Tax Consequences of Selling a Business

AllBusiness.com posted a relevant article for all small business owners. I encourage all those thinking of running a business, or already running a business, to consider their exit strategy from the beginning. Many of the strategic plans you implement will affect the outcome when it comes time to get out. Explore this website for additional information relevant to operating a small business.

Maybe you're ready to retire, pass your business on to your children, and live out your days on a Caribbean beach. (Nice choice.) Or maybe you're so far in the black that the time is simply ripe for you to cash out and move on to other endeavors. Whatever the reason may be, you've decided to sell your business, you even have a buyer lined up — and now you have tax considerations to contend with. (continued at website)

[AllBusiness.com - Finance & Accounting Articles]

Using Technology for Clients

One of the key components of our businesses is client satisfaction. Everything we do is centered on our clients and solving their problems.

If that’s the case, then it makes sense that we should provide solutions and make them available as conveniently as possible for our clients.

That in turn leads to a discussion about whether our clients are interested in accessing their information easily, from a secure extranet-type of service; or, on the other hand, do clients prefer the current method where they call, we copy and then they pickup or we deliver whatever it is they need.

Let’s take an example…the client is applying for a loan. The bank needs the past two years tax returns. As it stands now, they call or the loan officer calls the firm asks for the years in question. We pull them up on the computer, printout what is needed, mark it as copies and email, fax or snail mail the returns to the bank.

It seems to me it would make more sense to have those returns stored in a secure location where a client can access them. Back to our example, the client decides to apply for a loan. The banker says I need 2004 and 2005 tax returns. The client can log onto a computer, even at the bank, and print out copies of the return for the loan officer.

The question becomes will our clients use such a service? It does not make sense for us to invest in the technology if none of our clients are interested. This then leads to surveying our clients to see if they will use the service.

I feel that our clients would rather have everything available online, securely rather than having to call somebody to get their information.

Now we need to see if I’m correct.

Welcome

This blog is being to developed to disseminate information about accounting, marketing and technology. Most of what will be posted will be helpful information for individuals and small business owners. If you have any accounting or marketing-related questions, email me!