Financial Bits and Bytes

Complications of the Aging Population Seniors face particular challenges as they age, and their loved ones don’t always know how to handle these complications. At times, we may be quick to judge the decisions of the elderly, and at other times, we haven’t done enough to prevent an absolute disaster. Please read below on common occurrences we see in practice, and some practical solutions to alleviate the problems altogether. A couple brought a wonderful daughter into this world. She grew up, went to college, married her own sweetheart, and started a family of her own. Her father died in his

Everyone wears glasses. I mean the figurative kind. The kind that color the world that we see around us. We all know people that have a pleasant, upbeat attitude, and we all know people that are grumpy all the time. Then there’s the people that feel that the world is always against them, and those that feel that their life is a complete gift, with a red carpet that is rolled out for them at every opportunity. But what I’m talking about now is the way that you look at the future of your company. Do you look at that

With the unemployment rate shrinking, it has become increasingly difficult for employers to find the right people for their companies and retain their most valuable employees. To stay competitive, companies need to offer great employee benefits that incorporate a retirement savings plan. Many companies believe they can’t afford to have a retirement plan. The truth is that some plans cost very little to set up and maintain. The employer can further reduce their net costs because nearly all plans offer tax deductions for employer contributions. You can reduce your tax liability and attract and retain great employees all at the

If you’re an entrepreneur that wants to pass your company down to the next generation, you want to do everything that you can to make sure that your successor does well. Beyond knowledge of the services and products that your company sells, knowing how your company operates, especially in the areas of administration and finance, will help them continue to grow your business. In our last article, we talked about the basic functions of a CFO – Accounting and Finance. But there are other key areas of business operation that usually fall under the purview of the CFO as well

Nobody goes into business because they know how to read a financial statement. And yet, knowing what those statements tell you is critical to taking your company to the next level. What are the kind of questions that you’re asking that could be answered by your own CFO?  Larry Chester, president of CFO Simplified explains the kinds of issues that your own CFO could help you address. 

Every large company has a CFO that provides their management with financial insights. That is the information that allows them to decide what changes should be made to improve company performance and their bottom line. Why should they have the exclusive benefit of that kind of senior financial advice? View this video because that insightful information isn’t just for the big companies. It’s also available for you. Do you appreciate what that would mean to your company? Click View More to View Video!

As business valuators and advisors, we are often asked, “What can I do to make my company more valuable?” While the value of a business is dependent upon myriad factors, measures that increase cash flow, decrease risk, or increase growth prospects for a business will have a positive effect on value. But what steps can you as a business owner take to bolster the value of your company? There are several strategies that you can implement (apart from obvious changes such as raising prices, cutting costs, or just hoping a rising economic tide will lead to continued growth) that will

How do family businesses prepare the next generation to take over? Early in my career, I worked at a publicly held gas pipeline company. Management identified newly hired “stars,” and they would be put on a fast track, spending each of the next 4 years switching from one department to another, allowing them to learn all about the company, from the view of each operating department, from marketing to HR, from business operations to accounting. Though they didn’t become experts in any of these areas, they learned the impact of each department on the company overall. If you are an

As emotionally trying as a divorce can be, owners of closely held businesses are faced with the additional pressure of keeping intact what may have taken years of blood, sweat and tears to bring into fruition and make profitable: their business. Adding to that is the weight of assuring other owners, board members and the like that the soon-to-be ex-spouse will not unravel years of hard work. Simply put, spouses who are business owners and are looking at the dissolution of their marriage face a double whammy of stress and angst. The Illinois Marriage and Dissolution of Marriage Act, the

In many companies, people are concerned about the pecking order. Who has the most power, the most pay, the most responsibility? Over the years, I’ve become less concerned about those ratings. My interest is always in who has the most information. Because the old cliché is true – Information is Power. But for the context of this article, information is the source of decision-making. It is information that brings people together, that draws people to that office down the hall. Who is it that possesses the information that drives the company forward? Who is the person that has the power