Do You Need a Virtual CFO? Every company must find an efficient way of handling accounting and bookkeeping functions. For many businesses, an
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The Steps Below Should be Taken to Prevent the Need for Running Parallel Software Before the project starts, a business requirements study should be conducted. At each day end, the data should be transferred to the new software test environment. Transferred data should be verified on daily basis for accuracy. This data verification eliminates the need to run parallel software. The end users should be trained in the test environment. Project managers should be assigned to each department. Prior to going live, users’ proficiency should be determined. The training and technical staff should remain on site to ensure successful going live. VAI Client’s Return-on-Investment Imperial Dade: Food service and Janitorial Supply Business grew through M&A integrating the acquired company’s software into the VAI ERP Software 100% ROI Payback in 1.1 years Savings: $ 1,194,353 Black River: Produce Distributor 45% ROI, Payback in 2.3 years Savings: $ 1,188,529 Autumn Harp: Cosmetics Manufacturer Boosted Productivity and Reliability Saved $100,000 in one year Dorcy International: Warehouse Automation Increased Efficiencies and Productivity Dropped from a $170,000 variance to less than $5,000 in one year ERP Software Benefits Cloud or Server Options are available VAI ERP software source code is provided and easily customized to meet your various business needs rather than changing your business model to meet the ERP Software requirements Ability to buy unlimited users Integrates with various vendors’ software applications lowering operating costs and improving bottom-line profit Designed for mid-market manufacturing, distribution, and food companies that need fully integrated ERP software Customers’ success stories
The Domino Effect of Having Out-Dated Software Systems. Not having real time information on the fast-moving products. Not having accurate information of the inventory level in multiple locations. No method of tracking Vendor Reliability of ON-TIME deliveries. What are the Results of Excess Inventory? Late shipments will result in production disruption. Order cancellations will result in excess inventory. Reduction of Profit from reduced sales price to move excess inventory. Cash on hand reduced as funds are tied up in unsold inventory. How to Manage the above issues! Replace the outdated software with real time software needed to: Better manage everything related to sales and inventory The Benefits Resulting from Real Time Software! Understanding inventory turns to maximize inventory at item levels. Knowing Vendor Reliability to achieve better product availability! Understanding the inventory availability when managing multiple locations. Customers’ success stories
How to Invest in Chaotic Times! Meet star financial planner Shinobu Hindert author of “Investing In Your Super Power” click here to meet and speak with the author:
Hello XPX! If you or your Middle Market clients are not happy with their current banking relationship, I’m happy to discuss anything from solving day-to-day problems to complete acquisition financing. Comerica is the largest bank headquarter in Texas. We take a holistic business approach, always putting our customers and our community first, and providing our clients a very high-touch banking experience. Specialties Include: M&A Financing Traditional C&I Lending SBA Loans Owner-Occupied Commercial Real Estate Machinery & Equipment Working Capital Lines of Credit Leasing Treasury and Cash Management Services And if you’re in Austin, I’d also make a great 4th for Pickleball!
