Business"The direction that your business is going is more important than where your business is today."
The two most important questions business owners must answer are:
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What direction is your business going?
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Where is your business today?
The first step in actively managing the future direction of your business is to be able to make decisions based on where your business is today. Our services are designed to assist keeping you up to date on the current financial position of your business and to assist you in developing and implementing plans to actively manage the future direction of your business.
Business Life Cycle: Where Is Your Company?
The Business Life Cycle diagram below can help you identify where your company is today. Whether you are an established company, a start-up or an aspiring entrepreneur, RBM can help. Our services are designed to assist keeping you up to date on the current financial position of your business and to assist you in developing and implementing plans to actively manage the future direction of your business. Please contact a RBM Business Advisor to help ensure that your company is headed in the right direction.
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START UP
Your company may be in need of operating or start-up capital, or, you may be looking to purchase an existing company. Lenders will typically require you to submit business plans and pro-forma financial statements before loans are granted.
Hurdles/Service Offerings:
• Business plan/financial projections
• Entity selection (S-corporation, partnership, LLC, etc.)
• Business/Tax registration (Secretary of State, sales tax, etc.)
• Accounting software selection, set-up and training
• Monthly bookkeeping
• Incentives (grants, tax abatements, etc.)
• Taxability of products/services
• Tax compliance (federal, state, & local; individual & business)
• Due Diligence
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GROWTH
Your company is gaining momentum, expanding into new markets, product/service lines, and profitability is on the rise. More formal business processes are needed to deal with increased sales, vendors, employees, customers, etc.
Hurdles/Service Offerings:
• Financial budgeting/performance analysis
• Buy vs. Lease (equipment, land, building, etc.)
• Develop/test internal controls
• Audited financial statements
• Federal and state income tax planning
• Multi-state tax planning (i.e. Should your company collect sales tax on sales made outside your home state?
Withhold payroll taxes? Other?)
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ESTABLISHED
Your company is mature; sales are steady and capital investment has slowed. Opportunities such as industry best practices, increased employee retention, and automation should be explored in order to improve profitability and remain competitive. Issues encountered during the start up and growth stages that required too much time should be revisited.
Hurdles/Service Offerings:
• Industry benchmarking
• Employee benefits and administration (profit sharing, 401K, etc.)
• Buy/sell agreements
• Tax and accounting system upgrades
• Tax controversy resolution (audit defense, tax appeals, etc.)
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EXIT
You are ready to retire, transition your business to your children, sell the business intact, or liquidate the assets. Proactive planning is necessary for a tax efficient exit.
Hurdles/Service Offerings:
• Succession planning
• Tax impact of proposed transaction(s)
• Estate planning for owners
• Business valuations
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For more information about our services, contact
Scotty Amos at (318) 221-3615.
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