Spring 2020 Strategies

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3 Stepping Stones to Succession

Maintain a strong balance sheet. Borrowing money to grow your business is something that all business owners do, but it’s important to manage debt wisely. Consult your financial advisers if you have questions about your debt management.

1

Structure your business accordingly. With recent changes in tax laws and with uncertainty going into a new election cycle, talk with your accountants and tax attorneys about your business entity and whether it should be an S-corporation, C-corporation, limited liability company or a partnership. Each are good options in certain situations.

2

Monitor your payroll. The biggest expenses that hurt most retailers are payroll. The payroll national average is around 20 percent. If your payroll reaches 25 percent, it becomes difficult to make a profit.

3

Portions of this article were previously published by Hardware Retailing magazine. It is reprinted with permission and has been edited for style and fit.

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