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  • Tuesday, April 09, 2019 5:01 PM | Shina Culberson (Administrator)

    Entrepreneurship has many upsides.

    Business owners get to decide what they stand for and choose which customers they want to work with, owners set their own schedule and have control over their time, and they have the option to generate a nice income from their business.

    But what happens when you’re ready to leave your company? How will you replace that income you were receiving from your company?

    What is your plan to transition your business – finally sell and cash out?

    Here are a few tips on surviving after your business is sold.

    Have a cushion of cash in the bank.

    Many business owners never sell their businesses. They just close the doors. According to the Exit Planning Institute (EPI), some 4.5 million firms representing more than $10 trillion in business value will transition over the next decade or so, but Christopher Snider, President of the EPI believes only about 20% to 30% of businesses that go to market end up selling.

    In addition, according to Transworld – one of the largest business brokers in Colorado – 70% of business owners provide owner-carried financing. That means that the owners typically do not get much cash up front and accept payments over time.

    So, be prepared to lower your expectations for a large cash payout or quick sale.  It’s prudent to put some money away to get you through the sale and on to the next phase of your life.

    Talk with a financial planner.

    As a business owner, you’ve got options in how to plan for the future that doesn’t include a steady income from your business. Abe Fitzsimmons and his company, WealthWave, works to increase the financial literacy of his clients and provide solutions to business owners and entrepreneurs.

    Having a plan eases the anxiety of moving onto the next phase of life.

    For more information about how to create a plan for your future and that of your business, check out the Denver Entrepreneur Education Network event on April 18, 2019. You can talk with Abe about your situation.

    Review options for alternative revenue streams inside or outside your business.

    Develop revenue streams that are not related to your business. Can you create a consulting practice to help other business owners accomplish what you have done? Perhaps a portfolio of other assets such as real estate or investments can provide another source of income.

    These are just a few strategies business owners and entrepreneurs can use to keep income flowing after a transition. What are your plans after you sell your business? Let us know in the comments.

    Want to know more about positioning your company for a transition? Rest assured 35 years of experience is behind Management Insights™Forward Insights™, and Expert Insights™ – the tools you can use to understand how to strengthen your company.

    Contact:

    Shina  Culberson, President

    Quist Insights

    303-643-5737

    [email protected]

    www.quistinsights.com


  • Monday, April 01, 2019 10:07 AM | Susan Balcome (Administrator)

    Denver Entrepreneur Education Network 

    Mission Statement

    To engage entrepreneurs and business experts through an educational platform that provides practical know-how, information and tools to support and fuel business growth.

    Vision Statement

    To become the premier source for (Colorado) entrepreneurs to inform themselves through free educational seminars and publications in order to achieve unattained business growth and success. By leveraging a comprehensive network of business experts to mentor entrepreneurs, DEEN aims to create long term financial stability for entrepreneurs, their businesses and the (Colorado) community.

    Core Values

    Principled Entrepreneurship – practice a philosophy of mutual benefit. Create value for all stakeholders: the entrepreneur, the business expert (mentor), the organization, and the community.

    Knowledge – attain the best knowledge to improve business performance. Share knowledge proactively.

    Transformation – seek development, understanding and strategies that will create business value and growth.

    Self-Actualization – be a lifelong learner and realize your potential as a leader within your business and the community.

    Mentors

    Seasoned subject matter experts provide multi-disciplinary business training to entrepreneurs and business owners, helping to create more self-reliant businesses with greater cash-flow, greater value, stronger relationships and better exit strategies.

    Mentors play a key role in monthly meeting and workshops. The model is to provide free quality education thereby creating better educated members and engendering goodwill among Members toward Mentors.

    Seeking Mentors who build relationships based on trust and a give first attitude. Mentors should be recognized as experts in their field, have strong reputations and the ability to bring value to members and peers. Each Mentor will drive their clientele and network to the platform to benefit from the education. Mentors thereby create value for their existing clientele by exposing them to world-class business training, but also gain opportunity to connect with other members who may need their services.

    Members

    Members are entrepreneurs and business owners who seek to develop new tools, elevate their thinking and sharpen their skill sets from the world-class education provided by the network of Mentors.  

    The platform is free to all Members and is most beneficial to accelerate existing businesses that are ready to move to the next level of development.

