I’ve worked with closely-held business owners for decades – as a CPA, tax consultant, and exit strategist. If there is one common denominator that holds true for each discipline, it is how crucial planning is in order to maximize one’s success. To ensure that the single largest financial transaction of your life – the eventual …
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A client recently shared with me the story of his business, before and after hiring a controller. Like many small to medium-size businesses, he was relying on an existing staff member – his office manager – to handle bookkeeping, invoicing, and other financial responsibilities. But when she suddenly resigned, the company was in turmoil and …
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Business owners leave their companies under many different circumstances and each owner’s vision of the next chapter of their life is unique. But all have some common objectives when eventually exiting their business: To leave their business in the hands of successors you choose To leave on a date you pick To leave with the …
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As a successful business owner, you’ve likely considered the day you’ll exit your company and what the next chapter of your life will look like. Although many business owners consider it, far too few start planning with enough lead time to exit on their terms. Exit planning is a complex process that truly can never …
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#2 in a series of three articles on Key Employees Having the right people in the right positions is critical to the success of a business. This is especially true for those who are considered “key” employees, and key employees are critical to a successful exit strategy. My last blog, Finding and Hiring Key Employees, …
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#1 in a Series of Three Articles on Key Employees Every business owner knows the importance of having the right people in the right positions. When that’s the case, your company has a cohesive culture, continuity of vision, seamless operations, and forward motion. Obstacles and struggles are few. Having the right people is especially critical …
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The Tax Cut and Jobs Act was President Trump’s first attempt at tax reform and makes major changes to both individual and business income taxation. Initially touted as simplifying tax code, it actually added more than 500 pages. Generally affecting tax years beginning after December 31, 2017, some provisions are intended to be permanent and …
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Most business owners are counting on the proceeds from the sale of their business, upon their exit, to maintain the security of their lifestyle. Yet a study by business transition specialists, ROCG, revealed that no more than 33% of businesses actually complete the sales process and that only 42% of study participants had formal exit …
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Planning for the eventual exit from your business and the transfer of its ownership involves creating objectives about what you want to do personally – whether pursuing another business endeavor or retiring – and whether you’ll be financially prepared to exit on your terms and provide your family with the lifestyle you want for them. …
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As a successful business owner, it may have crossed your mind that one day you may want to retire, sell the company or transition the business to a trusted insider. Doing this successfully, and on your terms, takes planning. When navigating the complex process of exit planning, there is success in numbers! Consider joining our …
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