Own the business & it's debt, finally getting the property transferred to me and need guidance. small business |
- Own the business & it's debt, finally getting the property transferred to me and need guidance.
- Anyone here own an import / export business?
- Accounting/Business Software - what do you use and why?
- Dad wants me to put business in my name..
- how to set up a system to optimize, change and manage risk?
- How have you prepared to sell your small business?
- Jingle contract?
- "You deserve what you get in life by working hard."
- Can you license or franchise a very profitable coaching business?
- Productivity and Procrastination
- Why do payroll for small Corp?
- Looking to Invest in YOU!
- US Based B2B businesses - Anyone wanting share with us?
- TD Bank Payroll Services
- Creating a business at 18...
- Buying from US wholesalers
- Why use debit cards?
- Have a business opportunity, virtually unchallenged marketplace. High likelihood of failure. What to do?
- partner in ICU
- Possible sectors/industries to expand an independent contracting company into?
- CA - Small Business Insurance Help/Question
- I’m 18 and want to start a google ad agency but I don’t know where to start... should I start cheap and show the results.. then build my clients base? I also sell courses on ads, and a automated business idea.
- The value of an accountant?
| Own the business & it's debt, finally getting the property transferred to me and need guidance. Posted: 31 Oct 2019 05:44 PM PDT I bought a business about 1 million in the red. Horrible horrible situation. I never dive into details but if you must know Ill tell you more in DM. I just worry and stress all the time so theres no way Im providing details that one of my many competitors could see and use to attack me. Regardless, business & it's debt are mine. I paid off all but 200k. If I pay off that remaining debt I will be 'forgiven' all the interest accrued (about 80-90k I forget) as incentive to do so. This vendor needs the money and would love the bulk payment but it didnt happen because I applied for a loan without collateral. Despite 3 million annual revenue, my tax returns show a loss all 3 years of operation because I invest heavily in tech and pay off debts like a maniac. I have an 800+ FICO score now because I have a total credit limit of around 95k personally and I only have like 2k left remaining to pay off to get it to 0. So yea, Im fairly certain that the only reason I didnt get approved for a 120k-150k loan is because I have no collateral aside from the 5 company vehicles I have and the 300-400k inventory I have. The problem with inventory is that its worthless to banks. They want liquid easily moved assets. So yea, they noped me and the only thing I got was a 25k line of credit. NOW... this is the huge huge thing. The original owner is retiring. And Im being given the property I work out of. This is a long story but basically I was close to the owner and his son. His son burnt everything to the ground and left the business the original owner built entirely on his own. Ive since brought it back from the dead and broke records every month for 3.5 years straight. Suddenly. He wants to gift me the property give it to me, whatever. Only thing is I have to set up the lawyer or accountant or whatever meeting needs to go down. I have to pay for the fees because he has no money. Whatever however whenever I want to do it is up for me. So I need ot do this ASAP. IF I get this property... It's tax assesment value is listed at 162,200k I believe. I pay the property taxes so thats what it says the total assessed value is....... I should be a slam dunk for a loan then with that as collateral right? So honestly... whoever helps me out with this... will legitimately change my life. I have been working like an indentured servant for the past 4-5 years. I took over 3.5 years ago without a single break. Never caught an opportunity like this. Everything Ive done is through blood sweat and tears and some insanely hard decisions. Paying off this debt and having a large portion of it forgiven would possibly elevate my business from a small business to a medium one in 5-10 years. Help me Reddit. Contacting the original owners lawyer tomorrow. Might get a new lawyer of my own but the search begins immediately. TL;DR Bought a business that was debt ridden and broken. Fixed it. Killed myself physically and mentally for 5 years lost all my friends and have no money still... but am now getting the commercial property just straight up given to me however I want it, gift/sale whatever for free. I just need to do all the work. With this building and land I can potentially get a loan and get half my deft practically forgiven and be free to expand exponentially. Need guidance. [link] [comments]  |
| Anyone here own an import / export business? Posted: 31 Oct 2019 04:02 PM PDT I've been doing my DD as this has always been a dream of mine. I just have some questions if anyone can help.
Thanks :) [link] [comments]  |
| Accounting/Business Software - what do you use and why? Posted: 31 Oct 2019 09:57 PM PDT I'm part of an established family business, and I've recently had cause to consider changing the software we use to run the business. To give some background, we are basically a distributor model business with some exclusive distribution arrangements. We compete against much larger corporates on platform of quality service delivery and a good understanding of customer needs. Annual turnover is approximately $4M. We have approximately 30K SKUs in our system. The business has been run on SAGE Evolution for the past ~10/15 years, initially chosen for its robust inventory/invoicing capabilities. It's a bit of a behemoth - infinitely configurable with decent reporting. It's idiosyncratic and overwhelming at times. With Microsoft soon to drop support for the version of server infrastructure we're currently running, and upgrades inevitable, I'm now considering looking at the whole system to see what benefits we could take advantage of. So, what do you run and why? [link] [comments]  |
| Dad wants me to put business in my name.. Posted: 31 Oct 2019 05:26 PM PDT Hello, my family and I have been running a successful food business for about 7 years now. Theres ups and downs in business, and bills dont stop for any reason. Earlier this year we kinda started to fall behind on stacking expenses, having to run up credit cards to handle certain cost. We've been in the middle of working on opening another food service concept before things started to slip. We pretty much built the place id say about 65% so far until funds started to get tight. My dads credit dropped substantially since then & my credit has been excellent. So I was recently asked to open the new business in my name. Im asking what are the pros and cons of putting a business in my name? Will it affect me in the short term/long term? Credit? Taxes? Thanks for looking 👍🏽 EDIT: We're talking about putting a new business in my name so we can legally open it. Its not under anyones name or anything yet but we have been building inside of the space. Im thinking we're too far into the build to not open it. I was just concerned with the Good that could happen vs the Bad I greatly appreciate every comment nonetheless! [link] [comments]  |
| how to set up a system to optimize, change and manage risk? Posted: 31 Oct 2019 05:35 PM PDT How do I build up a system of work procedures, then be able to optimize it, change it or manage risks? [link] [comments]  |
| How have you prepared to sell your small business? Posted: 31 Oct 2019 04:09 PM PDT Hey everyone! I'm looking to start a company that could help small businesses and was hoping you could provide me with some insight into the situation. With baby boomer business expected to sell or bequeath $10 trillion worth of assets over the next two decades, which are held in more than 12 million privately owned businesses, and 70% are expected to change hands, there may be huge problems for small business owners who are looking to sell. One major problem I've run into is that small businesses are almost never prepared to sell their business (my dad included), transfer ownership to a family member, or sell it to an employee. Preparation being, they have all the necessary documents, financial statements, tax returns, operator playbook etc. organized and up to date in the event they were forced to sell, wanted to sell, got an offer to sell, or were unable (death/illness) to run their business. I was hoping you could provide some insight as small business owners and operators what you've done to make sure your business is in a place to be sold? If you haven't done anything, why haven't you done anything? Basically, any insight you have about preparing or making sure your business is in a position to sell, would be greatly appreciated With baby boomers owning a majority of small businesses, there is concern that a lot of these assets will go to zero or sold at steep discounts because the businesses are not prepared to sell in the next two decades. Thanks! [link] [comments]  |
| Posted: 31 Oct 2019 10:58 PM PDT Hello! I hope I'm not intruding with this question. My friend and I are selling a jingle to a small business for $500 to use for whatever they want within reason. I asked a couple people for advice, so far I was told the contract doesn't have to be complex - just stating the price and the terms of use. I think we will say that their exclusive right will last for 2 years, after that if they want to keep the exclusive they have to pay again. I was going to wait on the royalties, because it seems like that's something I should have a professional add to a contract and we're at the payment stage. Also it's a very small project so I think we can skip that. Any advice for this kind of a thing? [link] [comments]  |
| "You deserve what you get in life by working hard." Posted: 31 Oct 2019 09:14 PM PDT |
| Can you license or franchise a very profitable coaching business? Posted: 31 Oct 2019 08:53 PM PDT I am the founder of a very profitable coaching business (I help young people suffering from depression and anxiety due to smartphone addiction through my proprietary method) and want to create jobs for other entrepreneurial-minded individuals. Is it possible to license out or franchise a coaching brand like you would a McDonalds or Hooters? [link] [comments]  |
| Productivity and Procrastination Posted: 31 Oct 2019 10:58 AM PDT Hey everyone, I'm a new member here 🙂 I'm gonna jump straight to the point. I have been struggling with procrastination my whole life. I always wanted to be more productive. I mean who doesn't 🙂 As a small business owner I often found myself overwhelmed and stressed. But over years I found some methods that worked and made my life easier. I'm not saying I totally overcome procrastination. But looking back I know I could've used some help. As small business owners, we go through so much. I know how hard and tough it can get sometimes. And that is the reason why I decided that I want to help people like me. Right now I want to understand more about the problems that we face. So basically, I'm trying to find out how one could make the lives of small business owners a lot easier 😉 Which is why I have two very simple questions:
Thanks so much in advance - looking forward to reading your answers! [link] [comments]  |
| Why do payroll for small Corp? Posted: 31 Oct 2019 04:42 PM PDT As a solo S-Corp why would I need to payroll myself? Couldn't I just withhold a higher % of tax liabilities of what I pay myself each pay period in a high yield savings or money market fund and then at the end of the year pay from that account what i actually owe? Edit: I would report quarterly with what is taken out from each check My ultimate question is why do you need a payroll for one employee. Edit: Solved. Apparently IRS wants to see a W2 form when you have a S-Corp. [link] [comments]  |
| Posted: 31 Oct 2019 07:40 PM PDT If we can both benefit from it, let's talk! I have invested mostly to real estate that already sustains my lifestyle and I have close to 6 figures coming in monthly that I want to invest. Interesting concepts excite me and anything scalable really. [link] [comments]  |
| US Based B2B businesses - Anyone wanting share with us? Posted: 31 Oct 2019 07:02 PM PDT Hi Everyone, I'm a UX Researcher working with a brand experience studio based in Melbourne and San Francisco. We are currently helping a client with some research around accounts receivables in B2B businesses as they are building a SaaS product to help with it, specifically around managing cashflow. We are trying to find out what US based B2B processes look like and where the pain points are to see where we can build features in our product to help… which is why I'm posting here! If anyone is up for it, we would really appreciate if you could spare 5 to 10 minutes to complete our questionnaire. Survey Link is below. The last question asks if you would like to leave your email so we can arrange a time chat more in depth about your answers. This is completely optional and will be only be captured so that me and my team can send you a calendar link to arrange a time. NOTE:
Thanks so much to anyone who is willing to participate! [link] [comments]  |
| Posted: 31 Oct 2019 06:48 PM PDT Hello everyone, does anyone have experience using TD Bank payroll services? How has your experience been? Thanks in advance. [link] [comments]  |
| Posted: 31 Oct 2019 09:16 AM PDT I want to open up a gym, I just need ideas on what steps to take when starting from scratch. [link] [comments]  |
| Posted: 31 Oct 2019 09:08 AM PDT Hi, I'm currently in the UK and I'm opening an online store, I have found some US wholesalers which are perfect for my store, however the UK does not issue sellers permits etc which these stores are asking for when you sign up to their website. What's a way around this? A way I can buy from the US wholesalers or even get a sellers permit if I'm not from the US? HELP HELP HELP PLEASE! Thanks in advance! [link] [comments]  |
