Should I Sell My Business Now, Before It’s Too Late? Aka “Get out now! It may already be too late”

Businesses are being bought and sold every day. Data from the past three years show a record number of businesses sold. For the most part, owners received fair prices, and sellers were happy with the deals they made. Will that trend continue?  Is now a good time for you to join the sellers and put your business on the market? Is there a definitive yes or no answer?

     Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So, throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” 

– Mark Twain

An almost infinite number of factors play into whether a business should be sold, as well as when to sell. Some are totally beyond your control. Careful analysis can eliminate others from consideration. Trusted advice will help swing some factors into the yes or no column. The biggest determinant, and one that requires more thought than you might realize, is you.

Should I Sell My Business Now, Before It’s Too Late? Aka “Get out now! It may already be too late”

Businesses are being bought and sold every day. Data from the past three years show a record number of businesses sold. For the most part, owners received fair prices, and sellers were happy with the deals they made. Will that trend continue?  Is now a good time for you to join the sellers and put your business on the market? Is there a definitive yes or no answer?

     Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So, throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” 

– Mark Twain

An almost infinite number of factors play into whether a business should be sold, as well as when to sell. Some are totally beyond your control. Careful analysis can eliminate others from consideration. Trusted advice will help swing some factors into the yes or no column. The biggest determinant, and one that requires more thought than you might realize, is you.

How to Increase the Value of Your Business Before You Sell

When you first dove into entrepreneurship, your initial thought may not have been to build a sellable business. Most people are driven by the "freedom" associated with self-employment, and it takes a staggering commitment to build something that is sustainable.

But, whether you're starting a new business today or have an existing one, Michael Gerber, author of The E Myth, suggests that the only reason to build a business is to sell it. This makes sense if you take emotion out of the equation, but we're human beings.

Selling something you've become attached to can be challenging and looking at it objectively might be a tall order. But every business owner would love to get top dollar when they walk away. This generally doesn't happen by chance.

Everything You Need to Know to Understand Business Exit Planning

An exit plan for business addresses all of the legal, tax, financial, personal, business, and value problems during the transition of ownership of a private business.  While you're exit planning, your main focuses should be to maximize the value of your business before you leave your company and make sure that you're financially stable enough to be able to leave your business. Are you looking to learn more about exit planning for your business and how you should go about preparing for the process? Keep reading to learn everything you need to know! 

Employers Who Provide Paid Family and Medical Leave Might Qualify for a Credit to Reduce Taxes

If your company provides paid family and medical leave to your employees, you might qualify for a credit that can reduce the taxes you owe. It’s called “The Employer Credit for Family and Medical Leave.”

Here are some facts about the credit to help you learn whether you can claim it.

The CPA Meeting – How to Be in The Know

Any number of reasons can lead to a meeting with a Certified Public Accountant (CPA). It might be your first meeting if you have a new business or if you need assistance with your personal finances and don’t want to use your company’s CPA.

Maybe you’re one of those individuals who meet regularly with a CPA, but you don’t feel satisfied with how things are going, so you’re interviewing replacements.

Read on for tips on how to achieve a win/win meeting.

Do I Need an Accountant for a Succession Plan?

Do you need a succession plan?

a.  Yes
b.  No
c.  Maybe, probably, who knows
d.  Meh, don’t bother me, I’m busy

Should an accountant have a role in your succession plan if you decide to implement one?

a.  Yes
b.  No
c.  Maybe, probably, who knows
d.  Meh, what does an accountant have to do with who succeeds me

Simply put, succession planning is preparing your company for changes. It’s usually thought of as training individuals to fill leadership roles, but it also includes transferring ownership of your business. It’s a process with both long-term and short-term facets.

Change Happens

You can probably name more than one company that’s no longer in existence because it didn’t adapt to change. Big companies must evolve just as much as small companies do. Markets change. Key employees leave. Regulatory agencies always have new or different rules. Your business goals aren't the same as when you began.

Unless you have a crystal ball, you can’t know precisely what impending changes, if any, will affect your company. You might see changes coming, but you can't predict their impact. Part of your succession planning involves calculating the probabilities of certain occurrences and how to survive them.

10 Questions to Ask Your Accountant Each Month

Depending on a variety of factors, you may have an accountant or CPA on staff, or you may be a client of an outside accounting firm. In either case, you want a professional who welcomes your questions. If you receive answers that are full of jargon or feel like you’re being patronized, then you may need to change accountants.

You’ll find a selection of suggested questions in this article, not all of which need to be asked repeatedly. Change the frequency of your questions and topics to suit your needs. The first two questions are generally more applicable to an accountant you’re considering hiring, but they may be appropriate to clarify matters with an accountant with whom you have an established relationship.

Can I Amend my Tax Return Online Electronically

The simple answer is “no”, but there is more to know about the “no”. Let’s walk through the basics of amending a tax return.

If you discover an error after filing your taxes, you may need to amend your tax return. You should file an amended return if there's a change in filing status, income, deductions or credits. This is a reality as receipts are lost, records jumbled or the exclamation of: “I thought you kept that record.”  It is more common than you might think to experience errors on a tax return since humans can easily misinterpret definitions of terms and expectations.

You can and should file an amended return if there is a change in filing status, income, deductions or credits.  

Please note that the IRS may have already corrected mathematical or clerical errors on a return. They also may accept returns without certain required forms or schedules. In these instances, there is no need to file an amended return, but you can contact us, and we can help you amend your return.

Deducting Vehicle Costs on Your Taxes

If you use a car or other vehicle for your business, you may be able to deduct the expense of operating that vehicle on your taxes. Businesses generally can use one of the two methods to figure deductible vehicle expenses:

Three Steps to Optimizing Your Overhead Rate

Professional architectural, engineering, railroad, and utility companies who perform work for government agencies are generally required to have an independently audited overhead rate. You calculate this rate by dividing total allowable indirect expenses over direct labor but getting to this step and optimizing this result involves some effort.

It might seem as you're jumping through hoops to satisfy a regulatory body, but that's only partially true. If you're working in this space, your livelihood and success depend on your ability to be fully reimbursed for your eligible costs and make the right decisions on future contracts. These are just a few of the reasons why understanding and optimizing your overhead rate are vital.

increasing-reimbursements-and-profits-at-your-architect-and engineering-cover-3d-600

Increasing Reimbursements and Profits at Your Architect & Engineering Firm



3 Steps to Optimizing Your FAR Overhead Rate

Get Your Copy >
Recent Posts

Should I Sell My Business Now, Before It’s Too Late? Aka “Get out now! It may already be too late”

Businesses are being bought and sold every day. Data from the past three years show a record number of businesses sold. For the most part, owners rece...

Read more

How to Increase the Value of Your Business Before You Sell

When you first dove into entrepreneurship, your initial thought may not have been to build a sellable business. Most people are driven by the "freedom...

Read more

Everything You Need to Know to Understand Business Exit Planning

An exit plan for business addresses all of the legal, tax, financial, personal, business, and value problems during the transition of ownership of a p...

Read more

Employers Who Provide Paid Family and Medical Leave Might Qualify for a Credit to Reduce Taxes

If your company provides paid family and medical leave to your employees, you might qualify for a credit that can reduce the taxes you owe. It’s calle...

Read more