Get Your Company FIT & Your Bottom Line FAT

Issue #8 - March 2005     

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In This Issue...
  • Article:  Why and When Should You Think About your  Company's Value?
  • Coach's Corner:  Elephant in the House 
  • Tip of the Month: Debit or Credit?

Why and When Should You Think About Your Company's Value

There are many reasons you'd want or need to have your business valued. You might need a valuation as part of your estate and gift tax planning. A change in ownership might dictate an update for a new buy-sell agreement. Some banks require them as part of getting a new loan or re-structuring an existing loan. A valuation could be used as part of litigation support in the event of partnership dispute or divorce.

There are many different ways to come up with a value. The IRS states that "a sound valuation will be based upon all relevant facts… common sense, informed judgment, and reasonableness." That's a big help, isn't it? (continued)

Elephant in the House

Remember the commercial that aired about 10 years ago for a chain of alcohol treatment centers? It showed a real elephant crashing around a tiny living room. The gist of the message was that having an alcoholic in the family was like having an elephant in the house. Everyone talks

around the elephant, thinks that everyone else knows about the elephant and hopes that someone else will do something about it. (continued)

Tip of the Month: Debit or Credit?
Did you know that there's a big difference in cost to you, the merchant - if your customer chooses credit over debit? A credit transaction can be as high as 3% of the sale, versus $1 per transaction for debit. So next time a customer whips out their card, have a pin pad available to encourage a debit transaction.  Be sure to train your staff to encourage debit transactions as well. Follow up with them periodically to ensure they don't revert back to the old automatic, "Do you want to this to be debit or credit?" at the end of every sale.
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