Posts Tagged ‘business advice’

Do You Know The Best Way To Buy A Business?

Thursday, June 2nd, 2016
Business Acquistions - Ohio CPA Firm

Ryan Dumermuth, principal at Rea & Associates, and Kirk Spillman, president and CEO of Eagle Machinery in Sugarcreek, Ohio, join Mark Van Benschoten on episode 34 of unsuitable on Rea Radio.

Generally speaking, relationships are easier to develop and maintain when you work with the other person. The same is true in business, especially when you’re considering the relationship between a business owner and an advisor. I had a chance to be a guest on an episode of unsuitable on Rea Radio with Kirk Spillman, president and CEO of Eagle Machinery, a manufacturing company located in Sugarcreek, Ohio, to talk about what goes into developing a strong business advisory relationship – particularly when buying a business. Bottom line, a successful relationship with your advisor goes far beyond any monetary transaction; it’s rooted in mutual trust and respect. And, if nurtured, a relationship with your advisor can last a lifetime and can help drive long-term business success.


Listen to episode 34: the best way to buy a business, build a relationship that matters, on unsuitable on Rea Radio, Rea & Associates’ financial services and business advisory podcast.


How Well Do They Know Business & Can You Trust Them?

Before you decide who you should work with from an advisory perspective, you need to consider what kind of assistance you’re looking for. Remember that while it’s not always necessary for your advisor to have expertise specific to your industry (although that is undoubtedly helpful), it is critical for your advisor to be a business expert who can effortlessly apply general business tactics, strategies and best practices to address your specific needs and drive results. Don’t miss out on an opportunity to work with the best advisor in the market simply because they don’t market themselves as an expert in construction or healthcare. Call them up and get to know them before making a decision. Your choice should ultimately hinge on the advisor’s business prowess and out-of-the-box thinking.

When You Don’t Know, Ask An Advisor

We hear a lot about the importance of bringing an advisor on to assist with succession, but there are important considerations an advisor should be privy to when buying a business as well. Over the course of my career, I’ve learned that a person looking to buy a business needs just as much help, if not more, than the tenured business owner seeking to embark on retirement.

Those who are new to business ownership are trying to overcome a variety of obstacles, not to mention the difficulty associated with managing a smaller budget. And while it may not seem to make much sense to “splurge” on advice from a professional business consultant when there are other bills to be paid, the best way to navigate this unknown territory is to turn to a trusted advisor who has seen the situation you are facing.

“I learned very quickly how much I did not know about business,” said Kirk, during the podcast. “I thought I knew enough about operations and customer service and marketing all of those things that I could just step into this business and be very successful. [Before long] I recognized that there were going to be things that I would need that I didn’t have experience or resources for … [like] the entity itself. How do we set this entity up? I knew nothing about that.”

Your business advisor will be able to shine light on the areas you know nothing about, such as how to structure your business entity, how to determine the true value of the business, setting up payroll, managing inventory, etc. There’s a lot of risk involved in buying a business because, particularly for owners who are new to entrepreneurship, there are so many unknowns. Your team of advisors will help take the guess work out of business ownership.

I invite you to learn a little bit more about Kirk’s experience and to learn how a business advisor can help you establish, manage and grow your business until you decide it’s time for you to move on. Click on the media player below or visit www.reacpa.com/podcast to learn more about the best way to buy a business.

By Ryan Dumermuth, CPA, CFP (Mentor office)

Want to learn more tips to help you succeed in business, check out the following articles for additional insight.

Dream Big: Considerations For The Aspiring Business Owner

So You Want To Buy A Business: Now What

Getting By With A Little Help From Your Friends

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Celebrate Six Years’ Worth Of Business Tips With Drebit

Thursday, April 28th, 2016
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Today Drebit is turning six! Check out his top posts from over the years.

Drebit turns six today and we couldn’t be more excited. Over the years the Rea team has helped this intuitive frog provide readers with a wide variety of helpful business tips designed to help drive results in your organization as well as current business and financial news and we have certainly enjoyed the journey! This birthday isn’t about Drebit, it’s about you, our readers, for spending a few minutes with us each week or for checking in for answers that will help you confront a challenge facing your business. You are the reason Drebit continues today!

To celebrate, we are going to list Dear Drebit’s top six blog posts. Which one did you find to be the most useful? Let us know in the comment section!