Shelby Jackson – Marketing Associate Revenue is up! But you have less cash than ever. Why is that? We’ll be covering the top 7 reasons why, like many other businesses, you might have no cash despite revenue being up. Then we’ll discuss important things to consider as you build your annual forecast. Reason 1: Delivering Before Getting Paid Revenue is up, but you have 3 types of revenue and the biggest one is net 30 (or net 60 or net 90). Sales are up, but you have no cash because you let your customers wait to pay. Being flexible with your customers is great, but do you know how it is impacting your business? If you have revenue growth but you get paid after 30 or more days, you need to pay your staff and probably your suppliers. That could cause a cash crunch in a rapidly growing company. Reason 2: Accounts Receivable Problems, You are Selling but Not Getting Paid for all your Sales Not all revenue is created equal! If you’re selling but not getting paid for all your sales, you could have Accounts Receivable (A/R) Problems and you will be short on cash. Some clients never pay! If you get stiffed by your customers, you still put time, money, and effort into supporting the sale. Make sure you’re selling to people who will pay! Do you know what type of customers you are adding? Reason 3: Returns! Clients return things and you refund the revenue If your customers buy more stuff and return it in a way you can’t resell it, you have all the expenses of producing the high sales, but not all the revenue you thought you’d get. Your sales are lower (because returns are not sales) but your expenses are higher! Are you looking at the right sales figures? Reason 4: Inventory Are you sitting on too much inventory? Even if everything you’re selling is highly profitable, a warehouse full of inventory costs money to contain and the inventory will eventually become ruined or obsolete. Do you know how much inventory you need to grow your business, and do you know how much cash you’ll need to support your future inventory needs? Reasons 5: Unprofitable Business You are selling but losing money! Here’s a case scenario. You have 5 products that make sense in a specific mix, but some of those products may actually not be profitable. You choose to keep them as loss leaders, to fill in gaps, or as a way to use extra scrap material. But what if your sales increases are from products like that? Is that where your money is going? Reasons 6: Inflation You are selling more but costs are higher, so it is actually less profitable! Inflation rapidly increased in 2022. According to BLS.gov, the United States saw the annual inflation rate increase by 7.1% as a result of the lingering effects of COVID shutdowns, supply-chain disruptions, and more. Even if revenue is up, income may be down due to higher expenses. Are you selling more units or just the same number of units (or fewer!) at higher prices? Are your expenses going up faster than your revenue? Reasons 7: You are selling more but debt and other overhead are eating all your profits You are making profitable sales, but your overhead is costing you way too much. This could include debt used to finance inventory, expansion, or even prior losses. Do you know how much your overhead is? How much do you need to sell to pay for your overhead? Will your overhead change as your revenue increases? How do I avoid this happening in the future? Our Answer: Build an Annual Forecast If you know how much you will really sell, how much profit that will really produce, how much inventory, financing, and overhead you’ll need to make this all work, you’ll have a better plan and lots of advanced notice on cash flow issues – well ahead of time and before they become problems. You’ll be empowered to pick products that will make you more money. Reject customers that will cause you hassles, and plan for your overhead needs so that you have the necessary resources (human, financial, marketing, and more) to take your business to the next level. There are multiple factors that can lead to no cash despite revenue being up, and sometimes it can be difficult to pinpoint exactly how to move forward! An annual forecast is a great way to plan the next steps for your business to make measurable and intentional decisions for increasing cash flow. About Us Our team of seasoned CFO’s at Imperial Advisory have over 150 years of collective experience giving valuable corporate finance insights that can help you put your best foot forward in 2023! For more information, reach out to www.bls.gov/news.release/cpi.nr0.htm
Manufacturers understand the critical importance of cash flows and margins. Yet, the majority of business owners don’t do enough to protect working capital, which is the combination of accounts receivable, accounts payable and inventory. According to a
Loans from the U.S. Small Business Administration can help businesses “start, build, and grow” but can they also be used to cash out? If you are a small business owner, chances are you have heard of SBA loans. If you haven’t, SBA loans are a means of funding for small businesses through the U.S.’s Small Business Administration. These loans give small business owners the chance to get financing with the backing of the federal government. The federal government guarantees the loan so if something happens, they will pay back the bank if the loan defaults. Say you invested $500,000 in the constructing and building of your business and you wanted to cash out. Could you actually cash out using an SBA loan? One couple came to Wallace Capital Funding, LLC with the same question. The couple had a long history of coaching local kids in basketball and wanted to have a basketball facility of their own as a way to give back to their community. But not just any basketball facility, they wanted to have a world-class basketball gymnasium for kids to come and train. Without taking out any loans, the couple invested $3 million of their own money and brought this multi-million dollar facility to their community. The facility turned out to be a large success and amassed millions of dollars in value. The couple wanted to see if they could cash out their investment through an SBA loan. The answer is it depends. Currently, we are looking into the method of how they invested into their business. Under SBA guidelines, there are regulations on ways and how much you cash out? Every transaction is different, and unique rules apply to your specific opportunity. The benefit of working with Wallace Capital Funding, LLC instead of a bank is that we will work with you to ensure the structure of your loan application under SBA guidelines from a business owner point of view. WCF consultants will use the Business Funding Analysis to help structure the deal properly so you can get the cash your business needs. You can also join WCF’s mailing list, which can be found on our website or give us a call at 1-800-809-5629 to learn more. For all of your business financing needs, Wallace Capital Funding, LLC can help. Whether you need funding for new equipment, financing commercial real estate, or to cover staff expenses before your contract payment comes through, Wallace Capital Funding, LLC can create a custom funding solution that’s right for you.
