8 Essential Elements of an Exit Strategy for Business Owners: Part III

Develop a Strong Management Team The development of a strong management team is usually a necessary consideration in the preparation of an exit strategy. This helps to ensure a smooth transition with some continuity of leadership and talent. One consideration is whether, and when, the owner replaces himself/herself as the CEO. An outside person may …

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Internal Control Processes Over Participant Contributions

Are you doing all that you can to ensure that your participant’s accounts are correct?  When was the last time you evaluated your internal controls over participant accounts?  There are a few important steps you can do to beef up your internal control processes in order to increase the probability that your participant’s accounts are …

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8 Essential Elements of an Exit Strategy for Business Owners: Part II

Improve Profitability and Cash Flow A company is more valuable when it is profitable and has good cash flow.  Therefore, an owner should always strive to have the company as profitable as possible.  Several steps can be taken to improve the profitability of a company. If the owners are paying personal expenses through the business …

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8 Essential Elements of an Exit Strategy for Business Owners: Part I

At some point in time, every business owner will need to transition their business to new owners, which could be a business partner or management buy out, a transfer to family members or an outright sale of the business on the open market.  Regardless of the expected exit strategy, every business and business-owner should probably …

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ERISA Violations – Litigation Happens

It’s that time of year again when employee benefit plan audits are gearing up so it’s also a good time for a reminder regarding the importance of ERISA compliance. Plan sponsors who have good oversight over their plans and have annual audits may tend to not keep apprised of legal proceedings involving benefit plans. Some …

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Quickbooks Online

I have a client that has been using the desktop version of QuickBooks since 2000 and is thinking about making a switch to QuickBooks Online.  They asked me how the online version compares to the desktop version.  The truth was that I had used both versions for what I needed from a tax reporting perspective, …

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