Entrepreneurs are today's American heroes, and that's a good thing. But too many people have an unrealistic picture in their heads of how things are going to go. They think that being a successful entrepreneur means they will be universally loved and rewarded, both financially and psychologically, and that everything will go without a hitch as...Read more
"Like the guy in Psalm 130, I am writing to you out of the depths of despair.
I started a retail business last year involving a hot new technology. We needed some local real estate, and found a pretty good location, but when our contractor inspected the space after we signed the lease he discovered all kinds of environmental and structural ...Read more
"We started a tech company last year and are getting ready to launch our first product. To do so, we will need to borrow $200,000 from friends and family.
We have been told to structure this as a loan, but we want to give our family members a piece of our future growth if the company is successful. What are the various ways to do that? We don...Read more
As the new 118th Congress slouches its way toward Washington this week, America's small businesses and their owners may well be wondering, is this a good thing or a bad thing?
Republicans control the House of Representatives (albeit by an extremely slim margin), where most tax and spending bills originate. While other tax initiatives may be ...Read more
Here are some more New Year's resolutions for business owners.
FIND THREE NEW SOURCES OF SALABLE PRODUCT
If your business is selling stuff online, one of your biggest challenges is finding high-quality stuff to sell at a profit. If you're not currently taking consignments, you're out of your mind. Take out an ad in your local newspaper ...Read more
New Year's resolutions are all about habits. Breaking some bad ones (smoking, drinking excessively, binging on fast food) and starting new ones (working out, eating more Brussels sprouts).
Businesses, like individuals, develop bad habits over time that need correction, while success in business over the long run usually means adopting good ...Read more
I try to avoid writing seasonal or holiday-themed columns, but I couldn't resist the temptation this year.
I was shopping at a local mall (yes, they still have those) for several hours the other day. The background music was piped in from a local radio station that mixes Top 40 hits with holiday classics.
No, this is not going to be about "...Read more
"I have been unemployed for some time and have come to the conclusion that corporate America no longer wants me.
Recently I heard about a local manufacturing company that's fallen on hard times. Their once-popular product line is no longer in retail stores, the owners can't stand each other and the CEO has tons of credit card debt that sucks ...Read more
As we exit the first "post-COVID year," it's time to start thinking about 2022 tax filings this coming April. As always this time of year, I'm indebted to my good friend John D'Aquila, a certified public accountant and head of D'Aquila and Company LLP in Jacksonville, Florida, (www.daquilallp.com) for sharing some of his year-end tax tips with...Read more
As we reach the end of the first "post-COVID year," it's hard to even think of another income tax deadline in three to four months.
But as Mark Twain once observed, the only two things you can count on in life are death and taxes.
The good news is that the post-COVID "return to normalcy" means your small business probably had a better year ...Read more
"We have kind of a 'good news, bad news' problem in our business.
On the one hand, a local angel investor has offered to buy 15% of our company for $300,000.
On the other hand, we don't know exactly who owns our company. My brother and I inherited my father's 80% share in the business when he died last year, and the remaining 20% is owned by...Read more
"I'm a retired teacher, and I'm thinking about buying one of the 'after-school tutoring' franchises. The franchise agreement says that I'm responsible for complying with all state and local laws but doesn't give any guidance as to what I need to look for. Can you give me an idea of what I will need to do?"
It's amazing how many startup ...Read more
"I invested in a small business corporation several years ago. The investment hasn't worked out the way I thought it would, and now I'm looking for the exit door.
Is there any way I can recoup some of my investment by taking a deduction on my taxes?"
The short answer to this question is "maybe."
First, take a look at the corporation's books...Read more