    Meeting Program

    Member meetings are held on the 3rd Thursday of the month, 6pm to 8pm. Agenda includes networking, Mentor Presentation, Q&A, and Announcements.

    Location

    6160 S Syracuse Way, Training Room Unit #B2

    Greenwood Village, CO 80111

    Mentors Membership Types

    Gold Mentors - $500 (Limited to 12)

    • ·        1 Hour Topic Presentation (Featured Lesson)
    • ·        10 Minute Pitch - 1 per Quarter
    • ·        Logo on Website with Bio
    • ·        Logo on Marketing
    • ·        Table positioned at back of room
    • ·        Hand out marketing materials - Unlimited
    • ·        Announcement for Private Workshops
    • ·        Article postings on the Website – Unlimited
    • ·        Opportunity to lead quarterly paid workshops

    Silver Mentors - $300 (Unlimited)

    • ·        10 Minute Pitch - 1 per Quarter
    • ·        Logo on Website with Bio
    • ·        Logo on Marketing
    • ·        Table positioned at back of room
    • ·        Hand out marketing materials – Unlimited
    • ·        Article postings on the Website - Unlimited

    Featured Lesson – Mentors have an opportunity to lead a training session for the group to develop understanding on a topic in your expertise. This can last up to 50 minutes and is not a sales pitch but a learning session. You may close with your contact information, copy of presentation and other marketing handouts.

    Pitch – Mentors will have any opportunity once per quarter to give a 10 minute presentation on their business to the group (as pre-scheduled with the Administrator).

    Logos - Will be placed in obvious areas of the website and occasionally marketing materials. Mentors may also add a unique selling proposition or Bio with their logo and a link to their website (limited to 200 words).

    Table - Mentors that sign up in advance or are holding a training session will be provided a table on the perimeter of the room to mingle with people prior to or after the meeting with handouts.

    Hand Out Fliers – Can be a discount offering, holiday special, announcement or mini infomercial. It is limited to one page both sides unless you are the featured speaker and then you may do a full handout.

    Article Postings – Mentors are encouraged to provide articles, whitepapers and case studies to publish on the Website. We request that you provide at least one article related to your expertise.

    Private Workshops – Gold Mentors will receive special marketing for the workshops at other locations with their logos on announcements.

    Shout Outs - Can be fundraisers, request for volunteers, items of business interest for sale, awards won or offered, special interest trainings held through this group.

    It would be expected that a mentor continually sends out meeting notices throughout the year to their client list in order to build up group participation.

    We look forward to having an exceptional team and a prospers New Year.

    Agenda

    6:00pm       Sign in and Mingle

    6:30pm       Meeting Called to Order

    6:40pm       Intro for 2 Mentors (10 min each)

    7:00pm       Presenter Topic (50 min)

    7:50pm       Shout Out (10 min)

    8:00pm       Next Meeting Topic and Dismiss

    8:10pm       Clean up


  • Thursday, February 21, 2019 4:00 PM | Susan Balcome (Administrator)

    If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses. The deadline for setting one up for this year is October 1, 2018.

    The basics

    SIMPLE stands for “savings incentive match plan for employees.” As the name implies, these plans are simple to set up and administer. Unlike 401(k) plans, SIMPLE IRAs don’t require annual filings or discrimination testing.

    SIMPLE IRAs are available to businesses with 100 or fewer employees. Employers must contribute and employees have the option to contribute. The contributions are pretax, and accounts can grow tax-deferred like a traditional IRA or 401(k) plan, with distributions taxed when taken in retirement.

    As the employer, you can choose from two contribution options:

    1. Make a “nonelective” contribution equal to 2% of compensation for all eligible employees. You must make the contribution regardless of whether the employee contributes. This applies to compensation up to the annual limit of $275,000 for 2018 (annually adjusted for inflation).

    2. Match employee contributions up to 3% of compensation. Here, you contribute only if the employee contributes. This isn’t subject to the annual compensation limit.

    Employees are immediately 100% vested in all SIMPLE IRA contributions.

    Employee contribution limits

    Any employee who has compensation of at least $5,000 in any prior two years, and is reasonably expected to earn $5,000 in the current year, can elect to have a percentage of compensation put into a SIMPLE IRA.

