Posts Tagged ‘Fun’

Three Levels of Business Succession Planning

September 23rd, 2022

There are essentially three levels to a business succession plan. The first level of a business succession plan is management. It is important to recognize that management and ownership are not the same. The day-to-day management of the business may be left to one child,Guest Posting while ownership of the business is left to all of the children (whether or not they are active in the business). It is also possible that management may be left in the hands of key employees rather than family members.

The second level of a business succession plan is ownership. Most business owners would prefer to leave their businesses to those children that are active in the business, but would still like to treat all of their children fairly (if not equally). Yet, many business owners lack sufficient non-business assets to allow them to leave their inactive children an equal share of their estate. Thus, a business succession plan must provide a means of transferring wealth to the children who are not interested in, or not qualified for, continuing the business. Business owners must also assess the most effective means of transferring ownership and the most appropriate time for the transfer to occur.

The third level of a business succession plan is transfer taxes. Estate taxes alone can claim up to 45% of the value of the business, frequently resulting in a business having to liquidate or take on debt to keep the business afloat. To avoid a forced liquidation or the need to incur debt to pay estate taxes, there are a number of lifetime gifting strategies that can be implemented by the business owner to minimize (or possibly eliminate) estate taxes.

Small Business Funding – Why Even Small Businesses Need Business Credit

March 14th, 2022

If you read this headline and thought, “I don’t need business funding because…

* I work out of my house.
* I only work part-time.
* We just have a mom-and-pop operation.
* It’s just me and I don’t have any employees.

Incorporating takes money. I can open a DBA business with a checking account and a business license. I don’t need to spend the extra cash.

You thought one of the many reasons small business owners give to business consultants and financial advisors when they are asked why they have not established business credit. The plain fact is that almost every small business – one-man show, mom-and-pop, hobby that pays money – whatever you want to call it, can benefit by its business profile. This means it benefits you, the small business owner the most!

Establishing a business prfile is relatively easy and can afford you, and your small business, many benefits right now. Pre-established business lines can help your business (and you!) survive a rough patch or finance the growth of your company in ways you did not think possible before.

Three basic steps will get you on your way to establishing a working capital line:

1. Become a legal business entity. Incorporate your business as a standard corporation (C- or S-), or a limited-liability corporation (LLC), or other incorporation.

2. Make sure you have a business phone at your business address. Banks compare the information you give them with the national 411 directory. Calling 411 is an easy way to verify you are listed correctly.

3. Establish vendor credit. If you make a product, this is easy. Develop lines with at least your top five material suppliers. If you do not “make” anything, you can still develop a line of credit with your office supply store(s), cell phone company, and other business service providers. Cars can and should be purchased or leased by your business, if you can qualify at this point. Office equipment and other equipment can also be leased or purchased to build vendor credit.

Now you have the basics to start expanding your working capital line. Apply for a credit card using only your business’s credit information. This means using all business information for credit references, too.

After you have a couple of business cards, you can start looking for other small business funding options. Opening a business line with your current bank or other lender is a good next step. This will strengthen your credit and allow you to borrow even more money in the future. And remember if done correctly these business lines of credit will not show up on your personal credit reports. Building good business credit can put $30,000, $100,000, or more into your business. A few years from now, your current small business may not be so small at all.

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