CPA Mobilization Kit: Small Business

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CPA Mobilization Kit Small Business
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Small Business

• Tips For Getting Started

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Getting Started

• Stick to What You Know
•  Learn the Details

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Choose an Organizational Structure

• Sole Proprietorship
• Partnership
• Corporation
• Limited Liability

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Getting Started

• Name Your Business
•  Write a Business Plan
•  Find the Best Location
• Get Funding

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Getting Started

• Make it Legal
•  Insurance
•  Commitment
• Lean on Experts

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Tax Tips for Small Business

• Auto Expenses
• Home Office
• Legal and Professional Fees
• Meals and Entertainment Expenses

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Tax Tips for Small Business

• Travel Expenses
• Expensing Deduction
• Insurance Premiums
• Bad Debts
•  Retirement Plan Contributions

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Tax Tips for Small Business

• Interest Payments
• Hire a Family Member

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How to Finance Your Business

• Do Your Homework
• Research Your Funding Options
• Short-term debt
• Long-term debt

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How to Finance Your Business

•  Debt
• Bank Loan
•  Equity
• Private Angel Investor
• Venture Capital
• Selling Stock

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Preparing Your Business Plan

• Executive Summary
•  Company Description
•  Market Analysis
• Operations Overview

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Preparing Your Business Plan

• Marketing Plan
• Management Team and Staff
• Financial Statements and Projections
•  Review with a Professional

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What Lenders Look For

• Character
• Capacity
• Capital
• Collateral
•  Conditions

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Get Your Financial Statements in Order

• Personal Financial Statements
•  Balance Sheet
• P/L Statement
• Cash Flow Statements

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Explore Economic Development Programs

•  Federal, State and Local Programs
• Small Business Administration

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Insurance for Small Business

•  Your Business is Worth Protecting
• Mandated vs. Optional Insurance
• Business Owner Policy (BOP)
• Property
• Liability
• Business interruption

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Insurance for Small Business

•  Property Insurance
• Building and Equipment
• Valuable Papers
• Crime
• Business Interruption

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Insurance for Small Business

•  Liability Insurance
• General Liability
• Professional Liability
•  Key Person Coverage

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Insurance for Small Business

•  Group Health Insurance
• Medical
• Dental
• Vision
• Life
• Disability
• Long-Term Care
•  Workers Compensation

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Small Business Retirement Plans

• Simple IRA
•  401(k)

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Small Business Retirement Plans

•  Profit-Sharing Plan
• Money Purchase Pension Plan
•  Defined Benefit Plan

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Selling Your Business

• The Right Time to Sell
• Scan the Environment
• Is Your Business Ready?
• Time it Right

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Selling Your Business

•  Finding Buyers
• Competitors
• Customers
• Vendors
• Suppliers
• Investors
• Entrepreneurs
• Family
•  Maintaining Records and Confidentiality

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Selling Your Business

• Determining the Business Worth
•  Seeking Professional Help

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Business Succession

• When to Start Planning
•  Transfer of Power
• Transfer of Assets

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Succession Planning Alternatives

•  Transferring to Your Children Over Time
•  Transferring to Your Children Through a
  Bequest
  
•  Selling Your Business to Family

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Succession Planning Alternatives

• Transferring With a Buy-Sell Agreement
•  Private Annuities

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Creating Effective Websites

• Determine Objectives, Messages
• Communicate Effectively
• Make it Easy to Navigate
•  Use Graphics Wisely

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Creating Effective Websites

•  Include Contact Information
•  Develop Privacy, Security Policies
•  Give Visitors a Reason to Return