Have you ever wondered what’s going to happen to your small business when you retire? If you are an owner who’s been stressed deciding who should take over your small business when you retire, pass away, or become incapacitated, you… Read More
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10 Resolutions That Will Boost the Value of Your Company
2021 is in the books. If your goal as a business owner is to build a more valuable company in 2022, here are some New Year’s resolutions to consider: 1. STOP CHASING REVENUE. A bigger company is not necessarily a… Read More
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3 Things Wealthy Business Owners Do Differently
Much is made of analyzing the personality traits of successful entrepreneurs. Some appear outgoing. Others are introverts. Some lean right, others left. Some are flashy. Others are monk-like with their money. Their diversity can lead one to the conclusion that… Read More
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Strategic Fit in Mergers & Acquisitions
Strategic fit is defined as “a situation that occurs when a specific project, target company, or product is seen as appropriate with respect to an organization’s overall objectives.” Company executives seeking to expand through a merger or acquisition will look… Read More
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Is Your Business Too Dependent On You? (5 Reasons Why Your Business Is Too Dependent On You)
If you, as a business owner, were to draw a picture that visually represents your role in your business, what would it look like? Are you at the top of an organizational chart, or stuck in the middle of your business… Read More
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Which is Better, a Financial Buyer or a Strategic Buyer?
If you decide to sell your business to an outside acquirer, you’re going to have to decide between a financial and a strategic buyer—understanding the different motivations of these two buyers can be the key to getting a good price… Read More
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The Big Thing Holding Back Small Businesses
Small businesses stay small either by choice, or because they start chasing growth in the wrong places. When you strip away the layers, it all comes down to darts. Imagine a dartboard with a bull’s eye and around it is a… Read More
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How to Protect Your Business from Future Uncertainties
A new decade always comes with a slew of predictions that can be scary for small business owners. Without a crystal ball, you might feel helpless. There are three practical steps you can take to protect yourself from whatever… Read More
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Ownership Has Its Privileges
Walk down Nashville’s Lower Broadway any night of the week, and you can hear aspiring artists belting out cover tunes from Elton John to Garth Brooks. In many cases, these musicians come to Nashville to be discovered but pay their rent… Read More
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Record Keeping for Your Own Business
Keeping good business records will not only help you stay in business but may also help you increase profits. Your business records let you analyze where your business is and where it’s going. They point out potential trouble spots and… Read More
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Planning for Succession of a Business: Can I Give It Away?
When you develop a succession plan for your business you have two basic choices: you can sell your business, or you can give it away. In the January 2019 Advisor, we focused on options for selling your business. There are… Read More
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Planning for Succession of a Business
BUSINESS SUCCESSION PLANNING — WHAT IS IT? One of the important decisions a business owner must face is when and how to step out of the business — in other words, business succession planning or exit planning. Do you expect… Read More
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Funding a New Business
You’ve written your business plan, you’re excited about your business idea, and now it’s time to get started. One problem: You don’t have the financing to fully realize your dream. What are your options? Aside from using your own funds… Read More
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Life Insurance for Business Owners
If you own your own business, chances are you’ve at least thought about the conditions under which you will leave the business and who is going to take over after you’re gone. Business continuation is difficult enough under normal circumstances,… Read More
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Choosing an Entity for Your Business
Now that you’ve decided to start a new business or buy an existing one, you need to consider the form of business entity that’s right for you. Basically, three separate categories of entities exist: partnerships, corporations, and limited liability companies…. Read More
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Transferring Your Family Business
As a business owner, you’re going to have to decide when will be the right time to step out of the family business and how you’ll do it. There are many estate planning tools you can use to transfer your… Read More
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Retirement Plans for Small Businesses
As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed a deduction for contributions you make to an employer- sponsored retirement plan. In return, however, you’re required to include certain employees in the… Read More