How Preparing for Tax Season Also Helps Your Ownership Conversion Plan™

Are you the kind of business owner who scrambles through a box of receipts once tax season hits or do you have your records organized and ready to go? The latter, obviously makes surviving tax season a whole lot easier but it also is a big part of having a solid Ownership Conversion Plan™ (OCP) for your business. As I stress in my book, it is equally important to work on your business as it is to work in your business. Therefore, it is vital for you to spend time making sure that your ...

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What does the Tax Reform do to your Ownership Conversion Plan™?

When the Tax Cuts and Jobs Act passed, I told you about some of the business wins and advantages. Now you may be asking yourself what that means for your Ownership Conversion Plan™. The answer, for most small businesses, is more money to put back into your business, buy new equipment, hire new workers or expand operations. That, in turn, helps your businesses become more successful and help you reach your Designed Destinations. Sole proprietorships, partnerships and S corporations are what ...

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Lasting Relationship Advice for a Family Business

I grew up in a family business. My father began a small nursery which eventually grew into a successful and highly profitable business. However, he never had a business plan. I nagged him for years about it until he finally understood how important a succession plan would be for the business, the employees and our family. He died suddenly just a week after we met to discuss what would happen when he was ready to transfer the business. Unfortunately, none of the ideas we discussed had a chance ...

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Building Your Future By Design

Do you know the actual date that you wish to stop working in and for your business? Do you know how much money you will need to live a comfortable life as a retiree? Do you know what your business is worth in cash today? All business owners part with their businesses voluntarily or otherwise. All owners want to receive – or have their heirs receive – the maximum amount of money when the business changes hands. And, let’s face it, money is an important measure of success. Unfortuna...

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Planning for Your Business in the New Year

Many people use the start of the new year to set goals personally and professionally. As a business owner, you should also take advantage of this time to plan for your business. Here are 5 tips to help you get started: Take Stock - In my book, Designed Destinations, I talk about “The Size of the Pot” which urges business owners to know the actual current value of their businesses. Do you know the value of your business today in cash? What other income do you have outside of your ...

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How Will the New Tax Reform Affect Your Business?

Business is the big winner in the newly approved Tax Cuts and Jobs Act, which was passed recently by the U.S. Senate and signed into law by President Trump. The Tax Cuts and Jobs Act states, “For taxable years beginning after December 31, 2017 and before January 1, 2026, an individual taxpayer generally may deduct 23 percent of qualified business income from a partnership, S corporation, or sole proprietorship, as well as 23 percent of aggregate qualified REIT (Real Estate Investment ...

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Financial Adviser Lawrence Ganim authors book on retirement planning for entrepreneurs

This article was published on WestfairOnline.com on November 3, 2017 by Phil Hall. To view the original article, please click here. To financial adviser and wealth management planner Lawrence Ganim, the greatest challenge faced by entrepreneurs is not getting their businesses up and running, but what to do when the time comes to step away from the controls. "I've been working for entrepreneurs for over 30 years and I've never had an occasion where I met a successful entrepreneur who had ...

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