Drebit’s Top 6 Blog Posts

  1. How Far Back Can The IRS Go For Tax Auditing? Taxes can be scary word and accountants are often asked, “How far back can the IRS audit tax returns?” Before you start to panic, rest assured that the IRS has a statute of limitations in place that generally puts a limit on the time allowed to audit you and assess additional tax. Keep reading to learn what those limitations are.
  2. How will selling a house from an estate impact my taxes? My mother passed away Oct. 30, 2009. She left my brother and me her house, which has just been released from probate court. We have someone wanting to buy it and we would split around $140,000. What kind of taxes do we face? Find out the answer in this blog post.
  3. Theft Safeguards To Cause Tax Return Delays In Ohio If time is money then the new security measures to protect Ohio taxpayer’s returns and prevent identity theft comes at a price. The Ohio Department of Taxation (ODT) said that in an effort to boost security and prevent tax-fraud in the state, Ohio will implement an “up-front filter to all tax-refund requests to analyze the demographic information reported on the return.”
  4. Do You Need to Send an Annual Notice to Your 401k Participants? If your company sponsors a calendar year 401k plan, don’t forget about participant notice requirements. They must be furnished by Dec.1, and may impact the operation or qualification of your plan. Here is a checklist that may be helpful, but check with us if you are not certain which of these requirements apply to your plan.
  5. What Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule? In this article we will explain the statute of limitations if your 401(k) plan is out of compliance with an IRS or DOL rule and how you can work to rectify any issues you may have with your business’s retirement plan.
  6. How Can You Track Use Tax in QuickBooks? Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3.

Is there a financial or business question you need the answer to? Let us know by contacting the Rea team today! We would love to answer it!

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How Flexible Is Your Company’s Management Style?

Monday, April 25th, 2016
Multi-Generational Workforce | Management Style | Ohio CPA Firm

Are you able to successfully manage a multi-generational workforce? Read on to find out why you may need to adjust your management style to achieve optimal productivity and general sustainability of your business.

Never before has the American business owner had to manage a workforce consisting of employees whose ages span five generations. And because each generation is unique, your company’s leadership team is left with the impossible task of adopting a management style to accommodate an incredibly diverse workforce.

Listen To: Mastering The Un-Manageable Magic Of Millennials

Today, an effective management team is required to be fluent in a traditional management style to accommodate the Baby Boomers while adopting an effective hands-off approach to appease the up-and-coming Millennials and a variety of other techniques to motivate and inspire the workers who fall somewhere in the generational middle ground. AND all of this has to be done effortlessly. …

You’re probably wondering if all this extra work to understand the generational differences of today’s workforce even really matters. If so, worry no longer – it does matter, a lot. Here’s why:

Marketplace Competition

The marketplace is changing and in order for your business to stay competitive, you have to be fast and agile. Who knows how to do this better than the Millennials? When I was growing up, if I wanted to make a purchase, I had to drive to the store and browse the aisles before making a purchase. Today, all the consumer has to do is pull out the smartphone, browse the products, read reviews and buy the product – and this whole transaction happens very, very quickly.

Employee Retention

A lot of businesses are having a real problem when it comes to employee retention. Companies that are not willing to adjust to their employee’s needs are going to have a difficult time retaining them for a significant period of time. Rather than try to fit a square peg into a round hole, your business might have more luck keeping that star employee around if you were to adopt a different management style. Otherwise, be prepared for the company rock star to look for employment elsewhere.

Improved Productivity

Millennials have already changed the way business is conducted in America, and we’re only getting started. One of the most extreme changes we have seen centers around the productivity of the younger generation. A lot of times we will hear that they are unwilling to get to work at 8 a.m. or that, when they do get to work, they are rarely focused on just one task. To the older generations, this can be frustrating because it flies in the face of the traditional workstyle. However, when the business can harness the unique skills and dedication of the younger generations, business owners are bound to see the productivity of these employees significantly improve.

Pat Porter talks a lot about how businesses can make since of an increasingly diverse workforce on episode 29 of unsuitable on Rea Radio. You can listen to the episode, Mastering the Un-Manageable Magic of Millennials” by clicking play on the media player below, or you can visit the episode’s webpage to listen and tap into some other great resources to help you along. And, of course, you can always email Rea & Associates for even more, specific tips and insight.

By Renee West, SHRM-CD, PHR (New Philadelphia office)

Are you looking for some more HR insight to help your business? Check out these articles for some helpful advice:

No People, No Growth

Fully Staffed & Operational: How To Master Your Employee Recruitment Strategy

Can You Afford To Lose Them?

