ArcaMax

"I run a small manufacturing business. We have only one product, but it's a doozy; even during the pandemic, our annual sales have been in the mid-six figures. Since I'm the only one working in the business, our profit margins are 80% or better.

"We had a patent and trademark for this product years ago, but I let them both expire. There's ...Read more

"I am a young (mid-30s) physician who has just completed his residency and recently bought a suburban general medicine (internist) practice.

Your column last week about building a successful medical practice struck a chord with me, and I hope you won't mind a related question.

My practice is in a rural area, and, while I have enough patients...Read more

"I am a young (mid-30s) physician who has just completed his residency and wants to buy a suburban general medicine (internist) practice.

"I have been a fan of your YouTube videos for years and wonder if you have any advice for me -- not so much on how to buy the practice but how to keep the patients on board after I do."

First of all, let ...Read more

"I am a full-time employee at a large tech company.

"My son, who lives in another state, wants to start a small consulting business. He will need my personal expertise in servicing his clients, because I have more knowledge of the technology than he has. He wants to set up a limited liability company for this business and give me a one-third ...Read more

"I have a consulting business with over 50 clients, but I'm afraid that won't last much longer unless I get some tough love from you.

"In working with my clients, it's inevitable that we will discuss things other than the project at hand. Although I try to avoid discussing politics with my clients, several have recently asked me point-blank ...Read more

For the past 30-plus years, this has been a column for people who run small businesses. But what exactly is a "small business"?

Well, 50 years ago, we knew what a small business was: a storefront somewhere in town that could accommodate only a few customers at a time, run by a local family and selling everyday stuff. That type of small ...Read more

Many if not most clients are operating on extremely tight profit margins these days; people are obsessed with controlling costs of all kinds, including legal fees. Consultants and other professional service providers must be clear at all times about how their fees are calculated, how much a project will cost, and when payment will be due.

To ...Read more

"I am trying to apply for a Paycheck Protection Program loan for my small business, but I've hit a snag.

My local bank, which is part of the PPP, is telling me I can't apply for a loan because my current NAICS Code is incorrect. I didn't even know what a NAICS Code was, much less that I had one. I've been in business for over 20 years, and ...Read more

Whenever you forecast the future, you take your feet, stick them in your mouth and chomp down hard. Anyone who tried to predict 2020 trends for small business last January ended up eating a considerable amount of anatomy.

But that doesn't stop us, does it?

Last week, I hosted a Zoom webinar for the Fairfield County, Connecticut, SCORE ...Read more

If you received proceeds of a loan under the federal Paycheck Protection Program (PPP) in 2020, you are probably wondering if, when and how those loan proceeds will be forgiven, and how you should treat them when you file your tax returns.

If you've spoken to your accountant about this, you've probably gotten a response along the lines of "...Read more

Last week, Congress and the president gave small businesses across the country a belated holiday gift in the form of a new round of Paycheck Protection Program (PPP) loans.

First, some acronyms you need to wrap your brain around. The first two rounds of individual and small business loans and grants were handed out last year under the ...Read more

Normally, at year-end, I do a column on New Year's resolutions for small-business owners, with simple but practical suggestions such as taking your lawyer and accountant to lunch once a year and asking them to name three things you could be doing better.

But 2020 was a year like no other in our lifetime, and I think it's more important to ...Read more

When it comes to tax planning this year, there is good news and bad news.

The good news: If your small business was clobbered by the COVID-19 pandemic and government shutdowns, you shouldn't have to pay a lot in taxes for 2020.

The bad news: Sometimes our income tax laws work in crazy ways.

I'm indebted to my good friend John D'Aquila, a ...Read more