Goal-setting, in both business and personal life, is extremely important. As Zig Ziglar said, "If you aim at nothing, you will hit it every time." Just having goals in mind isn't the key to achieving your goals though. Various studies, one referenced below, have shown us the one thing you need to do to increase [...]
Last year's taxes are officially filed. You're more than halfway through the current year. How are you doing with your finances? If you are like most people, you really aren't sure. Now is a great time to do a mid-year financial review. You're far enough into the year to see how your financial activities are [...]
To grow a valuable business – one you can sell – you need to set up your company so that it is no longer reliant on you. This can be easier said than done, especially when, such as a PR consultant or plumber, what you are selling is your expertise. Scaling Knowledge To scale up [...]
How to make your company irresistible to potential buyers One of the biggest factors in determining the value of your company is the extent to which an acquirer can see where your sales will come from in the future. Business purchasers are buying future income and growth. The more predictable your income, the higher you [...]
Here in 2021, with so many people impacted by a loss of income through the COVID-19 pandemic, managing your cash flow (aka budgeting) is more important than ever! Whether you are new to budgeting or just need to "tighten" your current budget, understanding the "four walls" of budgeting can help. Each of the four areas [...]
Whether you plan to buy a business or sell a business that you already own, understanding how to value a business is key. You don't want to overpay for a business you're acquiring. As an owner, you don't want to miss out on value owed for a business you're selling. In this article, I'll summarize [...]
What are the differences between an HRA, FSA, and an HSA? Are all of these "use it or lose it" accounts? It's almost weekly that I speak with someone who is confused about how these are funded, who owns the money, and how the timing of distributions differ between these accounts. Watch this short video [...]
Taxes for the Self-Employed can be Steep! In addition to regular income tax rates business owners are responsible for an additional "self-employment" tax. Consider that if you are married and earn $200k in 2021, your income puts you in the 24% federal tax bracket. Add self-employment taxes and you're looking at almost 40% of your [...]
Selecting the perfect financial advisor for your needs can be tricky. There are usually multiple financial advisors in each city and we highly recommend speaking with several before making a decision. Consider both objective factors, some noted below, and subjective factors. Why subjective? Because you need to feel comfortable working with the advisor you choose, [...]
What is financial advice worth? Is working with a financial advisor worth the cost? Let's discuss the value of financial advice with updated research data through last year. Previous Research on the Value of Financial Advice Vanguard performed a study several years ago which showed that someone working with a financial advisor benefited by [...]