Date: March 10, 2022 (Thursday) Start Time: 12 p.m. Eastern Standard Time End Time: 1 p.m. Eastern Standard Time Platform: Zoom Questions: Chat
Every business owner dreams of a business with lots of cash and positive cash flow. With this type of business, the owner can reinvest in the business, take distributions, and pay off debt. The options are endless. The problem is, most business owners don’t know which levers to pull in their business to increase cash. They ultimately wind up feeling confused and frustrated, sometimes lying awake at night wondering how to make it happen. Every business owner deserves to have a business with a strong financial future. Recently, I worked with a professional services practice that relied on insurance company reimbursements for their cash flow. Insurance companies are notorious for slow payments, often taking 60-90 days to remit payments. To cover payroll at times, this business owner had to borrow money from a lender and pay 30% plus interest.
A valuable asset with guaranteed income without paying a dime After reading the headline, you might be asking yourself — “How can I really afford a million-dollar, multi-family property without paying anything?” With the help of Wallace Capital Funding, LLC, one client was able to make it into a reality. However, he first needed to guarantee his own financing so we could then use the Business Funding Analysis (BFA). This client originally owned ten single family homes in the Birmingham area but wanted to own his first multi-family property. The type property of interest was a rarity. With 36 apartment units, the whole property had a HAP Contract, was classified under Section 8 housing, which guaranteed our client would get monthly income directly from the government. It is like buying a business with guaranteed income. Vacancy rates are also much lower for those investing in Section 8 properties. This is because renters are more likely to stay and renew year after year. And in many markets, Section 8 properties attract a long waiting list of interested tenants. We have established how great this opportunity is but how do you get into a property with no money down? The first step is to determine if you and your business can qualify for additional funds using the BFA. If you don’t remember from our last
For two Wallace Capital Funding LLC clients, a Pretend Play Center was their business dream. What is a Pretend Play Center? I had the same question. Remember running around with a large white coat on, who were you? A doctor or chemist? Or maybe you put on a red hat and said “weee, wooo, weee, wooo” like a siren. Who were you? A fire chief. It’s a place where a kid can dream to be anything they set their mind to. A doctor, a chef and everything in between. The clients wanted to make a difference in the lives of local youth while also operating a profitable business during their retirement. And this dream became a reality thanks to the Business Funding Analysis. So, you might be asking yourself — What is a Business Funding Analysis? The analysis is a tool that Wallace Capital Funding LLC uses to pre-qualify business owners for traditional as well as non-traditional funding for businesses including real estate financing. Say you are a home inspector. You do a thorough job of looking at every fine detail of a home to make sure it is up to code. The plumbing system ran well. The electrical wiring was working. The air conditioning unit functioned great. You breathe a sigh of relief for an easy day of work as you head to the front door. Just as you are ready to approve the house, you hear a light scratch in the wall. And what originally sounded like a quiet tap suddenly grew louder. A small crack begins to form and a hoard of baby mice spills out onto the foyer. No matter how much a small business thinks they are qualified, sometimes it is not as simple. You never know what is “behind the walls” unless you open them or what lenders are looking for in their applicants. So, what does a Business Fund Analysis do? The Business Funding Analysis makes sure you get the funding you want and deserve. It uses the same process as banks go through to qualify for a business loan but also includes alternative financing. The analysis predicts the likelihood of you getting financed before submitting any official documentation to lenders. Prior to the Business Funding Analysis, all documentation would go straight to lenders. However, it was not guaranteed that you would be approved. Now, the analysis ensures you will get approved in a hassle-free process. Interviewing clients prior to having the Business Funding Analysis was a challenge because you never knew whether a person would qualify. Using the same process as the lender is the best way to guarantee approval and avoid any heartache or embarrassment. Established in 2002, the Business Funding Analysis is continuously developing and improving to get you the loan of their dream just like the Pretend Play Center. Talk to one of Wallace’s Capital Funding LLC today to get the process started and get the loan you and your business deserves. Join WCF’s mailing list, which can be found on our
We’ve all had the experience of driving down the road and trying to change lanes, only to realize just in time that there was a car in your blind spot. Or maybe you didn’t realize in time and the day ended much more disastrous than expected. Keeping an eye on our blind spots and checking for things we may be missing helps to avoid these disasters. The same is true in your business. As a business owner, you might be cruising along, missing something potentially catastrophic because it’s in your blind spot. Nobody likes unexpected surprises, especially ones that may take our business off-course.
