Business Planning

By: John P. Napolitano, CFP®, CPA, PFS, MST

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

By: John P. Napolitano, CFP®, CPA, PFS, MST

One of the least addressed issues is your succession plan. Your succession can be caused by a few things. It can be pre-mature death, a well planned retirement, an unplanned disability, or a keen awareness about when may be the optimal time to exit your business via a sale.

Maybe it’s your hobby that you’ve longed to turn into a business, something that you’ve observed is in high demand in your market place or simply some consulting that you may be do for your former employer to earn a little extra money. Regardless of your reason, there are some things that all business owners need to consider before hanging out that shingle.

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

Most partnerships are forged because people want to work together. There may be a little more to that in some cases, as in one has the capital and the other has the knowledge or business acumen. But generally, unless you inherited something with someone else, partnerships should be based on an amicable relationship with a prosperous goal.

By: John P. Napolitano, CFP®, CPA, PFS, MST

Family and money are not the easiest conversations to have – especially when gathering for a family occasion or holiday. Nevertheless, these conversations are appropriate, and should be had if you are curious and looking to be helpful.

This conversation should happen with family members that you care about. Let’s start up the family tree with parents. Sometimes older generations don't want to talk about money at all. But these are questions that must be asked, regardless of their willingness to answer.

By: John P. Napolitano, CFP®, CPA, PFS, MST

According to the U. S. small business association, small businesses make up over 99% of all businesses in the USA. There are no set in stone rules as to what constitutes a small business. In fact, whether you are considered a small business is a combination of annual revenues and number of employees and is different industry by industry.

By: John P. Napolitano, CFP®, CPA, PFS, MST

Many businesses with more than one owner operate for a long time. If one of the owners decides to check out, however, then all of the gaps that existed during your partnership will become exposed and possibly cause damage to someone.