| Posted: 31 Oct 2019 04:18 PM PDT Hey, I'm picking between debit and credit cards for my small business. We are 3 man team and work in construction industry. What's the purpose of debit cards in small businesses? I see it on CIBC, bmo, TD, but why would anyone pick them over credit cards? If any of you use debit, what do you use it for? [link] [comments]  |
| Posted: 31 Oct 2019 03:40 PM PDT I have a business opportunity ive been tinkering with for a little while now. Its extremely difficult to master or get quality results (bio manufacturing) and the likelyhood of failure is probably 95% or more. I do have a small amount of experience in the field as well as some connections that may assist me. The most difficult part would be finding quality suppliers. After some research i cant find anyone who would be a qualified supplier. The second hardest part would be finding businesses to sell to. (99.9% of sales would be to businesses that use our products in their own production). I know some would buy but the quality control must be absolutely perfect....does anyone have advice to throw at me or my partner? [link] [comments]  |
| Posted: 31 Oct 2019 01:32 PM PDT So my partner is in the ICU, had a pretty bad heart attack. We're not expecting him to be able to get back to work for several months. He might not even make it. We have an agreement in place that addresses situations like this. Lay terms it basically says if one of us dies or is unable to perform duties for an extended period of time the other has the sole right to buy the other half out. The contract just says extended period of time. My guess if he lives he either will be incapable of his half of the business or it will take 6 months to get him back up to speed. At what point should I start the process of taking over the rest of it? We're roughly two weeks in but its not looking good. Thanks in advanced guys! [link] [comments]  |
| Possible sectors/industries to expand an independent contracting company into? Posted: 31 Oct 2019 12:06 PM PDT Hey guys, so what I really want to know is if you had access to about 150 trainable workers/technicians, and a fleet of about 50 vehicles in a developing country what industry would you look to jump into? [link] [comments]  |
| CA - Small Business Insurance Help/Question Posted: 31 Oct 2019 11:47 AM PDT I own a duplex in Los Angeles, and I'm starting a small business as of Jan 1st, 2020 out of my garage and one of the rooms in my unit. I likely will have clients, and an accountant coming to the property 1-2x per week. The second unit of the duplex is rented out to a 3rd party. My current insurance agent said that having a business on premises will void my home insurance policy with Mercury. I've reached out to a number of insurance companies, and can't seem to find any that will cover the duplex with a business in it that aren't 2-3x more expensive than my current policy. Has anyone run into this problem before? Any solutions for a property in Los Angeles where you want a home office inside? [link] [comments]  |
| Posted: 31 Oct 2019 11:14 AM PDT |
| Posted: 31 Oct 2019 11:00 AM PDT I am a mental health professional in private practice. My business is an LLC and as of September, I have elected to file as an S-corp with the IRS. My yearly gross is now over 100k per year. I would like to know what is reasonable to do on my own versus hiring an accountant and/or bookkeeper. I have historically been a bit lazy with keeping up with expenses (while being a 1099 contractor and after going solo with the LLC). I agreed to allow my last accountant to do bookkeeping, but he mislead me and charged me an extraordinary fee without an estimate for exactly what he would do (and didn't even categorize my expenses correctly), so I decided to buckle down and stay engaged with QuickBooks and my own bookkeeping methods. I spoke with another accountant who wants over 5k per year to monitor profit and loss, payroll, and monthly statements, and I find this outrageous. They referred me to a bookkeeping service, but I figure I can manage these things on my own with some extra time to get it right. Who else has my back like me, right? I plan to consult about what's needed for income tax returns, use an accountant for tax return preparation, use a payroll company to pay myself and file monthly/quarterly tax reports, keep track of income and expenses in QuickBooks, and calculate/pay my own gross receipts taxes (I'm in one of those states). This can't be that hard. Right? Right? Am I being unreasonable? [link] [comments]  |
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