Worry about cash flow is one of the top issues that keeps business owners up at night. Cash flow is like oxygen to a business and without it, the business won’t survive. Several years back, I had a client ask me, “If I’ve made $500,000 in profit, why isn’t it in the bank account?” A very good question I’m sure many of us have wondered. While profits are great, they don’t cover payroll, other operating expenses, bank loan payments, and owner’s distributions. Cash does. So doesn’t it make sense to track where your cash is in the same way you track where your profit is?
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Qualified Small Business Stock is a type of stock that includes immense tax relief for investors. Those benefits serve to stimulate investment in small businesses by mitigating the tax consequences that attach to their returns. Below is an article that discusses the definition of QSBS, the relevant IRC section at play, the tax benefits flowing from QSBS, the standards for obtaining QSBS, and the costs and importance involved in gaining a QSBS certification. What is Qualified Small Business Stock? Qualified Small Business Stock is that class of stock issued by a small C corporation that meets specific qualifications specified in the Internal Revenue Code. It enables the investor in QSBS to exclude from federal income taxation up to 100% of the capital gain realized upon the sale of such stock, provided certain requirements are met. The provision is meant to incentivize investment in startups and small businesses as a means of promoting innovation and driving economic growth. Governing Section of the Internal Revenue Code Treatment of QSBS is given under Section 1202 of the Internal Revenue Code. This section was enacted as part of the Revenue Reconciliation Act of 1993 and has undergone several amendments to expand the benefits available to investors. Section 1202 outlines those requirements that must be satisfied for stock to qualify as QSBS, along with particular tax benefits available to the investors. Examples of Qualified Small Business Stock Tax Benefits Investing in QSBS offers substantial benefits in terms of tax. Example: Exclusion of Capital Gains: Depending on when the QSBS was acquired, up to 100% of the capital gains from the sale of QSBS can be excluded from federal income tax. The exclusion percentages are as follows: 50% of the stock acquired from August 11, 1993 to February 17, 2009. 75% for stock acquired between February 18, 2009 and September 27, 2010. 100% for stock acquired after September 27, 2010. Limitation on Gain: The amount of gain to be excluded is limited to the greater of $10 million or ten times the adjusted basis in the stock. The generous cap allows for significant tax savings by investors. The Alternative Minimum Tax (AMT) stipulates that gains exempted under Section 1202 do not qualify as preference items for the purposes of AMT, potentially offering supplementary tax relief. State Tax Benefits: Some states follow federal QSBS exclusion rules, giving additional state tax benefits. Investors should check the particular rules of the state pertaining to QSBS. How to Meet the QSBS Requirements To qualify for QSBS treatment, certain requirements must be met: Qualified Small Business: The issuing corporation must be a domestic C-corporation and it must meet the definition of a “qualified small business.” A qualified small business is one in which the corporation’s aggregate gross assets do not exceed $50 million at any time before and immediately after the issuance of the stock. Active Business Requirement: During at least 80% of the period the investment is held, assets of the corporation must be used in the active conduct of one or more qualified trades or businesses. The following types of businesses specifically do not qualify:. The stock must be obtained directly from the corporation when the stock is originally issued, in exchange for money, other property but not stock, or as compensation for services. Holding Period: The investor must hold the QSBS for more than five years to qualify under the capital gains exclusion. These requirements are often complex to navigate, and guidance is usually sought from a tax specialist to ensure compliance with the law. What is a Qualified Small Business Stock Attestation? A Qualified Small Business Stock Attestation is the declaration of a corporation; a formal statement that the stock of the particular corporation meets all the qualifications necessary for the classification to be deemed a QSBS under Section 1202 of the Internal Revenue Code. This certification gives assurance of qualification both to investors and the tax authorities, confirming the eligibility for the tax advantages to the owners. Importance and Cost of a Qualified Small Business Stock Attestation Investor Confidence: It enhances investor confidence because the attestation is basically a documented proof that the stock is qualified for favorable tax treatment; thus, making it more attractive to prospective investors. Tax Compliance: An attestation plays a crucial role in confirming adherence to tax regulations and can promote more efficient engagement with tax authorities. It functions as proof that the corporation satisfies the QSBS requirements, which may streamline the tax reporting procedure. Risk Mitigation: The attestation works by giving a risk mitigation of disputes or challenges in the future that may develop in the mind of the IRS about the stock’s QSBS status. Cost The costs for obtaining a QSBS certification will depend on many factors, such as the extent of complexity of the company’s organizational structure and how much any given professional services company charges for providing the certification. In most cases, the costs range between several thousand to tens of thousands of dollars. Regardless of the monetary investment, the tax advantages likely to be gained for the backers, coupled with increased certainty of conformity, could make the expense a wise investment. Conclusion Qualified Small Business Stock provides substantial tax advantages to investors in the interest of enabling small businesses to energize the economy. Controlled by Section 1202 of the Internal Revenue Code, QSBS enables considerable exclusions from federal income taxation of capital gains. However, fulfilling these requirements can be tricky, and the ability to get a QSBS attestation may provide much value through assurance with compliance and qualification for huge tax benefits. Although obtaining such certification does involve some costs, the potential tax incentives and reduced liabilities make it an important consideration for companies and investors alike.
