An outside advisory board provides a range of services from acting as a sounding board or a second set of eyes, to providing expertise, guidance and insight to the business owner. This is the first in a multi-part series that looks at real issues facing business owners and how they are addressed with the help of an outside advisory board. We will look at instances where an advisory board worked in concert with a business owner to provide different perspectives on issues and help develop and execute long range strategies and plans using short range goals and projects.
If done properly, a business assessment provides the business owner with significant value and benefit because it helps him/her to focus on what is important. Here is a real life example of how an objective look at the strategy and operations of a business helped distill, focus and change a company’s actions that resulted in increasing revenues and growth.
It’s difficult, stressful and sometimes even lonely being a business owner. With little margin for error, every decision you make could mean more business growth – or one of your employees being out of a job. In a small business, the close-knit atmosphere means that a job loss is taken much more personally.
Business relationships go through financial challenges like any relationship. Manufacturers, business landlords or tenants, suppliers, brokers, even business partners have problems resolving debts. What can a business owner do if the person who owes them a debt (a “debtor”) transfers cash, equipment, or other assets to hide them? What if the debtor gifts their assets to family or friends specifically so you cannot pursue them to satisfy your debt?
The R&D tax credit, which is regularly used by America’s largest companies, is vastly under-utilized by the nation’s small and mid-sized producers and innovation businesses. The reasons for not utilizing the research credit vary widely, though the principle causes relate to confusion about what expenses and activities qualify for the credit and the complexities associated with computing the credit.
Whatever the reason is for you to sell your business, you will want to get the highest possible price for the entity that you’ve built and nurtured. As a successful business owner who was able to start up and grow a profitable business, you assume that selling your business should be something you can do yourself. But should you?