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Environmentally Friendly Tax Savings

Thursday, April 14th, 2016

For the last 46 years the global population has come together to channel “human energy toward environmental issues.” On April 22, 2016, the world will once again celebrate Earth Day. You can find a wealth of information on the official Earth Day website, including information about this year’s theme, Trees for the Earth. You can also find some great tips to help you become more energy efficient or help you spread the word about climate change and other topics.

Businesses Can Go Green And Save Green

For business owners, going green can result in significant tax savings as well, which can make environmental responsibility that much more desirable. Take a look at this slide show and find out how green certain eco-friendly initiatives can help strengthen your company’s bottom line.

Environmentally Friendly Tax Cuts For Business Owners from Rea & Associates

Do you want to start saving on your 2016 tax bill? Email Rea & Associates to find out how you can use environmentally friendly tax planning initiatives to ease the tax burden on your business.

By Brian Kempf, CPA (Millersburg office)

Are you looking for more tax tips? Check out these articles:

Go Green For The Planet And Pocket The Savings

Can Making Your Building Green Save On Taxes?

5 Tax Deductions To Ease Your Business’s Tax Burden

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Business Leaders Turned To Drebit For Fool-Proof Tax Tips

Friday, April 1st, 2016

When it comes to providing readers with top-notch tips and expert financial advice, we take our job very seriously. That’s why our top blog posts in March were related to tax, compliance and general financial wellness topics. Take a look this month’s top five blog posts for business owners.

1. Does The IRS Care About Your Fantasy Football Team?

Fantasy Football | Tax Guidance | Ohio CPA Firm

When you sit down with your CPA to go over last year’s taxable income and they ask you how your fantasy football team did this year, they aren’t just looking to engage you in casual conversation. In fact, how well (or how poorly) you did over the last year might make a difference in the size of your tax bill. Read on to learn more.

 

 

2. Payroll, HR Departments Targeted By Cyber Criminals

paper dollsOver the last few years, the threat of refund fraud and identity theft has become a very real concern, and criminals have proven that they will go to great lengths to get the information they need to complete their scams. This recent phishing scam is no exception.

 

 

 

 

3. The ACA: Small Businesses Are Also At Risk

Small Business Penalties | ACA | Ohio CPA Firm

Thinking the provisions outlined in the Affordable Care Act doesn’t apply to your business because you are “under the threshold of 50 employees” is a very dangerous assumption to make. Keep reading to find out why.

 

 

 

4. Don’t Miss Out! Claim The Work Opportunity Tax Credit

2016 individual mandate penaltiesThe IRS has finally issued guidance on how to deal with the retroactive extension of the Work Opportunity Tax Credit (WOTC) for 2015. In short, it’s an opportunity you don’t want to pass up.

 

 

 

 

 

5. Can You Afford To Lose Them?

Recruitment & Staffing Strategy | Ohio CPA Firm

When you lose a member of your team, regardless of their position, you can expect their departure to impact your organization’s bottom line. That’s why it’s so important to take a proactive stance with regard to staffing and minimizing your financial burden.

 

 

 

 

 

April brings an end to the 2016 tax season. Don’t forget that the tax deadline is April 18 this year. Looking ahead, you can expect to see some great tips from our business experts as well as some fantastic spring cleaning advice that can be used to prepare for tax season 2017. And, as always, if you have a question for one of our financial experts or business consultants fill out the Ask Drebit a Question form. We are always happy to provide you with responses to your specific questions.

Happy Spring!

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Your Secret Weapon: The Business Advisory Team

Tuesday, March 22nd, 2016
Business Advisory Podcast - Ohio CPA

On episode 25: the advisory advantage: a left-handed fireball pitcher for your business, Dave Cain, CPA, a principal at Rea & Associates, advises business owners about the benefit of having an advisory team. Start listening now.

If you have the opportunity to get great advice from a team of established business professionals and industry veterans, people who have lived, breathed, touched, and experienced the journey you are about to embark on – wouldn’t you? When you have a business advisory team to challenge and motivate you, you hold the secret weapon to long-term business value and personal and professional success.

But first you have to establish your team. Here are some tips that should help point you in the right direction.