Depending on who you are talking to, Private Equity is either the Great Satan or the savior of small and mid-market companies in the United States. The stories depend a lot on the personal experience of the speakers. Once a vehicle for high-risk investment plays in corporate takeovers (see Bryan Burrough’s Barbarians at the Gate,) Private Equity has morphed into tranches where specialists seek opportunities in everything from a Main Street entrepreneurship to multi-billion-dollar entities. What is Private Equity? The term itself is relatively generic. According to Pitchbook, there are currently 17,000 Private Equity Groups (or PEGs) operating in the US. The accepted business model for our purposes is a limited partnership that raises money to invest in closely held companies. The purpose is plain. Well-run private businesses typically produce a better return on investment than publicly traded entities. The current Price to Earnings (or PE – just to be a little more confusing) ratio of the S&P 500 is about 27.5. This is after a long bull market has raised stock prices considerably. The ratio is up 11.5% in the last year. That means the average stock currently returns 3.6% profit on its price. Of course, the profits are not usually distributed to the shareholders in their entirety. Compare that to the 18% to 25% return many PEGs promise their investors. It’s easy to see why they are a favorite of high net worth individuals, hedge funds and family offices. As the Private Equity industry has matured and diversified, they have even drawn investment from the usually more conservative government and union pension funds. Private Equity Types Among those 17,000 PEGs the types range from those who have billions in “dry powder” (investable capital,) to some who claim to know of investors who would probably put money into a good deal if asked. Of course, which type of PEG you are dealing with is important information for an owner considering an offer. private equity moneyThe “typical” PEG as most people know it has a fund for acquisitions. It may be their first, or it may be the latest of many funds they’ve raised. This fund invests in privately held businesses. Traditionally PEGs in the middle market space would only consider companies with a free cash flow of $1,000,000 or greater. That left a plethora of smaller businesses out of the game. For a dozen years I’ve been writing about the pending flood of exiting Boomers faced with a lack of willing and able buyers. I should have known better. Business abhors a vacuum. Searchfunders Faced with an overabundance of sellers and a dearth of capable buyers, Private Equity spawned a new model to take advantage of the market, the Searchfunders. These are typically younger individuals, many of whom graduated from one of the “EBA” (Entrepreneurship By Acquisition) programs now offered by almost two dozen business schools. These programs teach would-be entrepreneurs how to seek out capital, structure deals, and conduct due diligence. Some Searchfunders are “funded”, meaning they have investors putting up a stipend for their expenses. Others are “self-funded.” They find a deal, and then negotiate with investment funds to back them financially. Both PEGs and Searchfunders seek “platform” companies, those that have experienced management or sufficiently strong operational systems to absorb “add-on” or “tuck-in” acquisitions. The costs of a transaction have bumped many seasoned PEGs into $2,000,000 and up as a cash flow requirement. Searchfunders have happily moved into the $500,000 to $2,000,000 market. In the next article we’ll discuss how PEGs can promise returns that are far beyond the profitability of the businesses they buy.
