{"id":133754,"date":"2024-10-21t11:58:26","date_gmt":"2024-10-21t15:58:26","guid":{"rendered":"\/\/www.g005e.com\/?p=133754"},"modified":"2024-10-27t08:18:10","modified_gmt":"2024-10-27t12:18:10","slug":"accountants-have-ample-opportunities-in-private-businesses","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/10\/21\/accountants-have-ample-opportunities-in-private-businesses\/","title":{"rendered":"survey shows big opportunities in small business"},"content":{"rendered":"
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business owners name three top challenges.<\/strong><\/p>\n by 卡塔尔世界杯常规比赛时间 research<\/em><\/p>\n small, private businesses are the bedrock of the american economy.<\/p>\n <\/p>\n they also make up the majority of the clientele of cpa firms, most of which are themselves small, private businesses. but a small, private business isn\u2019t just another client. each is a bundle of opportunity. they all need more than tax preparation. they need advice. they need planning. they need governance. they need experience. sometimes they even need a little family therapy.<\/p>\n the second annual private business owner survey issued by brown brothers harriman offers insights that cpa firms can use to better understand small business clients and their needs.<\/p>\n the survey tapped 400 private businesses, a quarter of them valued at $10-50 million, a quarter over $500 million, and half distributed in between. all had private owners, none owned by an institution or fund.<\/p>\n many serious challenges<\/strong><\/p>\n the survey report noted the many serious challenges faced by private businesses around the world. among them:<\/p>\n it\u2019s a lot to think about along with the usual concerns of marketing, personnel, quality control, supply chains, finances and so on.<\/p>\n asked about their top three challenges, the majority of respondents named three big ones:<\/p>\n if those are the biggest challenges to private businesses, and if most accounting firm clients are private businesses, then those challenges are a firm\u2019s opportunities.<\/p>\n family complications<\/strong><\/p>\n family businesses face a whole additional layer of challenges, one of them being, of course, the complications inherent to every family.<\/p>\n a family business isn\u2019t just a business. it\u2019s a part of the family itself. the family identifies with the business. and that\u2019s the top reason that 45 percent of respondents would not consider selling some or all of the business in the next 12 to 24 months.<\/p>\n and a staggering 91 percent of private business owners say that it is important that their business remain in the family for the next generation. so no surprise that 99 percent say they have taken steps to prepare for the next generation to take over.<\/p>\n nonetheless, 29 percent are still struggling to pick a successor, and 74 percent say that roles for the next generation are either not well defined or not fully communicated.<\/p>\n willing to sacrifice growth<\/strong><\/p>\n some family leaders are willing to make sacrifices to ensure that their inheritors continue to receive dividends even if they don\u2019t want to participate in the business. a good 46 percent are willing to give up part of their ownership to maintain dividends, and that\u2019s up 13 percentage points since last year. more than a third are willing to sacrifice potential growth for a guarantee of continued dividends for the family.<\/p>\n so there\u2019s some work to be done. and a cpa practice with experience or knowledge of the process \u2013 and the psychology \u2013 of transferring a business or its dividends from oldsters to whippersnappers is in a good position to offer insight and expertise. there are potentials in<\/p>\n that all adds up to a lot of niches for a lot of clients \u2013 in other words, a lot of opportunity.<\/p>\n\n
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