Establishing A Core Group of Advisors

Although the makeup of the group could change or adapt depending on the needs of your business, usually the business advisory group will consist of a CPA, an attorney, a banker and a financial planner. Your advisory team has to be able and willing to have the crucial conversations necessary to facilitate real growth and change – and you need to be willing to hear all their opinions. Even if you don’t agree with some of the opinions that may be expressed, be an active participant in the conversation, sometimes these dissenting opinions will become the catalyst for achieving some major milestones.

Trust that you’ve put together a strong group of advisors with a wide range of skills and experiences needed to take your business to the next level. The journey may, at times, be a little bumpy, but if you all stick together, the destination will be worth it.

Your Business Advisory Meeting

Meeting with your business advisory team should be more than a scheduled play date. You should have a plan for how the meeting is going to flow.

Remember that this meeting is a strategic session that will focus on the tactics necessary to fulfill the goals you’ve established for your business. This is not a time to look back at you prior year’s financial statements or tax returns. This is your chance to look at the stuff that you don’t get to touch every day because you have been too busy working in your business – rather than on your business.

To ensure that your advisory team leaves the meeting with a concrete action plan, make sure to come to the meeting prepared with an agenda. To maximize your success, everybody should have a clear picture of what their next steps are and what should be able to report to the group at the next meeting.

It’s not always easy to stick to an agenda. Everybody has an opinion and new ideas will sprout from seemingly nowhere. Consider appointing an advisory team quarterback who can ensure that the meeting topics and decisions that materialize are consistent with the company’s mission statement, vision statement and core values. Your quarterback can also reel in the team when talks begin to become a little one-sided.

unsuitable on Rea Radio | Ohio Accounting Podcast | Rea & AssociatesWant more? Listen to episode 25: the advisory advantage: a left-handed fireball pitcher for your business on unsuitable on Rea Radio and find out if a business advisory team is right for you and your business.

By Dave Cain, CPA (Dublin office)

Still not sure if it makes since to establish a formal business advisory team for your company? Check out these articles for further insight.

Getting By With A Little Help From Your Friends

Is Your Business Batting A Thousand?

5 Best Practices For Taking Your Business To The Next Level

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Your Pot o’ Gold Awaits

Thursday, March 17th, 2016

Seven Tips For Business Success – Now That’s Lucky!

Savvy business owners know that you don’t have to follow a rainbow or chase down a leprechaun to find the riches they’re after. Rather than counting on the luck o’ the Irish, these seven tips are all you need to find the pot-of-gold you seek.

7 Business TIps

Leprechaun Clay is searching for his pot o’gold, use these tips to find yours.

  1. From Good To Great: A great plan is only, well, great, if it’s backed by a great strategy – the more you plan and forecast for the future, especially when it comes to business endeavors, the more likely you are to succeed.
  2. Pay more attention to your company’s cash flow for a prosperous 2016: A 13-week rolling cash flow budget lets you harness the past, present and future of your company to arrive at a comprehensive analysis of its overall financial well-being – making you a more effective leader and decision-maker. Keep reading to learn how to get started.
  3. Your Business Could Be Doing Better: Those in the manufacturing industry are familiar with the significance of implementing tactics to increase efficiency and effectiveness throughout the organization. But did you know that these same concepts can benefit businesses outside of the manufacturing realm?
  4. 5 Financial Secrets Of Successful Business Owners: Here are five financial secrets of successful business owners will get you on the right track.
  5. Want A Better Business? Structure Matters: Are you an entrepreneur who wants to take advantage of the benefits often awarded to small-to-midsize business owners? If so, you may want to consider establishing a limited liability company or an S-corporation. Read on to learn why.
  6. Managing Wealth In A Volatile Industry: All business owners throughout all industries should consider taking the steps necessary to guard against a bust – even if you are still riding high on a boom. Why you ask? Keep reading to find out.
  7. Tax-Free Stock Option Exists For Some Small Businesses: Back in the early 90s, Congress passed a tax provision designed to increase investment in America’s small businesses. And while the provision’s name, IRC Sec. 1202, may not roll off your tongue very easily, it’s one that some small business owners need to know.

Some of us have to depend on more than just luck to help us manage a successful business, which is why we think you will agree that these time-tested pro tips to be more helpful than any four-leaf clover you could ever find. And if you still need some guidance, email the professionals at Rea & Associates for assistance. This team of CPAs and business professionals has helped others find their pots o’ gold, and they can help you too!

