Yes–Tax Law Changes Can be…Fun…Complicated….Painful…Beneficial? (more…)
At a recent gathering, I spoke to Will, a local small business owner. Will and his uncle have built a very successful diesel repair business, they specialize in heavy equipment. I asked how their year had been.
Will was excited over the level of growth they had that year. They took on a large contract with Caterpillar, along with their existing client base, “it set them up pretty”, to quote Will. They hired two additional diesel repairmen and expanded their shop adding two additional repair bays. I asked if they had spoken to a financial advisor lately – his response was, why would they? They are doing great. (more…)
Fall is here–the end of the year isn’t far away. If your family is like my family, our attention turns to many different things: getting winter clothes ready, watching football, making holiday plans. We also look back to see how the year has taken shape and what we still want to accomplish. Being mindful about what’s happened so far and what we still want to do during the year is important to us. It focuses our activities, gives us a good sense of our finances and lets us make informed choices. (more…)
I was talking with a friend of mine the other day – she had called with a concern about her business. She is a co-owner in a retail store that’s been doing really well. She and her business partner get along and see eye to eye on most things. When they started the business together about 5 years ago they took all the right steps and that included setting up a buy sell agreement. That agreement spelled out what would happen if one of the owners died or terminated employment.
So, what was her concern? Her business partner had recently become ill and was having a hard time coming to work every day. They agreed that they needed to hire a part timer to fill in …now it’s six months later and her business partner isn’t showing signs of improvement. (more…)