This article discusses the sad reality of how fewer than 1/3 of family businesses are successively handed down to the second generation. However, utilizing the tips outlined in this article such as starting your succession planning early, including family members in discussions, training, and sticking to the facts can all
This article discusses how there are many factors at play when a business gets bought or sold. Specifically, topics such as reoccurring revenue, why someone sells, buyers’ interests, evaluation criteria, and the 4 P’s (People, Platform, Processes, and Product) are all outlined within this link. No matter where you are
This article discusses how the IRS released guidance explaining deductions on food and beverage within a restaurant. There was a temporary 100% deduction which was “designed to help restaurants, many of which have been hard-hit by the COVID-19 pandemic.” However, as we continue to move forward, there were questions regarding
This article discusses how businesses are starting to return to the workplace following the relaxing of COVID-19 regulations. However, this process may be more difficult than anticipated. This article outlines three steps to consider when implementing your return to work process. For example, determining what this process looks like operationally,
This article acknowledges and discusses how running a family business can be difficult at times. From balancing a family work-life balance to communication issues, this industry can be very challenging. However, by following tips such as actively managing family dynamics, hiring externally when necessary, establishing a structure, and succession planning,
This article discusses how many businesses felt a significant negative impact due to the coronavirus pandemic this past year. Although most of the setbacks were unavoidable, it is important to do everything in our power to avoid making the same mistakes in the future. For example, mistakes such as not
This article discusses the business strategy of time clock rounding in order to ease payroll calculation and prevent employee time theft. With many employees still working from home, these practices are important to review frequently. Legally, if you participate in rounding, there are three approved rules that you must follow.
This article discusses how the COVID-19 pandemic has resulted in low interest rates and depressed asset values, creating a very unique opportunity for estate planners. Specifically, this article outlines five different strategies to consider utilizing during this time. For example, annual gift tax exclusion, gifting interest, annuity trusts, and intra-family
This article discusses some of the key changes the Biden administration is making to the application process of the paycheck protection program. Specifically, Monday started a two-week period in which only businesses that have less than 20 employees are able to apply for the loan. Additionally, changes to the loan
Farkouh, Furman & Faccio (“FF&F”) and Alliott Global Alliance (“AGA”), the international alliance of law and accounting firms of which FF&F is the New York member accountancy firm, recently partnered with BritishAmerican Business to host a webinar for the leading transatlantic trade association’s business community. Against the backdrop of the