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Don’t Miss Out! Claim The Work Opportunity Tax Credit

Friday, March 11th, 2016

The IRS has finally issued guidance on how to deal with the retroactive extension of the Work Opportunity Tax Credit (WOTC) for 2015. In short, it’s an opportunity you don’t want to pass up.

How The WOTC Works For Business Owners

To claim this valuable tax credit, employers have 28 days from the date an employee was hired to certify that they fall into one of the qualifying categories. To do this, the new employee is typically asked to complete Form 8850 by the employer. The form is then filed with the IRS, while another form is filed with the Ohio Department of Jobs and Family Services. Once the new employee’s qualification is confirmed, the business may claim a credit against the income tax of a percentage of first-year wages.

Even though the credit was left to expire in 2015, some businesses continued to collect qualifying information from new hires – just in case. This turned out to be a good strategy because late last year, Congress finally voted to pass the PATH Act of 2015, which, among other things, extended the WOTC through 2019.

While some business owners may have phased out the practice of passing out Form 8850 to new employees, those who continued to qualify their new hires now have a chance to retroactively claim the WOTC credit. Employers have until June 29, 2016, to complete and file paperwork for qualifying employees to successfully claim the tax credit.

Tax Credit Available When You Hire Unemployment Recipient

The retroactive WOTC extension is not the only thing business owners should be aware of. In 2016 and until 2019, hiring long-term unemployment recipients (or an individual who has been unemployed for at least 27 consecutive weeks and who has, at some point, received unemployment benefits) will also qualify your business for the tax credit. To qualify for the WOTC under this new category, your employee(s) must have been hired between Jan. 1 and May 31, 2016.

Don’t miss out on your chance to claim the WOTC. Email Rea & Associates to learn more.

By Christopher Axene, CPA (Dublin office)

Are you looking for more tax help? These articles could help guide you along:

‘Ghost Assets’ Haunting Your Business?

What’s The Difference Between Fixed Asset Expensing And Capitalization?

How Does The IRS Treat Property Repair Expenses?

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Fully Staffed & Operational

Thursday, February 25th, 2016
Recruitment & Staffing Strategy - Ohio CPA Firm

It’s very rare to be able to fill a vacant position after interviewing a single prospect, which is why you should identify the average number you typically have to interview before you find The One. Then, work to keep your prospect sourcing funnel full. Read on to find out how.

How To Master Your Employee Recruitment Strategy

Don’t make the mistake of thinking about your employee recruitment and retention efforts as a line item on your to-do list. You should always be thinking about ways to keep your company fully staffed and operational. While there is no way to predict how many employees you will need to hire over the next year, or even the next five years, you can create a solid recruitment plan by paying close attention to your company’s historical data. Here’s how.

Know your company’s average turnover rate.

For example, say you are responsible for keeping your company of 300 employees fully staffed. Now, for the sake of simplicity, imagine that your average annual turnover rate over the last few years has held steady at 10 percent. If this year is consistent with historic trends, you should be actively looking to hire 30 people.

Read Also: No People, No Growth

Of course you are going to need these 30 potential employees to have a range of different skills and levels of experience. To develop your strategy, simply take an even closer look at the data to determine, on average, how many managerial vacancies you should expect to fill versus hourly employees. Once you have narrowed down your search criteria, you can start sourcing candidates and filling your recruitment funnel.

Plan for business growth.

When we talk about recruitment, we need to take a closer look at the talent pool that currently exists within your company; meaning you should always be aware of your existing employee’s knowledge, skills, abilities and experiences and make it a point to invest in their ongoing success. This strategy is particularly important in times of growth. Consider, for example, prospects with specialized skills, advanced degrees and adequate experience can be a lot harder to find than an entry level prospect. Therefore, if a management position opens up in your company, an existing employee can readily fill the vacancy while ensuring that the transition is as seamless as possible.

Think about recruiting every day.

It’s very rare to be able to fill a vacant position after interviewing a single prospect, which is why you should identify the average number you typically have to interview before you find The One. Then, work to keep your prospect sourcing funnel full by:

  • Maintaining positive relationships with prospects and employee referral sources.
  • Conducting ongoing interviews and continuing to accept resumes from qualified prospects.
  • Targeting prospects where they hang out. This could be done by strategically targeting your marketing to ensure you are reaching the most qualified prospects at the source. If you are looking for entry level prospects, pay more attention to social media, college job fairs and open houses. If you are looking for professionals to fill managerial positions, consider focusing on employee referrals, LinkedIn and targeted digital and traditional ad campaigns.

