Business owner

On January 9, 2024, the Department of Labor (“DOL”) announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act (“FLSA”). This new rule takes effect on March 11, 2024. Classifying workers as independent contractors or employees is extremely important—independent contractors do not receive…

I believe one of the most understood transition /exit planning areas for business owners is when the goal is to move it to children, or other close family members. Clients for whatever reason often think moving their business to a child or multiple heirs is just about creating an agreement, maybe including a trust, figure…

No attention to exit strategy. No attention to value creation. “I am tired, and I want to sell but I don’t know what it’s worth or how to design an exit strategy for selling my business.” We hear this from business owners over, and over again. To sell your company, to make it both sellable and…

Just because you run a successful business doesn’t necessarily mean that you will exit from it successfully. Planning can increase the odds that you will transfer your business on terms you’re comfortable with.  Yet very few business owners engage in proactive exit planning, failing to establish arrangements for a thoughtful transfer of ownership that protects…

By Chris Delaney When it comes to managing their business, manufacturers need much more than historical financials to project their future revenue, profitability and liquidity. Historic numbers simply capture what has happened in the past—but traditionally do a poor job predicting where a company will be in the near (3-6 months) or distant future (1-2…

– Friends since high school or before – Teammates – Golf buddies – Successful businessmen – In mid 60’s thinking about retirement – Planning golf resort retirement together One got really proactive with his health as a client of Retirement Wellness Strategies during the course of preparing to sell his business Offered the same to…

By Paul Karr There is a common misconception that accounting policy is something that controllers can do in their spare time. Midsize firms especially can fall into the same trap: We’ve always had a small team, and everyone has to complete a lot of work, and we can’t afford another resource. Your controller already has…

Our borrowers often ask us, “Is it better to buy an established business or start up a business?” It’s a reasonable question for those looking to exit their current employment or invest in a business for another income stream. While it may make sense in specific industries to start a business, the benefits of purchasing…

I’m having a lot of client dialogue on Cash Balance Plans (CBPs).  A CBP is the third sleeve of a Retirement Plan – following the standard 401k and Profit Sharing sleeves of traditional plans.  The contribution limits are substantial allowing participants the ability to contribute significant $s pretax and to grow those contributions tax deferred….

Small actions yield tremendous results. SUMMi7 is hosting an event next week for Medium-Sized Business Owners on March 30 in Plano, and you’re invited! If you’re not in the Dallas region and would like to attend, please DM us, and we can explore if a virtual experience is right for you. The topic for this…

The Hard Realities and How-to’s of Successful Value Growth and Selling in 2023 Program produced by XPX Atlanta. Our programming for this year will be a Collaborative Forum on the Hard Realities and How-To’s of successful business building and selling in 2023. Breaking News: Interest rates are still up. The economy is trending down. Buyers…

Effective branding includes everything that influences the opinions of consumers about you, your product, or your service. The ability to be authentic and humanize your brand provides a critical connection to your customers—one that engenders loyalty and increases sales. Your brand is your most important asset. Fact: Everyone has an existing brand, whether intentional or…

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Whistleblowers can blow their whistles a little louder tonight. The Supreme Court’s recent ruling, Murray v. UBS Securities, LLC, decided that an employee may prove a whistleblower retaliation claim without showing that their employer acted with retaliatory intent. As a result, it is now easier for employees to succeed on whistleblower retaliation claims under the…

In the competitive world of business, marketing plays a pivotal role to drive revenue generation, brand equity, and overall business valuation. Companies that view branding and advertising as a growth strategy are twice as likely to see revenue growth of 5% or more than those that don’t (source: “Put Marketing at the Core of Your…

Unleashing the Power of Collaboration Today, we’re diving deep into a powerful quote by Jim Stovall that packs a serious punch: “You need to be aware of what others are doing, applaud their efforts, acknowledge their successes, and encourage them in their pursuits. When we all help one another, everybody wins.” Are you ready for…

Do You Need a Virtual CFO? Every company must find an efficient way of handling accounting and bookkeeping functions. For many businesses, an outsourced accounting solution makes good business sense and provides much needed support with financial management. Some businesses and high net worth individuals will want to take their financial operations to another level…

On January 9, 2024, the Department of Labor (“DOL”) announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act (“FLSA”). This new rule takes effect on March 11, 2024. Classifying workers as independent contractors or employees is extremely important—independent contractors do not receive…

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