seven keys to a complete succession plan

your client probably hasn’t considered them all.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

clients who own businesses should have a plan of succession.

one plan should be for when and how they will retire, and another for if they should die while they are in full control of the business. things happen and will happen and can be devastating to the family – financially and emotionally.

more on marketing: how to begin a business valuation | how to help a client start a new business | second opinions: an old service under a new label | help clients with employment compensation | help clients with basic budgeting | questions for after tax season | 28 data points for a financial planning discussion
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helping a client develop a succession plan can be a valuable good deed for the family as well as providing a great feeling of comfort for the business owner. advising on how to transfer stock to successors or the next generation always represents additional services.
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50 ways to create value for business owners and board members

woman interviewing another woman

why a valuation should be performed on a regular basis.

by ed mendlowitz
77 ways to wow!

here we’ll identify 50 ways that a valuation professional can provide something far more valuable than a number. while the valuation profession is under pressure to reduce costs or prepare a report, the business owner is better served in the long run retaining a valuation professional who provides greater insight to operations.

more: what earnings mean for a business valuation | use organization charts to rewrite the future | how to account for materials purchased | ten strategies for smart a/r collections | how to react to trends | trends are all around us | how to prepare business plan financial projections | the top 11 financial statement ratios
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the true market value of a business is only determinable when it is sold to an independent buyer – and even then, it is only for that time with that buyer. however, there are many reasons for valuing a closely held business that can provide valuable insights to the owner; these same reasons also underscore how credentialed professionals add value to business owners and board of directors. these are also not commodity services that warrant a low fee.
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how to begin a business valuation

woman wearing glasses, using calculator in front of two computer screens and a window

includes a sample preliminary document request.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

business valuation is performing appraisals of businesses for many uses and reasons.

forensic investigations relate to disputes that are in or will lead to litigation.

more on marketing: how to help a client start a new business | the tax effects of buying or selling a business | elder care: not sexy, but vital | how to guide clients through divorce | help heirs with tax issues | every client can use financial planning | four reasons to perform tax projections
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

who needs this service

this service is for anyone engaged in litigation or where the value of a business is an issue, such as partnership and marital dissolutions. also, valuations are necessary in many instances where there are tax-motivated transactions, particularly in the gift and estate tax arena and employee compensation situations.
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what earnings mean for a business valuation

why ebitda falls short.

by ed mendlowitz
77 ways to wow!

earnings are not always objective, and valuations apply a multiple to earnings to determine a company’s value. the elements making up a company’s valuation involve determining normalized earnings, a decision whether income taxes would be applied, and the capitalization rate to be used to get the value. there are also other factors, but this post looks at the quality of earnings.

more: use organization charts to rewrite the future | what clients don’t know about cost variances | how to advise clients on allocating business resources | be wary of discounting prices | where is your firm in its lifecycle? | six kinds of loan covenants | what’s more profitable, raising or lowering prices? | insurance you might not know you need
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

it is always about the earnings – except when it isn’t. there are some situations where a company could be acquired based upon strategic, synergistic or ego considerations, but otherwise, valuation all boils down to a dependence on earnings and the quality of such earnings.
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how to help a client start a new business

two men looking at computer screen

of course there’s a checklist … with 64 items to consider.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

many clients start small businesses and some grow into big businesses. anyone starting a business needs assistance at the beginning from an accountant on choosing an entity, determining the initial capitalization, getting an identification number and setting up the books.

more on marketing: the tax effects of buying or selling a business | how to offer conflict resolution | get your clients talking about retirement | how to assist investment clubs | when clients remarry | seven questions to suggest estate planning | four reasons to perform tax projections | four additional services to suggest
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

services also related in this area are buying a franchise, entering into a partnership and structuring investments. all proposed transactions by clients should be reviewed by an accountant for the tax consequences of such activities.
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the tax effects of buying or selling a business

fifteen points to consider.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

clients who are deciding whether to buy or sell a business are just at the beginning of the process. there’s also determining the proper price, helping in the due diligence process, and structuring the price financially in terms of cash flow and tax considerations.

more on marketing: how to offer conflict resolution | second opinions: an old service under a new label | help clients with employment compensation | help clients with basic budgeting | questions for after tax season | 28 data points for a financial planning discussion | four additional services to suggest
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this area involves a lot of tax and financial issues.
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use organization charts to rewrite the future

woman's hand drawing an organization chart

how do people view themselves?

by ed mendlowitz
77 ways to wow!

an effective way to review key staff is to have them separately draw up two organization charts to see how they view their role.

more: what clients don’t know about cost variances | why and how to track payroll costs | use constraints to make improvements | the role of strategy in pricing | wow clients with trend analysis | 26 ways to wreck a financial projection | three ways to run a break-even analysis | price not always the top consideration in a sale | when an owner dies without a buy-sell agreement | due diligence is in the details | manage better with the right financial tools
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the first chart is what they think their role is showing who they report to, who reports to them, lateral associates and support personnel. the second chart is what they would like it to be. rarely would the two be the same.
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400 pages of ways to make you and your practice more valuable

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get “call me before you do anything for 25 percent off with ed’s personal savings code “edsentmehere.

by ed mendlowitz

when i received my last two royalty checks, i was bothered that one of my favorite books sold very few copies. it is a great book, a really great book. the book is “call me before you do anything.”

ed’s latest handbook is 77 ways to wow! the handbook for small-business advisory services.

more ed mendlowitz in the 卡塔尔世界杯常规比赛时间 shop: how to build a stronger tax practice | implementing fee increases | 202 questions and answers: managing an accounting practice | the 30:30 training method | tax season opportunity guide | how to review tax returns

one time i asked my son andy to read something i wrote because i thought it was really great, and he replied, “you think everything you write is really great!” he’s right. i guess i do. but this is really great!

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