumi is a forum where like minded business people come to share ideas and business solutions. We discuss opportunities and solutions which have helped us solve the simplest of business problems to health and safety to complex issues which face us in times of crisis.
We’ve just begun this journey so stop by again and often to see what’s going on. Also, feel free to jump in and join the conversation or share a post which might help others.
Thanks again for stopping by and we hope to see you soon!
The Occupational Safety and Health Review Commission might now have authority to order abatement measures sought by the United States Department of Labor’s Occupational Safety and Health Administration beyond the specific violations OSHA identified in the citations, according to an administrative law judge. This ruling comes after OSHA cited Central Transport LLC in November of 2014 for 14 occupational safety and health violations at a shipping terminal in Billerica, Massachusetts. In the filed complaint, OSHA requested an order compelling Central Transport to comply with specific standards at all of its locations, not simply the one inspected. As a result, Central Transport filed a motion to have this claim reversed, stating OSHA does not have the authority to issue enterprise-wide abatement.
Administrative Law Judge Carol A. Baumerich upheld OSHA’s right to enterprise-wide abatement, claiming the Occupational Safety and Health Act’s provision authorizing the remedy of “other appropriate relief” gives OSHA the right to instruct enterprise-wide abatement if deemed necessary.
“Judge Baumerich’s order is significant and precedent-setting. This is the first decision by an OSHA Administrative Law Judge expressly finding that the U.S. Occupational Safety and Health Review Commission may have the authority under the OSH Act to order abatement measures beyond …
An unfortunate truth of running a small business is that there is no retirement plan in place for you. There is no pension, no company 401k, and many small business owners can’t qualify for full Social Security benefits. Every penny beyond basic living expenses is often put back into the business, meaning nothing is put aside for your future retirement. And while some are able to sell their business at some point and earn enough to live comfortably in retirement, there should always be a plan in place for what happens when you are ready to retire.
The most common, and easiest, option is a Traditional or Roth IRA. So long as you are showing income, these retirement accounts allow you to contribute up to $5500 per year, with an additional $1000 per year in “catch-up” contributions after age 50. For married couples, a spousal IRA can also be established for the spouse of the business owner, even if that person is not technically earning any income. Many younger business owners opt for the Roth option, which allows you to pay taxes on the money this year, but gives you the full balance plus all accrued interest tax-free at retirement. …
You’ve created a business from scratch. You’ve spent 20 years cultivating relationships, building revenues, streamlining your process, and building a nest egg for retirement. During this time, your primary focus has been on building the business and ensuring success. Your retirement would come as the fruits of that labor, and retirement always seemed far off. But, now you’re starting to see retirement as something tangible, something that might happen soon, and you have no idea what to do. Will you leave the business to a relative? Will you sell it? Do you have a partner to consider? What happens when you step down, and how do you use that to ensure that you can afford retirement?
This is at the heart of succession planning. It is something that most business owners don’t think about, but which should be a consideration very early on in a business. In talking with top management at Premier Factory Safety, they expressed to us that their leadership has been carefully planned for the future. Because while we all hope to make it to retirement in good health, an injury, an illness, or death can leave a business in serious trouble if there is no succession …