Get Max Value When You Sell Your Business
What If you decided to sell your business? How would you do it? How would you price it? What would you do today to protect its value? You just turned 63 after spending a sometimes rewarding and always challenging 30 years as the owner of your own tire dealership. You still have that desire
Consider Renting a CFO to Save Costs, Increase Profits
As businesses attempt to cut payroll expenses, many have looked to outsourcing the role of a CFO. Whether the company currently has a CFO and wants to cut back or needs to add outside talent to the existing organization, many companies are turning to an outside CFO. Most businesses, including tire dealerships, often reach a point where they need
Buy a New Vehicle in 2009 and Save
The Internal Revenue Service and Treasury Department recently announced a tax break for the purchase of new motor vehicles, making now an ideal time to look at updating your shop’s fleet of service or “loaner” vehicles. The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes
Six Steps for Family Business Succession
Of the 24 million familyowned businesses in the United States, only about 30% will survive into thesecond generation, according to The Family Business Institute in Raleigh, N.C.That’s a sobering statistic for business owners whose crowning achievement isthe company they built. But those who begin succession planning early –approximately a decade before retirement–stand a better chance
Credit Crunch Options
Money is tight, and the daysof “easy credit” are gone. But that doesn’t mean a tire dealer can’t getbusiness credit, capital needed to keep your dealership running. There are options out there,but it may take a little more work on your part and the terms likely won’t beas handsome as they were in the past.
Seven Ways to Keep Your Capital Flowing
1. Don’t panic. Get thefacts before reacting. Find out if you are facing a change in your bank’swillingness to extend credit, reflected by smaller lines of credit and/orhigher interest rates, or something else. 2. Branch out. If you arecurrently with a large bank, start making friends with your local communitybanks. 3. Educate yourself. Findout
Threats to Every Business Owner’s Estate Plan
During the next 20 years,close to 80 million Baby Boomers will retire. Not only are the Boomersretiring, but their parents, the World War II generation, are passing away. Asa result, it has been estimated that over $10 trillion will be transferred fromthe World War II generation to the Boomers in the next 20 years. This
Creative Cost Cutting
1. Look at the less obvious.For example: how much are you spending monthly on gas? Find out by getting agas card and having your staff sign out the card, return the receipts and keepa mileage log on each company vehicle. At the end of the month, match up fuelpurchases to vehicles, miles traveled and hours
Don’t Let Your Cash Flow Freeze
Good times or bad, no onelikes collecting on late payments. But tire dealers need toproactively protect cash flow in this post-financial meltdown. Every company isgoing to have customers delaying payments, and lines of credit nationwide aregoing to be tighter. You may even have trouble securing short-term loans to covereven basic operating expenses. Here are some
Telephone and E-mail Orders
When handling a telephone ore-mail order from an unknown customer, take reasonable steps to verify theidentity of the person placing the order. Ask the cardholder to fax acopy of his or her driver’s license along with a copy of the credit carditself. Understand that the customer is under no legal obligation to complywith your request,
Top-Six Financial Faux Pas
If you haven’t done afinancial gut check lately, here’s your chance. Are you guilty of one or moreof the following most common financial mistakes? 6. Taking on and keepingdebt that is either not necessary or can be refinanced at more favorable terms. 5. Not having enough cashreserves. Ideally, a tire dealership should have enough cash
Wanted: Accountant
Don’t wait until April tostart looking for an accountant! The more time you put into the search, thebetter off you’ll be. And, once you have thatspecial someone in mind, ask yourself the following questions: • Does this accountantspecialize in independent tire dealerships? • Does he or she adequatelyunderstand the retail/wholesale tire business and its unique