Success Story
Mike and Mara Boyer
The first assistance given by SBDC to Mike was in December of 2003 during his initial set-up of Top Notch Transmission. Like many new entrepreneurs, Mike had several years experience in his field, but did not fully comprehend business set-up procedures. The SBDC helped him set up his sole proprietorship. In 2005 the SBDC further assisted him by providing information about employee relations.
In February of 2008 when Mike and his wife Mara considered purchasing Amarillo Trade Exchange, they returned for the professional advice of the SBDC. Through the assistance provided, they determined the value of the exchange and decided to purchase it. With the help of the SBDC they also determined they needed to structure the barter exchange and the transmission business as LLC's to provide their family with legal protection.
Next time you need transmission repair or to increase your business profits through barter, support your local business and give Mike and Mara a call.
Business:
Top Notch Transmissions
& Access Trade Exchange
Owners:
Mike and Mara Boyer
Location:
14750 No Go Road
Phone:
622-2599 Top Notch
674-9005 Access Trading
Employs:
1FT - Top Notch Trans.
4PT - Access Trading
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Seminars
INTRODUCTION TO BUSINESS OWNERSHIP
This Free Workshop
Includes:
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Writing a Business Plan.
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Should you incorporate?
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Small Budget Marketing.
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Permits and Procedures.
June 10 8:30 - 10:30 AM
June 17 5:00 - 7:00 PM
June 24 12:00 - 1:30 PM
Call 372-5151 to RSVP
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Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author and do not recessarily reflect the views fo the SBA.
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 PARTNERSHIPS 101
Why You Should Have a
"Buy-Sell" Agreement
It's easy to get in, but how do you get out?
When a business has more than one owner, it is essential that a written agreement be in place to define how any partner can get out of the partnership - and it's much easier to negotiate before it is needed. For example, if a partner should die, who will purchase his interest and for how much? If no agreement is in place, a spouse may end negotiating the price. Oftentimes such negotiations fail and the owners end up in court, where the legal costs can be significant.
What is a buy-sell agreement?
A buy-sell agreement is a legal agreement between partners which outlines the manner in which the ownership of the partnership will transfer following one of several occurrences. These agreements can cover retirement, voluntary resignation, disability, or death of a partner in the business.
If a partner should die, how can a partnership purchase that partner's interest from the spouse or heirs? While some partnerships have considerable cash on hand to purchase a partner's interest, many partnerships purchase life insurance on each partner and use the proceeds to buy the descendants out. The agreement should include a formula for how to price the interest.
Tips:
· Find an impartial, experienced advisor with whom you
can discuss your intended outcomes before consulting with your attorney to draft the document. Emotions can and usually will run high.
· Make certain that you consider the tax ramifications of your succession plan.
· If lines of credit are being used, partners have probably pledged personal assets to banks. In addition, notes payable to a lender, which require that a key shareholder be personally responsible for repayment, can be impacted by the death of the key shareholder. Check loan documents or call your banker.
Article quoted in part by Michael J. Haselmire, Certified Financial Planner, Omega Financial Group
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NEED QUICKBOOKS HELP?
Attend a QuickBooks Seminar
QuickBooks Point of Sale
Using the Hardware System
Thursday, June 5, 2008
6:00 - 8:00 PM
QuickBooks Tips & Troubleshooting
Working on your business' books
Thursday, June 19, 2008
6:00 - 8:00 PM
701 S. Taylor, Suite 118
To register: visit our website at www.wtsbdc.com
or call us at 806-372-5151
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Regional Practitioner Meetings for 2008
Hosted by: IRS, TX NATP, and Northwest and Southwest SBDC
8 CPE hours for tax professionals. Learn through
a day of informative sessions, and hear from officials of
several IRS tax divisions.
Lubbock Corpus Christi
Aug. 6, 2008 Nov. 5, 2008
806-745-1637 361-698-1021
www.nwtsbdc.org lfarr@delmar.edu
Session Time: 8:00 am - 4:00 pm; Check in 7:30am
Call or email your location to register.
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Sales Tax Seminar
Do you know the state tax laws applicable to your business? The Texas State Comptrollers Office and the SBDC invite you to attend a FREE public seminar to discuss such issues as:
- Sales Tax Laws and Regulations
- Tax Form Completion
- Your Responsibilities
- Comptroller Services and Publications
Tuesday, June 10th
Bank of America - 701 S. Taylor
6:00 to 8:00 pm
Call us at 372-5151 to register.
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Quote of the Month
I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well.
Alan Greenspan
END
Content & Layout by JJ Walker
Typos & Errors are Property of the Finder.
Copyright 2008 by WTAMU SBDC | |
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