Financially Simple™

Helping thousands of business owners and individuals destroy the complexity of money. Using easy-to-understand language and examples, we educate from simple concepts to complex financial strategies, all with the goal of making your business and personal life... financially simple.

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May 10, 2018
exit planning

What Exit Planning is NOT?

One of the topics I constantly discuss with Financially Simple visitors and clients, especially the ones who own businesses, is exit planning. To explain the concept to people, I find that it’s sometimes easier to tell them what Exit Planning is NOT. 
May 10, 2018
The Re-Trade of a Business Sale

The Re-Trade in a Business Sale… The Final Gotcha – Post #34

The due diligence period has just wrapped up, and teams are finalizing everything for the sale of your business. You’re ready for the “payday” – but then you get a call from one of your exit team members. The buyer has asked for a last-minute price reduction… a re-trade. Hearing those words will either have you wondering, “what’s a re-trade?”, or if you have done this before, send you into a tailspin of anxiety. Whichever person you are, you need to know why re-trades occur in a business sale so that you can see if there is anything you can do in advance to avoid hearing that dreaded word.
May 10, 2018
pay off 401(k) loan

Should I Pay Off My 401(k) Loan?

There are times when you need to come up with cash fast. When that happens, taking a loan out of your 401(k) may be a good option for you. After taking out a first position mortgage and second position mortgage, some clients found themselves in this exact situation. So they turned to their 401(k) to finish coming up with the money they needed.
May 9, 2018
Steps in a Due Diligence Process That Reduce Stress

6 Steps in a Due Diligence Process That Reduce Everyone’s Stress – Post #33

You’ve nurtured your “business baby” for years and years and know all about it. Consequently, only you have knowledge of unrecorded company processes and procedures. You have information in your head that the buyer wants to know. In fact, his team is probably asking, “What are we missing?” The due diligence process after the buyer issues a Letter of Intent and during the drafting of the purchase agreement is perhaps one of the most stressful dealings for the business seller. Candidly, that’s because the buyer is trying to figure out why your company is not worth what you think it’s worth. The buyer is digging up dirt on your business while you’re trying to remain calm under pressure. In this post, I’m going to walk you through 6 steps in a due diligence process that will help you navigate these murky waters and finalize that protective purchase agreement.

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  • Tax Tip Tuesday Financial Blog Post
    The Tax Cuts and Jobs Act Brings Changes for Business Depreciation
    The IRS reminds business owners that the passage of the Tax Cuts and Jobs Act may affect the depreciation deductions and taxes. Generally, we business taxpayers can depreciate the tangible property except for land, including buildings, machinery, vehicles, furniture, and equipment.