Keep it Going – Forecast v Actuals
Last week, we discussed the importance of financial forecasting for your business. In this post, we discuss the process of comparing actual results with the forecast. Results should be compared with your forecast on a monthly basis, usually by yourself and your CFO. The most important thing is not whether there are differences in the […]
Monthly Financial Forecasts – Explained
Our last post discussed big-picture business goal forecasting. Today we’ll talk about financial forecasts for your business. You should have monthly, reviewable, updatable financial forecasts to help you steer your business – sometimes the waters you have to navigate can get murky. The quickest, easiest way to create a financial forecast involves projecting future revenues […]
Forecasting Business Goals
We’ve talked a fair amount, in recent years, about goals – personal goals, business goals. I’m for them. Big-time. But it’s important to make sure your goals are realistic, capable of achievement; it’s also crucial to have a plan, a roadmap, for meeting those goals. That business roadmap is what a good forecast can provide. […]
Why It’s Better to Focus on Your Strengths than on Your Weaknesses
Our current world starts in early with the notion that what we need most to do is fix our weaknesses. We “fix” our children’s behavior by teaching them better. We focus on improving our child’s D in Algebra, not on celebrating her A-level work in History and finding ways to further challenge and grow that […]
Top Tips to Consider When Selling Your Business
Well, we’ve covered a lot of ground on the subject of selling a closely-held business – including tax considerations from the buyer’s standpoint. This week, we recap to present a few top tips sellers should consider key when preparing for a sale: When you find yourself beginning to think about selling your business, get your […]
Buyer’s Tax Considerations When Purchasing a Closely-Held Business
Over the past few months, we’ve discussed selling your closely held business. We’ve discussed quite a few topics, but almost entirely from the seller’s vantage point. This week, we are looking at a few of the potential tax considerations of such a transaction – from the buyer’s view. Tax considerations play a part in every […]
At Last! JazzFest Returns to New Orleans
Last year, I wrote twice about the New Orleans Heritage and Jazz Festival and its meaning for me – first at the prospect of its return last October and again at that return’s postponement to 2022. But, at last, after a three-year absence and in its historical season, JazzFest did return to us. And in […]
When to Trust Your Gut – and How to Listen to It
I recently heard a story about a woman addressing a group on gut instinct. One day, she was leaving her house for a busy morning. As she locked her door, something told her she’d better go back and unplug her old toaster. But she was running late and had left the toaster plugged in before […]
Life After Selling Your Business – What Comes Next?
Last week, we discussed the transitioning-out phase of selling your closely-held business. Now, it’s time to talk about what life looks like once you’re no longer involved in the business you spent so much time building and running. Not very surprisingly, many entrepreneurs feel a profound sense of loss, which is perfectly natural. For much […]
Transitioning Out of Your Former Business
In our last installment, we discussed the execution and closing of the sale of your closely-held business. Now, your deal has closed, and your buyer is the proud possessor of the company you built from the ground up. Should you stay on? Of course, any provisions concerning this will have to be agreed upon in […]