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That’s why at Burns & Bynum, the key part of our process is asking the kinds of questions that all too often don’t get asked. Questions that help you look at your situation from a broader
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perspective, and uncover opportunities that may not be immediately apparent.
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If these aren’t the kinds of questions you’re being asked, ask yourself why. Or, if you prefer, ask us.
About Business Development
- Do you have a strategic business development and marketing plan for your company or are you just taking whatever business comes your way?
- If you have a strategic business development plan, do you have a focused tactical plan to accomplish it? Has it been clearly communicated to your employees?
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- Who is your competition? How do you compare from a strength and weakness standpoint?
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About Business Management
- Do you have a shareholder or partnership agreement, including valuation and buy-sell provisions? Has it been updated in the past 5 years?
- Are annual corporate minutes and/or promissory notes for loans to and from shareholders or partners prepared to support maintenance of the corporate liability veil?
- When did you last analyze and project the adequacy of your bank/business lines of credit?
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- Have you developed potential business exit strategies? Have you initiated a plan to accomplish?
- When was the last time you took an inventory of your people assets, and evaluated whether they can take you to the next level?
- Is your business as profitable as you would like? Do you still enjoy it? If not, why?
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About Retirement And Estates
- What is the fair market value of your estate? Have you done effective estate planning?
- Do you have a gifting strategy for your estate?
- Do you have a will? Has it been reviewed and updated in the past 5 years?
- Do you have a financial roadmap that will help you reach your retirement goals? Does it include all of your assets updated on a daily basis?
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- Have you had your overall financial plan stress-tested to see how viable it is in different economic environments?
- Do you have a cohesive tax and investment planning strategy?
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About Taxes
- Do you take advantage of tax loss harvesting?
- Are the potential tax benefits related to short-term rental property applicable to you?
- If you own a building, have you explored the benefits of a cost segregation study?
- When buying or selling your business, which is better: a stock or asset transaction?
- Do you know the tax benefits of donating appreciated stock to a charity?
- Are you aware of the varying state nexus regulations and related tax filing implications of conducting business in multiple states?
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- Did you know that the statue of limitation never expires for periods that tax returns are not filed?
- Is it more advantageous for the business to borrow directly from a lender or from the owner(s)?
- Are your independent contractors really employees – and do you understand the potential ramifications?
- Do you know the tax implications of a mortgage greater than $1 million and home equity debt of more than $100,000?
- Do you know the ramifications of having a foreign bank account?
- Do you know not all C-Corporations are subject to AMT?
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