SBS Launches QuickBooks Training Division  

SBS has again identified a need from small business owners in Richmond who want more access to formal and specialized QuickBooks training.  Who better to offer this training than a company that specializes in working with clients who depend on this software to run their businesses?  Our first of many training workshops will be held next month, so go to our website for details and registration.  These hands-on instruction workshops will be led by a certified QuickBooks ProAdvisor and teach the ins and outs of this user-friendly software. Whether you're new to QuickBooks or a regular user, SBS has a workshop or training program designed for you and/or your staff! Click here for more information.

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You have to answer some critical questions, like... "What happens to the business when I'm no longer running it?" and "Will the sale of my business produce enough money to fund my retirement?" 

 

The family dynamic complicates the whole transition because of the relationships and emotions involved.

Succession planning should be a priority for any family business given that seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.  Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

 

Key issues to consider: 

• Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? Is your business properly positioned to sell?  A good plan may dramatically increase the value you extract from the business.
• Who is going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all of your children, whether they are actively involved in the business or not.
• Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due soon after ownership is transferred.
• Making it fair. Transferring ownership often adds a tremendous amount of stress to family members, and potentially to key employees who aren't family members.
• Funding.  Every succession plan needs to have a funding mechanism. 

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Article written by Brian T. Hennaman.  Brian is a Richmond based financial advisor, and the President of Spectrum Financial Group.  For questions concerning business succession planning, or other related issues, Brian may be reached at 804-897-2966, or by e-mail: Brian@spectrumwealth.net.

As announced to clients earlier this year, Stewart Custis, Owner of Old Dominion Accounting, has recently merged his accounting and tax practice with Steiner Business Solutions. Stewart, a graduate of the University of Richmond, operated his company independently for over three years before joining forces with SBS in May. "This new partnership adds greatly to our ability to provide the best possible service to our clients," said Dan Steiner.  "Stewart and I share the same philosophy of responsiveness and flexibility to serve our clients'
accounting needs, so they can focus on their business." As acting Tax Manager, Stewart will be the main contact for all tax related matters. Stewart can be reached at STSCPA@comcast.net or (804) 467-1424.

Get a Jump Start on Year End Taxes

 

We're now well into the 3rd quarter. This is a great time to get SBS started on preparing your books for tax season. The faster we get your paperwork in order, the faster you see a return. Don't wait until year-end and have to rush and stress. Click here for more information about our tax preparation services and contact SBS today to get started and ahead of the game.

SBS is a founding member and advisor in the new Richmond Franchise Owners Forum - a collection of local business advisors formed to provide useful resources to franchise owners. The group's mission is to help franchise owners along the road to a successful, meaningful business. Each month the Franchise Owners Forum (FOF) will host a free seminar or workshop to educate owners on all aspects of business. There is no cost to join the FOF and the group is open to any franchise owner in the Richmond area who is interested in sharing ideas and experiences with others. To learn more, visit www.franchiseownersforum.com or connect with the FOF on Facebook and LinkedIn. 

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