Review Category : Entrepreneur Series

Four Moves Every Business Owners Needs To Make With A Business Will

Most people are familiar with the term ‘will’, but those that own a business often can’t make a distinction between having a personal will and a business will.   Far too often, a business owner has an unforeseen situation which could be a divorce, disability, or death. This leads to massive complications about the succession plan on what will happen with the business.  Does your partner want to work with your wife?  Are your children ready, willing, and able to take over the day to day operations of the business?  Will your family get the value of your business should you pass away?   Here are four moves every business owner needs to make when you put together a business will. Have a valuation method or a business valuation done within the business will. One of the questions that comes about if an owner passes away is determining the actual value of the business.  As a business owner, you never want someone ...

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Five Jobs You Can Outsource Today

Growing up in a small town, we used to handle all our own chores.  There were no cleaning services that came to the house, no extra special coaches for lessons (the high school coach did it all), and nobody brought groceries to the house.  People banter about the impact of technology and how that has affected our society, but not often have people talked about the changing dynamics of outsourcing.  If you really don’t want to do something, there is a person waiting in the wings to get paid to do it for you.   Here is my list of five things you can outsource today. Waiting In Line – taskrabbit.com – Task rabbit will allow you to outsource a ton of different tasks, but if you want to pay someone to wait in line for the next Star Wars move that comes out, no problem they can find you your man (or woman) for the job. Walking Your Dog – ...

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5 Ways Pokémon Go Can Help Your Business

In the 70’s we had the Pet Rock, in the 80’s it was Cabbage Patch Kids, the 90’s was Beanie Babies and today we have the latest craze, PokemonGO.  The difference with this fad is that it is attracting the attention of adults.  Some are the young adults that might have played with the original Pokémon games and cards from 20 years ago.  But it is even attracting the 40 somethings, and if Grandma hears enough about it, we might be seeing our senior citizens playing as they go on their daily walks. So for those that are still messing with their Pet Rocks and have not heard about PokemonGO, here is a simple explanation.  Using a phone App, the player wanders the real world hunting for animated Pokémon monsters.  Gathering Pokémon, builds your collection and makes you more powerful to battle other players in game Gyms. The game is causing people to walk in areas where they might not ...

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5 Things NOT To Do When Starting Your Own Business Or Setting Up An LLC

– Ted Jenkin | Atlanta Money Guy Topic: Five Things NOT To Do When Starting Your Own Business Or Setting Up An LLC Taped 7/07/16 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Rock 100.5 Morning Show and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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How The New Overtime Rules May Affect Your Business

The Department Of Labor is at it again, now changing the game for businesses as it pertains to overtime rules.   Since, that is what we really need . . . some more rules.  If it wasn’t challenging enough for small businesses dealing with making payroll and figuring out to maintain the costs of health insurance, now you’ll have to pay double attention to these new overtime rules which will become effective December 1st. Here’s a bet I’m willing to make on the record.  The cost for businesses across the country to manage and track all of these changes will far supersede the benefits that will actually be paid for people working overtime.  The administration believes by making these changes that many hard working Americans will earn overtime, but let me clue everyone in on four your smart money moves secrets. Right now, if you are a salaried worker who makes in between $23,660 and $47,476 and you have a reasonable ...

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Six Important Lessons For Every Entrepreneur

Most people daydream about the idea of running their own business.  The freedom to have no boss, set your work hours, and control your own financial destiny.  However, running your own business doesn’t come without taking on some bumps and bruises.   Here are ten important lessons that every entrepreneur should keep in the back pocket. Entrepreneurs Are Always Overly Optimistic-  I often use this phrase with the works; irrational exuberance.  Be very careful of letting your own rose colored lenses cloud the quality decision making your company needs based upon the facts. Measure Twice And Then Measure Again- No matter how many pro forma sheets you run and how many classes you sit through, nothing can prepare you for the certainty of uncertainty.  Make sure to margin for error in the beginning. If It Doesn’t Smell Right, Don’t Do It- You’ll have lots of salespeople wanting to sell you different solutions or products for your business.  If they don’t pass ...

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How Much Money Did My S Corporation Make

When business owners set up an S Corporation and creates a business entity, it is usually an accountant or bookkeeper (or both) that crank out the profit and loss statements for an S Corporation owner.   What can be confusing at the end of the year, because an S Corporation owner has multiple methods to receive cash through the business, is to actually figure out what you made in the business.   Taxes in many cases can be even more confusing to the S Corporation business owner.   Here’s a ‘your smart money moves’ breakdown to figure out just how much you made in your business. Salary- When you own an S Corporation, the IRS has salary guidelines on how much you should be paying yourself.  The IRS has created an outline of what’s called “reasonable compensation” that should be paid to the owner.    There are a myriad number of factors including industry averages, number of hours worked, and what is being paid ...

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Five Business Lessons From Donald Trump

Which person in the White House will Donald Trump fire first if he is elected President of The United States?    A few weeks ago, I was able to watch a piece of Donald Trump’s coming out party announcing his candidacy for President.  Whether you like Donald Trump or you don’t like Donald Trump, you have to admire his uncanny ability to be savvy about using all outlets possible to build the riches of his empire.  Trump golf course.  Trump hotels. Trump water.   It never ends.   Here are five business lessons that all business owners can learn from Donald Trump. Use The Media To Expand Your Reach I read this excerpt from www.commondreams.org about Trump’s initial speech. Already the commentators have derided his massive egotitis – he said “I” 195 times in his announcement speech, not counting the 28 times he said “my” or “mine” or the 22 mentions of “me.” But Trump revels in self-promotion and, as one commentator wrote, ...

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I’m Going To Sell My Tech Firm For Millions. Now What?

It’s no secret that Atlanta’s technology start-up scene is booming.  I’ve had several young and very successful tech leaders ask me what they should do when they sell their company for millions – thus, this posting. I have to preface this blog by clearly stating I have never sold a company for millions.  However, in seeking feedback from numerous sources and speaking to different entrepreneurs, I’ve come up with this simple list to help you manage your new fortune the right way: Set Up Your Team – CPA, Attorney, Financial Planner and Most Importantly, Good Family Around You We’ve all heard the stories of people going broke after they hit it big and win the lottery.  Take the time before you ink the deal to get these important relationships in place with people you trust, as they are crucial for your future success.  And, it may be easier to identify the trustworthy partners before rather than after. Keep Your Circle of Friends Small ...

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