Sep 4, 2024
Sep 4, 2024
3 min read
Early last month, the Occupational Safety and Health Administration (OSHA) proposed the Heat Injury and Illness Prevention in Outdoor and Indoor Work Settings rule. The aim is to curb heat related injuries or death which OSHA identifies as “the leading cause of death among all hazardous weather conditions in the United States.” The proposal places new responsibilities on employers: establishing heat thresholds, developing Heat Injury and Illness Prevention Plans, regularly monitoring temperatures, and establishing safety measures when heat thresholds are met. This rule is yet to be finalized however, it is a sign of what’s to come. The standard applies to all employers except for the following: Work activities for which there is no reasonable expectation of exposure at or above the initial heat trigger. Short duration employee exposures at or above the initial heat trigger of 15 minutes or less in any 60-minute period. Organizations whose primary function is the performance of firefighting and other certain emergency services. Work activities performed in indoor work areas or vehicles where air conditioning consistently keeps the ambient temperature below 80°F. Telework (work from home). Sedentary work activities at indoor work areas that only involve some combination of the following: sitting, occasional standing and walking for brief periods of time, and occasional lifting of objects weighing less than 10 pounds. Heat Thresholds There are two heat thresholds which will trigger employer action: An “initial heat trigger” means a heat index of 80°F or a wet bulb globe temperature (defined below) equal to the National Institute for Occupational Safety and Health (NIOSH) Recommended Alert Limit; and A “high heat trigger” means a heat index of 90°F or a wet bulb globe temperature equal to the NIOSH Recommended Exposure Limit. The “heat index” is calculated by measuring the ambient temperature and humidity. Wet bulb globe temperature is a heat metric that considers ambient temperature, humidity, radiant heat from sunlight or artificial heat sources and air movement. Employers may choose either method of measuring the temperature. Heat Injury and Illness Prevention Plan (HIIPP) Requirements If an employer does not fall under the exceptions, it must develop a HIIPP with the input of non-managerial employees and their representatives for occasions when the heat threshold is surpassed. This plan may vary on the worksite but must be written if the employer has more than 10 employees and use a language employees will understand. The HIIPP must contain: A comprehensive list of the type of work activities covered by the HIIPP Policies and procedures needed to remain compliant with the standard. Identification of which heat metric the employer will use heat index or wet bulb globe temperature. A plan for when the heat threshold is met. Along with creating the HIIPP, employers must designate one or more “heat safety coordinators” responsible for implementing and monitoring the HIIPP. The HIIPP must be reviewed at least annually or whenever a heat related injury or illness results in death, days off work, medical treatment exceeding first aid, or loss of consciousness. Employers must seek input from non-managerial employees and their representatives during any reviews or updates. The definition of “representative” is not defined; if this is broadly defined, this could be a major complexity employers must face. Identifying Heat Hazards Employers must monitor heat conditions at outdoor work areas by: Monitoring temperatures at a sufficient frequency; and Track heat index forecasts or Measure the heat index or wet bulb globe temperature at or as close as possible to the work areas. For indoor work areas, employers must: Identify work areas where there is an expectation that employees will be exposed to heat at or above the initial heat trigger; and Create a monitoring plan covering each identified work area and include this work area in the HIIPP. Employers must evaluate affected work areas and update their monitoring plan whenever there is a change in production processes or a substantial increase to the outdoor temperature. The heat metric employers choose will affect the thresholds. If no heat metric is specified, the heat metric will be the heat index value. Employers are exempt from monitoring if they assume the temperature is at or above both the initial and high heat trigger, in which case they must follow the controls below. Control Measures When Heat Triggers are Met When the initial heat trigger is met, employers must: Provide cool accessible drinking water of sufficient quantity (1 quart per employee per hour). Provide break areas at outdoor worksites with natural shade, artificial shade, or air conditioning (if in an enclosed space). Provide break areas at indoor worksites with air conditioning or increased air movement, and if necessary de-humidification. For indoor work areas, provide air conditioning or have increased air movement, and if necessary de-humidification. In cases of radiant heat sources, other measures must be taken (e.g., shielding/barriers and isolating heat sources). Provide employees a minimum 15-minute paid rest break in break areas at least every two hours (a paid or unpaid meal break may count as a rest break). Allow and encourage employees to take paid rest breaks to prevent overheating. At ambient