Choosing Between a LLC and a Corporation
A very common question among people starting a business is what type of business should they form. There is no blanket answer for this. One thing we do always recommend, however, is that you choose some type of entity that will protect you from personal liability. That is, you don’t want to expose your personal... Read More
Growth, Succession, and Acquisitions – Are You Ready?
We’ve talked about this before – acquiring businesses is the easiest way to grow. Now, more than ever, this is true. We came across this article by Codie Sanchez that dives into how entrepreneurs are cashing in on small business owners that are selling. It really struck a chord with us, especially the part where... Read More
Business Credit vs. Personal Credit: What You Don’t Know Could Hurt You
We recently received an insightful newsletter from Experian that we thought was worth sharing. It covers how business credit differs from personal credit. If you’re a small business owner, you’ll definitely want to check this out. “Many small business owners don’t realize that business credit scores are distinctly separate from personal credit scores. Your business... Read More
DIY Business Financing
In my first business, I set out to find $300,000 to buy much needed equipment. I went through 26 banks! Each time, I tried to learn why I was turned down and made adjustments in my business plan for the bankers. It finally worked, after 26 banks and close to a year of learning, before... Read More
Cash Flow Myths Demystified
These are a few of the reasons we hear from clients, to explain why they are experiencing cash flow problems. In fact, any of these can easily be the catalyst for the fire, but every one of these also has a quick solution that can put a company back on track. A recent client had... Read More
Outsmarting Tariffs – A Smart Way to Beat the Tariff Trap
Let’s address the effects of tariffs on your business, and how to easily survive them. We can’t control the world market, but we all know that this will increase our costs, most everyone will be impacted by them, and we are all fearful of raising prices. Catch 22? Yes, and no. We have been through... Read More
Business Bankruptcy – Don’t Do It!
Don’t do it! It’s a trick … unless you know exactly what to expect and ALL related costs and time. Why you might contemplate bankruptcy and what you expect to get by filing one, can easily be a LOT different than what you actually end up with. There are various types of bankruptcy filings, but the common... Read More
The Most Misunderstood Thing in Business
Cash versus Accrual Accounting – Why You Need to Know There are two different accounting methods to report income and expenses. One is called the CASH basis, which tracks cash as it comes in, and expenses as they are paid. The other method is called the ACCRUAL method, and it is based on when the work is... Read More
Why a CFO or Lender Won’t Save Your Business
Are You Considering a CFO to Help Your Struggling Business? Think again. CFOs – even fractional ones – are not turnaround specialists. While they manage financial reports and budgeting, they often lack deep experience across multiple distressed companies. They read numbers, but they don’t tell you how to fix the problem. Lenders Can’t Help Either.Banks... Read More
Cash Flow Hacks (Part 3 of 3)
Keeping cash flowing is all about strategy. The first 3 ways to improve cash flow were reworking existing financing, converting excess inventory, and eliminating prepayments and/or deposits. In our last blog we went over the next 3: negotiate better credit terms, sell or lease back equipment, and restructure repayment terms. Now, here are the 3... Read More