Are you looking for more advice to help you grow your business and improve your company culture? Check out unsuitable on Rea Radio, a unique financial services and business advisory podcast that challenges old-school business practices and the traditional business suit culture.

By Renee West, SHRM-CD, PHR (New Philadelphia office)

For more tips to help you establish your employee retention strategy, check out these articles:

Are Your Employees Stakeholders In Your Business?

No People, No Growth

Can Your Business Survive An Employee Exodus?

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Is An Office Relocation In Your Company’s Future?

Tuesday, February 23rd, 2016
Office Relocation - Ohio CPA Firm

A common mistake some business owners make is to believe they can coordinate the office relocation themselves. And while it may be possible to manage your daily responsibilities, make decisions about the future of your business and property real estate negotiations, you may wind up doing more harm than good because you aren’t giving any of your responsibilities the proper attention needed to succeed. Read on to find out how your business advisory team can help.

There are many reasons why you may want to move your business to a new location, but if you want to be sure the location you choose is not only equipped to meet your needs, that the price is reasonable and that the location is ideal, consider bringing in your business advisory team for guidance.

When it comes to determining your business’s overall financial wellness, look no further than your financial advisor. These professionals are experts when it comes to helping you determine an accurate cash flow projection, make sense of any tax implications associated with the move and will help you determine if, based on your current size and projected growth, that space you are eyeing makes since. But your financial advisor can really only help you see a part of the picture. I recommend bringing adding a real estate expert to your business advisory team when major relocation decisions are the topic of conversation.

Read Also: Is A Sale-Leaseback Transaction Right For Your Business?

A common mistake some business owners make is to believe they can coordinate the office relocation themselves. And while it may be possible to manage your daily responsibilities, make decisions about the future of your business and property real estate negotiations, you may wind up doing more harm than good because you aren’t giving any of your responsibilities the proper attention needed to succeed. A real estate broker will not only manage the legwork associated with choosing your business’s new location, they will make sure you get exactly what you are paying for while negotiating a deal that builds out time for you to establish yourself at your new address.

I recently spoke with Justin Fodor, a real estate broker with Carr Healthcare Realty, a brokerage firm that works exclusively with professionals in the healthcare industry, about other reasons why a business owner – regardless of industry – should consider working with a real estate expert.

Get Your Money’s Worth

When it comes to understanding the art of negotiation, a real estate broker has the knowledge and experience needed to help you lock in a great deal at favorable terms – regardless of whether you are planning to buy or rent your new property. Oftentimes during this process, the business owner may be a apprehensive about being too forceful during the negotiation process. Justin says this is a great scenario of when a real estate broker would come in handy because they have the knowledge needed to go into the meeting with the confidence of knowing that the “sticker price” is only the starting price.

And if you are worried about sending in a broker to negotiate on your behalf, don’t be.

“Landlords work with brokers all the time,” explained Justin. “In fact, they hire their own brokers. They expect you to bring one to the table as well.”

Location, Location, Location

According to Justin, if a real estate brokerage firm doesn’t specialize in demographics itself, they will work with professionals who do to make sure their clients are getting the ideal location for their business. Whether you want to find out how many similar businesses are in a certain area or whether the local business climate is right for your business to be successful, demographic information helps optimize your office’s geography.

“We can help [our clients] decide the type of environment that’s right for them by taking into consideration foot traffic, visibility, population, and other demographics,” said Justin.

Take The Time You Need

Perhaps one of the best reasons to work with a real estate broker – especially one who specializes in your specific industry, is because they know how to negotiate for terms that matter most to you.

Justin explained that when he works with dental professionals, for example, he always asks for the time needed to move into the space, install equipment, remodel the office and reestablish their client business.

A broker, especially if they specialize in serving businesses like yours, can help you negotiate the time you need to stabilize your business’s cash flow. In fact, Justin said it’s not uncommon to secure a 5-month build-out period and 3-4 months of rent-free office space, which gives you enough time to get your business up and running again.

Are you  considering an office relocation or a major warehouse move, email Rea & Associates to learn more about establishing a strong business advisory team.

By Ryan Dumermuth, CPA, CFP (Mentor office)

Are you looking for more ways to facilitate business growth? These articles should help:

How To Ensure Your Plans Aren’t Bigger Than Your Finances In Times Of Growth

Protect Your Business With These 6 Tips

It’s OK To ‘Think Small’ – Revenue Growth Isn’t Always The Solution

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