Around the Web: A Week in Summary
A recently published Inc.com article entitled “Tax Efficiency Tips for Small Business Owners and Sellers” explains how good business tax practices can help a business’ bottom line as well as help make a business look more appealing to a potential buyer down the road. The article goes on to explain that one of the most important pieces in the tax puzzle for a business involves good record keeping. Keeping your business expenses and receipts organized and in good order is a great habit to get into and very beneficial, especially around tax time.
Another important factor to consider when it comes to business taxes, according to the article, is keeping track of which deductions and tax credits your business is eligible for. Whether it be the Section 179 Expense, Bonus Depreciation, the Work Opportunity Tax Credit, or even Vehicle Expenses, there are several different options and opportunities for tax breaks and deductions out there if you take the time to look for them.
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A recent article published on Axial Forum entitled “Dying is Not an Exit Strategy” speaks on the importance of having an exit strategy and succession plan. There can be nothing worse than the unexpected illness or death of a business owner without a proper plan for the business in place. These unfortunate circumstances will not only burden the family of the owner, but will likely result in the liquidation of a business at a fraction of its true value.
Three important factors to consider when planning a succession strategy include:
- Who will run the business?
- Who will own the business?
- How will proceeds from a sale be distributed?
Whether or not you’re in a position to think about selling your business in the near future, it is still important to think about how you’d like to transition in the event of unexpected circumstances.
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A recent article published in Value Walk entitled “Surviving and Thriving After a Merger” explores a situation where a former COO has been replaced and left out of post-merger business practices and is trying to find his fit within the new company. The man had been replaced by a younger, less experienced person and struggled to find his function in the workplace. The advice he received can be summed up in these important points:
- Listen and learn from his replacement
- Reach out to HR to get an official job description
- Offer to help out the replacement in completing job duties
- Keep a positive attitude
These types of situations are always difficult, as are many transitions after a merger. Things will take some time to iron out, but if difficulties are handled well, things can turn for the positive.
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