Peter King

Regular monthly business analyses are essential for maintaining accurate records and assessing financial health, including accounts payables and receivables. For potential sale, it's crucial to have organized profit and loss statements (P&Ls) showing true profits by removing personal and non-deductible expenses. Maintaining comprehensive records of inventory and assets, including leased items, can prevent misunderstandings during a sale. Good bookkeeping reflects…

Hiring the right team is crucial for your business's success. Start by crafting clear job descriptions that emphasize roles, expectations, and adaptability for growth. Decide whether to hire employees or independent contractors, considering cost and liability. Prepare thoroughly for interviews by outlining desired traits and planning relevant questions. Conduct background checks with proper consent, and ensure you have comprehensive policies…

Deciding between purchasing a private business or a franchise is crucial when starting a new venture. Franchises offer structured business models with corporate support but require adherence to specific standards. The process includes initial interviews, financial qualifications, and reviewing the Franchise Disclosure Document (FDD) for terms and legal conditions. Engaging with current franchisees for insights and visiting the franchisor’s office…

An intermediary, as defined by Google, is a mediator facilitating agreements between parties. In the business brokerage field, professionals prefer this term to elevate their industry's image and distance from negative connotations associated with "broker." Intermediaries assist in valuing businesses, advertising sales, interviewing potential buyers, negotiating, and finalizing transactions. VR exemplifies "Valued Representation," offering extensive training through its VR Master…

Selling your business is a crucial decision that demands thoughtful consideration. Engaging a professional business broker can improve your chances of getting a fair price by facilitating a smooth transaction and presenting your business effectively to the right buyers. Conducting a comprehensive business valuation, considering market conditions and economic trends, is vital to maximize profits. Additionally, using platforms outside local…

Business owners typically include a salary for themselves, but care must be taken regarding family payroll inclusion and their actual roles. Discretionary expenses, like travel and personal-related costs, aren’t critical to operations and must be clarified by the seller, whereas non-recurring expenses are one-time costs. Non-cash expenses reflect depreciation or amortization, and the final Discretionary Cash figure is calculated by…

Block billing is a controversial practice in law firms where billing is presented as a total for combined hours rather than detailed itemized entries, leaving clients unaware of the actual time spent on tasks. This can lead to inflated charges and a lack of transparency. While block billing is legal in Florida, clients should inquire whether a firm uses this…

The term “Settle on the Court House Steps” reflects a troubling reality in the legal system, where attorneys prioritize their billing goals over clients' interests. Many clients mistakenly believe that last-minute settlements demonstrate their attorney’s hard work for justice. However, attorneys often pressure clients to settle to maximize billable hours, while judges benefit from less workload. Awareness of these practices…

Counterfeiting in franchising occurs when someone alters a registered trademark to exploit the original brand's goodwill, often resulting in significant financial losses for trademark owners. The Lanham Act offers protection, allowing owners to pursue legal action against counterfeiters. Key steps include determining goals and enforcement strategies. If successful, trademark owners can seek treble damages or statutory damages up to $1,000,000…