Atlanta Financial is Proud to Now be a Part of Mercer Advisors!
Before you know it, the hustle and bustle of the holiday season will be upon us. In order to minimize stress and maximize your gifting abilities, it’s important to keep in mind a few details that you may or may not be aware of when it comes to charitable gifting.
When I begin working with a new client it is not uncommon to learn that they have an outdated estate plan. Some people think not much has changed since they last did their plan, while others have different reasons as to why they have not updated their plan. And some tell me they think that estate planning is only for the super-wealthy.
Successful entrepreneurs spend much of their lives building valuable companies, and ultimately, many of them end up selling those businesses. It is very common for the business to be the most valuable asset a business owner has. When selling the business, it is likely that the company will attract a higher valuation if the business owner has made the business ready for sale and is also prepared for the sales process. However, if business owners make big mistakes when selling, or their business is not ready for sale, they risk not receiving the amount of money for their business that they probably deserve, given their efforts over years and decades. If you are a business owner, we know which outcome you probably prefer, and with that in mind, here are four types of mistakes that can lower the value of your business or possibly derail a sale— along with advice on how to avoid them.1
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Help for small businesses continues to be a hot topic after the massive stimulus bill passed Friday, March 27th. Details of the available programs continue to be clarified but one of the programs for which we have fielded the most questions is the Payroll Protection Program. The Small Business Administration (SBA) has released the official application and will begin to process applications on Friday, April 3rd. These loans will typically be processed through an SBA approved bank (our experience has been that almost all banks of reasonable size are enrolled and will be processing these loans and applications).
When talking with my clients who own businesses, many of them have a goal to sell their business for full value so that they will be able to fund the retirement lifestyle they desire, take care of their family, and support the charitable intentions that are important to them. Unfortunately, many owners will probably not be able to sell their businesses when they are ready because they are not taking critical steps needed toward a transition or toward getting the full value of their enterprise, even though many of them have 80-90% of their financial assets/net worth based in the business itself. 1 The fact that most business owners are not taking the critical steps to prepare their businesses for sale is supported by a recent study conducted by the Exit Planning Institute that showed that only 20-30% of the businesses that go to the market actually end up selling.2 If you are a business owner and your plans include selling your business sometime in the future, what can you begin doing today to enhance your business’ value and make it more attractive to a future buyer?
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