How can entrepreneurs strategically scale their businesses and prepare
for a profitable exit? In this episode, Boruch Akbosh hosts Charles
Read, an accountant, author, and veteran, to explore crucial financial
strategies for entrepreneurs looking to grow their businesses and plan
for a successful exit.
They cover various aspects of financial management, such as tailoring
financial strategies to meet business sale objectives, navigating
changes in labor regulations affecting independent contractors, and
handling payroll and government compliance issues.
Charles Read draws on his extensive accounting experience to stress the
importance of selecting the right advisors, streamlining payroll
processes, and taking proactive measures to prepare a business for sale.
The conversation also touches on managing IRS interactions, tax
planning, and the advantages of outsourcing payroll to specialized
firms. Charles provides insights into his firm's unique services, which
focus on ensuring compliance and representing clients in IRS matters,
demonstrating the expertise necessary to navigate the complex realm of
business finance and taxation.
Key Takeaways:
1. Importance of Financial Planning for Business Sales: Businesses
looking to sell should work with their accountants years in advance to
optimize financials for sale, focusing on changing ratios like current
and long-term assets to attract acquirers.
2. Insight on Independent Contractors vs. Employees: The distinction
between independent contractors and employees is evolving, with new
rules potentially impacting small businesses and the gig economy.
Businesses should consult with CPAs or labor attorneys to navigate these
changes.
3. Payroll Outsourcing Recommendations: Charles emphasizes the benefits
of outsourcing payroll to specialists who can ensure compliance and
manage all related tasks efficiently, advocating for businesses to
select their advisors carefully for maximum benefit.
4. Responding to Government Communications: Businesses should never
ignore any communications from tax authorities to avoid penalties and
ensure they are in compliance with regulations.
5. Personal Business Journey and Expertise: Charles shared his own
journey from the corporate world to starting his own company,
emphasizing the value of his experiences and expertise in accounting and
payroll services.
_______________
Check out our other channels:
Instagram: https://www.instagram.com/risepreneur/
YouTube: https://www.youtube.com/@risepreneur
LinkedIn: https://www.linkedin.com/company/risepreneur
Website: https://www.risepreneur.com
_______________
Follow Charles Read on Social Media! ↓
📧 mail: [email protected]
🌐 Company Website: https://www.linkedin.com/in/charles-j-read-cpa/
👔 LinkedIn: https://www.linkedin.com/in/charles-j-read-cpa/
📲 Instagram: https://www.instagram.com/getpayroll/
👍 Facebook: http://facebook.com/getpayroll
🗸 Twitter: https://www.instagram.com/getpayroll/
_______________
Follow us on Social Media! ↓
📲 Instagram: https://www.instagram.com/risepreneur
👍 Facebook: https://www.facebook.com/risepreneur
📊 LinkedIn: https://www.linkedin.com/company/risepreneur
🎵 TikTok: https://www.tiktok.com/@risepreneur
Connect with Boruch Akbosh:
🌐 Website: https://www.akbosh.com
📲 Instagram: https://www.instagram.com/boruchakbosh
👍 Facebook: https://www.facebook.com/BoruchAkboshOfficial
👔 LinkedIn: https://www.linkedin.com/in/boruchakbosh
🎵 TikTok: https://www.tiktok.com/@boruchakboshofficial
🎬 YouTube: https://www.youtube.com/@BoruchAkbosh
_______________
#Entrepreneurship
#ScalingBusiness
#FinancialStrategy
#TaxCompliance
#GigEconomy
#BusinessGrowth
#ExitPlanning
#AccountingTips
#SmallBusinessSupport
#BusinessValuation
#SBA
#VeteranOwnedBusiness
#BusinessAcquisition
#FinancialPlanning
