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Ever heard of the 5x fallacy? Hint: It has to do with business valuation. Using a multiple of X. Try this among your peers, other business owners, and ask your CPA. 1.Ask: What is a good multiple I should use to estimate the value of my business? You will get all sorts of answers, 5 times…
Starting July 31, 2023, all employers with employees working in New Jersey are required to immediately and simultaneously report to the New Jersey Department of Labor (the “NJ DOL”) certain information relating to terminated employees. Employers are to submit this information electronically at the same time they provide the terminated employee with his/her benefit instructions…
Owner obstacles to the implementation of an exit plan are often unconscious, but they can be dramatic. Their attachment to the business can be difficult to break. An advisor spends a lot of time and energy developing the vision for life after ownership in the hopes that it is far more attractive to them than…
FocusCFO Area Presidents Michael Stier and Darren Cherry join Scott Snider of the Exit Planning Institute for this special episode of the Exit Is Now podcast. You already know that a Chief Financial Officer (CFO) is a key part of the senior management team, responsible for overseeing and managing the financial aspects of the business. What you may not know, is that…
Some astonishing advances in information technology have made big headlines in recent months. You probably don’t need me to recap those headlines… but I want to ask you to pause to consider a single, sobering question those headlines have given rise to among sales professionals. Some of us ask this question out loud. Some of…
In the dynamic landscape of employee performance evaluations, 360-degree reviews have emerged as a holistic approach, offering a well-rounded perspective. However, to extract the full benefits of this method, managers must adopt a strategic outlook. This blog post explores key elements to enhance the effectiveness of 360 reviews, delving into the nuances of communication, goal…
Governor Ned Lamont recently announced that, commencing on January 1, 2024, Connecticut’s minimum wage of $15.00 will increase to $15.69 an hour. This marks the state’s inaugural economic indicator-driven minimum wage increase. This adjustment is mandated by state law, Public Act 19-4. Public Act 19-4 introduced a series of five incremental minimum wage hikes spanning…
One of the most common concerns I hear about retirement is the fear of being bored. Given the weeks, months, and years ahead that need to be filled with something other than your job, it’s understandable. To make matters worse, many of us know a relative or friend who was aimless and miserable in retirement….
Defining the role of a coach on your exit planning team doesn’t just happen. Like any other aspect of working with consultants, you need to set expectations upfront. Many advisors like to characterize themselves as the “quarterback” of a transition planning team. I’ve always objected to that. We regard the business owner as the quarterback…
As a fractional CMO, when we are first engaged with a new client, one of the first questions I ask is about data – what do you capture, and what do you use to capture it? Most companies are doing a poor job and only looking at the high-level financials – incoming revenue and outgoing expenses….
Link to register. Please indicate that Mark Gross invited you. https://zoom.us/webinar/register/WN_M3HItgtJRS2sCTy_bUWBvw Tuesday, December 5, 2023. 10-11:30 AM Central. Multiple attendees from one firm can attend but in order to receive CPE credits, each one needs to register separately and join on their own separate devices. Take a deep dive into the following topics. PADs. Partial…
In Rev. Proc. 2023-29, recently issued by the Internal Revenue Service, the affordability percentage for Affordable Care Act plans has been set at 8.39% beginning in 2024. This marks a significant decrease from the previous 9.12% applicable for 2023. This is the lowest percentage since the inception of the employer mandate which means these…
I get this question a lot in M&A. The purchase price of a business can have a number elements: 1. down payment (cash equity from the buyer) 2. bank financing 3. seller’s note 4. installment sale 5. earn-out 6. commissions on future sales 7. consulting agreement for the seller, post-acquisition Earn-out’s, commissions and consulting agreements…
We have been asked to explain our product and services on multiple occasions. For those interested, you may find this episode to be a good listen, as it fully explores our services and how our involvement can significantly benefit your client. While this particular episode deals with land sales, the concept is universal to the…
Delegation and depth are critical when presenting your business as a buying opportunity. For many business owners, exit planning means getting the company ready for sale to a third party. There are a number of approaches to enhancing preparedness for a third-party sale. Assessing Readiness Some planning software products begin with a comprehensive survey of…
Your best competitive advantage is your people. But are you truly empowering your team to drive sustainable growth? As a strategic workforce planning and onboarding expert, I’ve seen firsthand how critical it is to align your employees’ strengths and passions with well-defined roles. This not only boosts employee ROI and retention but also unlocks innovation…
The 2023 Sales Dilemma Susan Powers, Peak Sales/Sandler Salespeople have never had a greater advantage and opportunity than they do today. They can secure even greater advantages and opportunities with each passing day. That’s because artificial intelligence, machine learning, and technology continue to make advancements that help salespeople develop closer and stronger relationships…
Business owners are increasingly considering their timelines and options for a business transition. Consistent with prior years, that transition event is frequently a sale due to supply and demand factors. The majority of businesses are owned by baby boomers who are rapidly approaching the age of retirement. A financial crisis and pandemic in the last…
In a recent case, a marijuana dispensary was forced to bargain with the Union even though the Union was not elected by the employees. The case demonstrates the consequences of unfair labor practices and the government’s new, lower threshold for giving unions the right to represent workers. Background The case involves allegations that the Company,…
Earlier this month, New York became the latest state to ban mandatory captive audience meetings when Governor Kathy Hochul signed into law Senate Bill 4982 and Assembly Bill 6604, amending New York Labor Law Section 201-d (“NYLL 201-d”). The new law prohibits New York employers from requiring employees to attend any company meeting having the…
When preparing for the transfer of a business, there are many stakeholders who can impact your plan. Some have direct authority or decision-making capability over the transaction, but others may have substantial influence. In general, it’s best to presume that anyone who has a relationship with the owner or the business will have some impact…
Program produced by XPX South Florida. The current temporarily high $12.92 million estate and gift tax exemption will “Sunset” on December 31, 2025. Starting January 1, 2026, the exemption is expected to return to approximately $7 million. The loss of approximately $6 million in exemption can result in an additional estate tax in excess of…
Do you want to get rich quickly? Very simple: Buy a business for its actual value, and sell it back right away for what the business owner values it. Many business owners overvalue their own business (after all, isn’t your business the most beautiful baby in the world?). What do you need to pay attention to…
This past month, in Stericycle, the National Labor Relations Board (NLRB) announced a new amorphous legal standard it will use to judge whether union-free employer’s rules and policies are lawful under the National Labor Relations Act (“NLRA”). The Stericycle approach dispensed the categorical approach which identified certain policies as always being lawful. Now every policy…
That is a question many businesses have faced over the years. Today, there are businesses that saw big increases in sales during the early days of the pandemic (2020 – 2021), but 2022 softened and 2023 seems kind of flat. This is especially true in many retail businesses “selling things”. Why? Because many consumers switched…