temperatures above 102° F, evaluate humidity to determine if fan use is harmful. Provide acclimatization plans for new employees or employees who have been away for more than 2 weeks. Maintain effective two-way communication between management and employees. Implement a system to observe signs and symptoms of heat related problems (e.g., a Buddy system). When the high heat trigger is met, employers are additionally required to: Provide employees with hazard notifications prior to the work shift or upon determining the high heat trigger is met which includes: the importance of drinking water, employees right to take rest breaks, how to seek help in a heat emergency, and the location of break areas and water. Place warning signs at indoor work areas with ambient temperatures exceeding 102° F. Other Requirements Training: all employees and supervisors expected to perform work above the heat thresholds must be trained before starting such work and annually. What’s Next? The rule is yet to be published in the Federal Register. Once this happens, there will be a 120-day comment period when all members of the public may offer OSHA their opinion about the rule. Whether this rule comes to fruition may also depend on which party wins the White House. Furthermore, if finalized this rule would likely be challenged in the courts, which now have more discretion to overrule agency rules following the US Supreme court case of Loper Bright Enterprises v. Raimondo and Relentless Inc. v. Department of Commerce (overturning the Chevron deference decision). Employers should review their heat illness prevention policies to maintain compliance with regulations. If you have questions, call competent labor and employment counsel. Brody and Associates regularly advises management on complying with the latest local, state and federal employment laws. If we can be of assistance in this area, please contact us at info@brodyandassociates.com or 203.454.0560
Private equity leverage can dramatically increase ROI, but it can also be a trap. In our previous
Today we are highlighting the FIREPOWER Owner Sweet Spot Sessions! We’re about to embark on a game-changing conversation that will revolutionize the way you approach your business. It’s time to shift gears and start envisioning the future of your company in a new personal role. The Small Business Universe: Common Concerns of Owners Similar concerns echo throughout the small business universe. Maybe you feel like you’re lacking the right leadership, or worse, you don’t have any leadership at all. Perhaps your workforce has hit a plateau, or you’re dealing with the frustrating challenge of high turnover. And let’s not even get started on the never-ending cycle of decision-making, where it feels like you’re carrying the entire load on your own. What is the Work that Only You Can Do? We’re here to share a secret to successfully moving your business into the future. It all starts with a simple question: What is the work that only you can do? It’s time to tap into your natural talents and abilities that have fueled your business success from its inception and then refocus your efforts in a new way. Now, brace yourself for a little revelation that’ll bring a smile to your face. The answer to that question is much less than what you’re currently doing. Yes, you heard it right. You’re probably sporting way too many hats, it’s time to bid farewell to those unnecessary responsibilities and rediscover your true sweet spot. Enter the FIREPOWER Owner Sweet Spot sessions. These sessions are crafted to help you pinpoint those burdensome responsibilities that are holding you back from doing the work your company desperately needs from you. We’re here to lift that heavy weight off your shoulders and set you free to focus on what truly matters in achieving your future goals. Deciphering the best use of your time is the key to solving both short-term challenges and long-term business goals. It allows you to stay fully engaged in the work that only you should do, helps your teams to know your true superpowers, and ultimately unleashes your full potential to lead your company into the future. At FIREPOWER, we truly get the challenge, we live it every day. We understand the struggles you face as an owner. Juggling numerous roles and tasks can be incredibly overwhelming and downright draining. But here’s some fantastic news – it doesn’t have to be that way. By identifying your unique strengths, you can reclaim your valuable time, restore your energy reserves, and reignite your enthusiasm for your business. So, are you ready to unlock your Owner Sweet Spot? Then it’s time to bid farewell to all the hats you’ve been wearing, delegate those unnecessary responsibilities, and rediscover the true value you bring to your company. Our owner-focused approach led by Maria Forbes, will expertly guide you through the process, empower your team, and take your business to unprecedented heights. Conclusion Remember, sustainable growth flourishes when you harness the potential of your team and become laser-focused on the work that only you can do. The number of hats you wear will shrink, while the quality of your life expands. It’s time to embrace the FIREPOWER within you and achieve the success you’ve always dreamed about. Together, we can make it happen! Fuel your people power, Maria Forbes with FIREPOWER Teams
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