County Business Report: 4.2.2021
PRESQUE ISLE, Maine (WAGM) -Four months into 2021 and there are still some important resolutions small business owners need to keep...in order to keep a business a float. Shawn Cunningham talks to a local finance expert on what those tips are in this week’s County Business Report.
You’re idea to start a business is now fruition and its growing. You now have a team of people who share in that vision, WORKING WITH and FOR YOU. Now what? Bryan Thompson, Owner and CEO of Thompson Financial Group says there are few things that should happen at your business. The first is to review any Buy-Sell Agreements.
Bryan Thompson Owner/CEO, Thompson Financial Group
“if you do have a partner in your business is there an agreement in your business maybe several of you that specifically state if something happens to one of you and you leave the company whether from a death or a disability or even you just want to leave there should be something in writing ahead of time of how that will be handled whether it goes to the business or your family hows that gonna be handled.”
Shawn Cunningham NO STANDUP
Another important step is to understand financial life as we know it during present day pandemic. He says business owners need to avail themselves of any opportunities and legislation related to the covid relief bill that could help or hurt the bottom line..One thing to look for.. any.potential benefits from an employee retention tax credit..
“part of that tax bill was kind of an employee retention that’s gonna happen with the tax credits from employee taxes but you wanna make sure that that’s an option have that discussion with your tax accountant see if its something you’re eligible to take a credit on.”
Thirdly, time to review Estate Plans...
“It’s a hard conversation but I think its really important no day is promised and I think to kind of have a plan in place, maybe you’re protecting that business the employees even your family so that if something like that happens you’re not gonna leave behind a big kind of decisions that has to be left up to other people to make.”
Just a few decisions and important checklist items, that will not only keep the business going but hopefully growing. Shawn Cunningham, NS 8.
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