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How to Determine a Reasonable Salary From Your S Corporation

Key Takeaways Pay yourself a reasonable salary if you actively work in your S corporation, based on the value of the services you provide. Evaluate your duties, experience, time commitment, market compensation, revenue and profitability when setting Review compensation as the business changes and document why adjustments are appropriate. For profitable business owners, an S…

Beyond Revenue: Financial Warning Signs Business Owners Should Monitor

Key Takeaways Review cash flow, margins, receivables, debt and working capital together rather than relying on revenue alone. Keep financial records up to date so emerging problems can be identified and addressed quickly. Use regular forecasting and internal controls to spot risks before they limit your options. Financial problems rarely appear overnight. More often, warning…

Should You Sell to Family, Employees or an Outside Buyer?

For many business owners, deciding when to leave the business is difficult. Deciding who should take over is often even harder. After spending decades building a successful company, your transition isn’t just a financial decision. It’s a personal one. Should you pass the business to your children? Sell it to loyal employees? Or maximize value…

What Executors and Trustees Need to Know About Their Tax Responsibilities When Someone Passes Away

Tax Responsibilities Executors and Trustees

Key Takeaways Executors and trustees are responsible for managing assets, paying debts, distributing property, and fulfilling the deceased individual’s tax obligations. Required filings may include federal and state income, estate, trust, gift, and inheritance tax returns, depending on the circumstances. Missed deadlines can lead to penalties, interest, or personal liability, making early guidance from tax and legal advisors essential. …

Why Clean Financial Statements Increase Company Value

Many business owners believe buyers purchase companies based on one thing: Profit. Profit certainly matters. But here’s what experienced buyers know: Numbers only create value when they can be trusted. Imagine you’re considering buying two companies. Both generate $2 million in annual revenue. Both report the same level of profitability. One company provides timely financial…

College is Underway, But It’s Not Too Late: Why Your 18-Year-Old Needs a Power of Attorney

The boxes are unpacked, the dorm room is set up, and the fall semester is officially in full swing. As a parent, you might finally be breathing a sigh of relief. But before you completely check “college prep” off your list, there is a critical legal reality you need to address: If your child is…

Exit Planning Is Really Business Planning

When most business owners hear the phrase “exit planning,” they immediately think about retirement. “I’ve got another ten years.” “I’m not ready to sell.” “I still enjoy coming to work every day.” If that sounds familiar, you’re not alone. The truth is, exit planning has very little to do with leaving your business. Instead, it’s…

Accounting Automation That Pays Off: What to Automate and What to Measure

Key Takeaways Start with repetitive accounting tasks that use structured data and require significant manual effort. Keep approval controls and experienced human reviewers in place as automation expands. Measure time savings, error rates, exceptions and data risks before deciding whether to scale. Accounting teams often spend valuable time on repetitive work that keeps the books…

Preparing for Due Diligence Before You Have a Buyer

Many business owners assume due diligence begins after a buyer makes an offer. The best time to prepare for due diligence is several years before you expect to sell. Due diligence is the process a buyer uses to verify the information presented about your company. The buyer will review your financial results, tax filings, contracts,…

How to Build a Business That Doesn’t Depend on You

Many business owners take pride in being essential to their company. They approve major decisions, maintain key customer relationships, solve operational problems, review every important proposal and step in whenever something goes wrong. That level of involvement may have helped build the business. Over time, however, it can also limit the company’s growth and reduce…