    SIMPLE IRAs offer greater income deferral opportunities than ordinary IRAs, but lower limits than 401(k)s. An employee may contribute up to $12,500 to a SIMPLE IRA in 2018. Employees age 50 or older can also make a catch-up contribution of up to $3,000. This compares to $5,500 and $1,000, respectively, for ordinary IRAs, and to $18,500 and $6,000 for 401(k)s. (Some or all of these limits may increase for 2019 under annual cost-of-living adjustments.)

    You’ve got options

    A SIMPLE IRA might be a good choice for your small business, but it isn’t the only option. The more-complex 401(k) plan we’ve already mentioned is one alternative. Some others are a Simplified Employee Pension (SEP) and a defined-benefit pension plan. These two plans don’t allow employee contributions and have other pluses and minuses. Contact us to learn more about a SIMPLE IRA or to hear about other retirement plan alternatives for your business.

  • Thursday, February 14, 2019 1:30 PM | Susan Balcome (Administrator)

    The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for married couples filing jointly or $157,500 for other filers, a wage limit begins to phase in.

    Full vs. partial phase-in

    When the wage limit is fully phased in, at $415,000 for joint filers and $207,500 for other filers, the QBI deduction generally can’t exceed the greater of the owner’s share of:

    • 50% of the amount of W-2 wages paid to employees during the tax year, or
    • The sum of 25% of W-2 wages plus 2.5% of the cost of qualified business property (QBP).

    When the wage limit applies but isn’t yet fully phased in, the amount of the limit is reduced and the final deduction is calculated as follows:

    1. The difference between taxable income and the applicable threshold is divided by $100,000 for joint filers or $50,000 for other filers. 
    2. The resulting percentage is multiplied by the difference between the gross deduction and the fully wage-limited deduction. 
    3. The result is subtracted from the gross deduction to determine the final deduction.

    Some examples

    Let’s say Chris and Leslie have taxable income of $600,000. This includes $300,000 of QBI from Chris’s pass-through business, which pays $100,000 in wages and has $200,000 of QBP. The gross deduction would be $60,000 (20% of $300,000), but the wage limit applies in full because the married couple’s taxable income exceeds the $415,000 top of the phase-in range for joint filers. Computing the deduction is fairly straightforward in this situation.

    The first option for the wage limit calculation is $50,000 (50% of $100,000). The second option is $30,000 (25% of $100,000 + 2.5% of $200,000). So the wage limit — and the deduction — is $50,000.

    What if Chris and Leslie’s taxable income falls within the phase-in range? The calculation is a bit more complicated. Let’s say their taxable income is $400,000. The full wage limit is still $50,000, but only 85% of the full limit applies:

    ($400,000 taxable income - $315,000 threshold)/$100,000 = 85%

    To calculate the amount of their deduction, the couple must first calculate 85% of the difference between the gross deduction of $60,000 and the fully wage-limited deduction of $50,000:

    ($60,000 - $50,000) × 85% = $8,500

    That amount is subtracted from the $60,000 gross deduction for a final deduction of $51,500.

    That’s not all

    Be aware that another restriction may apply: For income from “specified service businesses,” the QBI deduction is reduced if an owner’s taxable income falls within the applicable income range and eliminated if income exceeds it. Please contact us to learn whether your business is a specified service business or if you have other questions about the QBI deduction.

  • Thursday, February 07, 2019 2:00 PM | Susan Balcome (Administrator)

    1031 Exchange Advisors

    Accountants (Forensic and Tax)

    Attorneys (Business Law, Estates, Tax)

    Auto Fleet Brokers

    Business Banker

    Business Brokers

    Business Policy and Procedures Consultants

    Business Rental Sales

    Business Strategist Consultants

    Capital Investors

    Captive Insurance Advisors

    Commercial Lenders

    Commercial (P & C, General Liability and Workers Comp)

    Commercial Realtor

    Employee Placement

    Exit Strategist

    Financial Advisors (Personal Wealth)

    Health Insurance/Benefit Broker

    IT Security and Platforms

    Marketing Consultant (digital)

    Merger and Acquisitions Advisors

    Office Equipment

    P & C Insurance (Sm.-Med size business specialty)

    Payroll Providers

    Print Shop/Print Broker

    Risk Management (Insurance and Employee)

    Self-Managed 401k Advisors

    Web Development

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