All business owners know they will eventually exit their business, and most understand that making it happen on their terms is a process that typically takes years. Yet, as is the case with any complex project, sometimes the hardest thing to do is start. Yet, starting is as simple as choosing your exit date! I …
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If your exit plan includes selling your business, you can likely expect the potential buyer to request a Quality of Earnings Report. Obtaining a Quality of Earnings Report (QER) is one of the major steps in due diligence that a prospective buyer will perform to determine the quality of assets and identify financial shortcomings of …
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Benjamin Franklin must have had business owners in mind when he said, “Those who fail to plan, plan to fail.” Every business owner knows they will eventually exit their business – it’s just a fact. It may be years away and seem that there is plenty of time to plan and prepare – later. But …
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Regardless of the industry, number of employees, annual revenue, or the product or service you offer, if you own a business you have three things in common with every other business owner: You don’t want to pay more taxes than you absolutely must. At some point, you WILL exit your business. When you exit your …
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Do you have a budget – a real budget? The value of a data-based, dynamic, working budget is often overlooked. Why every business should have a budget: A well-prepared budget illustrates where you are financially, where you need to be to meet your objectives, and identifies the gap between the two. A budget facilitates a …
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Coronavirus relief legislation passed in 2020 included an additional $284 billion for Paycheck Protection Program (PPP) loans to help small businesses pay employees and stay open. That second round of funding is now available. Some eligibility requirements have changed, and forgiveness rules have been eased a bit. In addition to first-time applicants, some businesses that …
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The challenges we’ve faced throughout 2020, both personally and in business, are unprecedented. We’ve all invariably met struggles but have found opportunities as well. I’d like to share three things I’ve learned during this crazy year that relate to business, but that also speak volumes about the human spirit. These insights arose primarily from the …
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An election like no other in history, a volatile economy, a global pandemic – sometimes it is hard to comprehend all that we have experienced this year. Change is inevitable in any environment, but 2020 has mandated that we remain poised for change, requiring many businesses to pivot over and over. I am amazed at …
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If your business was the recipient of loan funds through the Paycheck Protection Program, the deadline for submitting your application to your lender for PPP loan forgiveness has been extended, according to the US Small Business Association (SBA). Originally expected to be October 31st, your deadline to apply will instead be the maturity date of …
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Many business owners feel shaken by the impact of the pandemic on the business climate and may be questioning whether their vision of the future is still possible. One of the best antidotes to uncertainty is having a solid plan! It’s never the wrong time to start exit planning, and the more lead time you …
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