Get Ready to Exit with a Comprehensive Business Transition Plan

Owners depend on their businesses to support them today, and more importantly, they depend on them to support their families, their retirement, and their way of life in the future. What assurances do you have that things will go as planned? Reports have shown that 8 out of 10 business owners do not know what they need to do today to have a successful business transition in the future.

Get Ready to Exit with a Comprehensive Business Transition Plan

Owners depend on their businesses to support them today, and more importantly, they depend on them to support their families, their retirement, and their way of life in the future. What assurances do you have that things will go as planned? Reports have shown that 8 out of 10 business owners do not know what they need to do today to have a successful business transition in the future.

Is It Better to Use a Bookkeeper, CPA or Enrolled Agent to File Your Taxes?

During tax season the same question always resurfaces among executives, business owners, and independent contractors – who should prepare my taxes?

While this question depends on each circumstance, the primary benefits of using a tax professional will always be time savings and improved accuracy. Individuals with more complicated tax needs will obviously benefit more from hiring someone to do their taxes, but everyone will benefit to some extent.  

The Serious Consequences of Poor Business Transition Planning

Fifty years after The Beatles first sang, “Will you still need me, will you still feed me, when I’m 64?” baby boomers are asking the same question of the businesses they own.

Pre-recession business owners busied themselves growing their companies, often assuming their values would increase with a go-go economy and that they eventually could cash out with ample sums to live in comfortable retirements.

Unfortunately, those assumptions did not always hold true. Boomer business owners must now decide whether to sell their companies for less than they had once hoped or to work longer than they had planned.

Selling Your Business: How to Overcome Five Costly Fears

Planning your exit from your business can feel at times like planning your will. Why do it today when you can do it tomorrow? After all, you are not planning on leaving this earth today, right?

Your exit from your company, however, is assured. Whether you leave it feet first or walk through the door, you will leave your company someday. Why not do it on your terms?

Unfortunately, while even the most procrastinating business owners will eventually complete their will, only 10 percent plan their exits. As a result, only 10 percent of business owners get their desired selling price, which could be devastating given that a company could account for as much as 90 percent of an owner’s personal wealth and be their primary source of retirement funds.

Sell Your Business Without Regrets

“Now what?”

It’s a simple question but it is not always easy for an entrepreneur to answer when selling their business.

You invest so much of yourself into your business that it can be hard to distinguish where “work” ends and “life” begins. But selling your company may require you to cleave one from the other. Will you survive when you do?

Consider FDOT Reimbursement Rate in End of Year Decisions

The year is almost done. Do you know your FDOT reimbursement rate?

Knowing what your rate is for the year so far and projecting results for the remaining months of the year will allow you to:

  • Propose and bid more wisely

  • Prioritize spending

  • Adjust executive compensation

Estimating your FDOT reimbursement rate for the full year will help you make decisions based on whether you can be reimbursed under contracts. Overlooking opportunities to become fully reimbursable for costs or improperly allocating expenses could cost you reimbursements and profits.

The Right Way to Exit: How to Transition on Your Terms

As a business owner, you are accustomed to, and perhaps even thrive upon, solving today’s pressing problems and pushing on to tomorrow. But have you looked beyond this week, this month, or even this year?

The average owner spends 80,000 hours building their company but only six hours planning its transfer. As a result, 80 percent of business owners fail to get top dollar when they sell.

Just as winning the lottery is not a vible strategy for achieving your dreams, nor is hoping to sell your business for enough money to support your future lifestyle. That is like winning a free lottery ticket on a drawing for a $1 million jackpot. They won, but they missed a much larger prize.

Preparing for an FDOT Reimbursement Rate Audit - Management's Responsibilities

Engineering firms must provide annual reimbursement rate audit reports to the Florida Department of Transportation to bid on contracts larger than $500,000. 

FDOT Reimbursement Rate Audit Guidelines contain specific Departmental requirements in addition to the general guidelines contained in the American Association of State Highway and Transportation Officials (AASHTO) Uniform Audit and Accounting Guide.

How to Comply with FDOT Job Cost Accounting System Requirements

The Florida Department of Transportation requires consultants requesting professional services prequalification at the unlimited level (greater than $500,000 in fees) to certify the establishment of an accounting system that separates and accumulates direct and indirect costs, and identifies and records labor charges and expenditures for specific projects or jobs.

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Preparing for
Business Transition

Download your free Business Transition Planning Workbook to start planning your transition on your terms, for your price.

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Recent Posts

Get Ready to Exit with a Comprehensive Business Transition Plan

Owners depend on their businesses to support them today, and more importantly, they depend on them to support their families, their retirement, and th...

Read more

Is It Better to Use a Bookkeeper, CPA or Enrolled Agent to File Your Taxes?

During tax season the same question always resurfaces among executives, business owners, and independent contractors – who should prepare my taxes? Wh...

Read more

The Serious Consequences of Poor Business Transition Planning

Fifty years after The Beatles first sang, “Will you still need me, will you still feed me, when I’m 64?” baby boomers are asking the same question of ...

Read more

Selling Your Business: How to Overcome Five Costly Fears

Planning your exit from your business can feel at times like planning your will. Why do it today when you can do it tomorrow? After all, you are not p...

Read more