Did you know that more than half of the small business owners in the United States are at least 50 years old or older? In the U.S. alone there are 28 million small businesses (fewer than 500 employees) and over 22 million self-employed business. According to CNBC surveys, it is believed that 80% of small-business owners plan to sell their business to fund their retirements, however only 30% percent have a written succession plan. At MKS&H, we work with our clients to be prepared, so here are our top 5 successful succession tips that will benefit small-business owners:
Audit. That word can cause dread and fear in many businesses. An audit from the IRS is never a fun experience and the common perception of an audit has been skewed because of this. In this article I will be talking about a different kind of audit, an audit of the financial statements, which can provide your business with many benefits.
Now that your financial statement audit is complete you are most likely breathing a sigh of relief. Before you jump back into work, there are a few things you should do to benefit from the audit. Here are five simple steps to follow: