Start, Buy or Sell a Business
Starting a Business
Starting a business is a major life decision. There are many things to think about before starting out on your own or with a group – (see our Summary Decision Process & Action Steps listed below). Developing a plan of action will give you the best chance to fulfill your dream of being your own boss and running a successful business. Leonard Bruno CPA will assist you with preparing a business plan, assessing your capital needs, filing the correct paperwork, setting up your record-keeping and payroll systems, and everything else that you will need.
Summary Decision Process & Action Steps:
- Step 1 – Develop the right team
- Step 2 – Develop your business plan
- Step 3 – Choose your form of organization
- Step 4 - Finalize shareholder or partnership agreements
- Step 5 - Pick a year-end date
- Step 6 - Register your business and get licenses, permits and accounts
- Step 7 – Execute the rest of your business plan
Buying or Selling a Business
Buying or selling a business is a significant life decision and not an exact science. Someone has to ask the right questions, do the correct analysis, and make the appropriate recommendations before a buy/sell decision is made.Buying an existing successful business is a faster, more cost effective, and less risky way to be in control of your financial future. Selling your business is a complex process and should not be attempted without professional help. Using the services of a CPA, in collaboration with a lawyer and business broker, will help ensure you get the best value for your business. A key component in buying or selling a successful business is making sure you follow the right process before getting started. Below are the five key steps Leonard Bruno CPA will help you take when you are about to buy or sell a business.
- Get the Right Advisors
- Do Your Research
- Consider Tax Issues of Buying or Selling a Business
- Decide on a Structure for the Sale or Purchase - Assets Vs Shares
- Negotiate Other Terms - Staff and Non-competition
- Have Legal Documents Prepared
Growing your Business
When you have exhausted your current options to diversify your product or service lines, what other options might you consider to grow your business? Have you considered merging with or acquiring another business, or offering your business as a franchise, or opening another location? Leonard Bruno CPA offers professional techniques to help you ensure your business grows.
Increasing your Profit
Are you looking for strategies to increase sales, cut costs, increase efficiency, and or reduce taxes? Leonard Bruno CPA will help you devise strategies to increase your after tax bottom line.
Do you need help designing a succession plan? We will help you with a process to identify key issues involving key personnel, taxes and a fair transfer of ownership. Call Leonard Bruno CPA to let him help you with ensure your legacy has the best chance of success.
A Sample Process
- Set goals and scope
- Identify critical positions and talent needs
- Identify existing competencies and take inventory
- Consider aspects of the ownership and governance system
- Consider aspects of the family system
- Consider aspects of the leadership and management systems
- Identify aspects of systems convergence, talent gaps
- Craft succession management strategies
- Implement succession plans
- Evaluate Effectiveness