Bob is back with a new lesson to help your business. Many small business owners want to retire. Most don't have a plan on how to make that happen. Steven Covey's second habit is, "begin with the end in mind." As a small business owner, determining your exit (end) will guide your corporate structure and business operations. It will also determine the appropriate level of succession planning for your situation. So, whether your business ends when you walk away, you build an empire and sell, or you build a brand with superb systems that can last for decades after you leave, one thing is certain having a succession plan is important.

BusinessBrocton SkeenFebruary 22, 2023Be Like Bob, Succession Planning, Small BusinessComment

Be Like Bob - Going Public

This is a simplification of the process of going public, it is an example of the best-known investor exit. Investor exits are a major consideration for business owners, as are returns, growth, and how each of these fits into the investor’s time horizon.

BusinessBrocton SkeenJuly 17, 2022Small Business, Be Like BobComment

Be Like Bob - LLC to C. Corp. Conversion

LLCs are great for their ease of management and minimal corporate formalities. But, as a business scales, it could attract investors. Those investors are otherwise known as venture capital funds (VC). VCs prefer to invest in C Corporations. There are many reasons like tax considerations and exit strategies. For some business owners accepting fund investment was not on their radar when forming their business. Remember, one of the main considerations of forming a corporate entity is personal asset protection.

BusinessBrocton SkeenFebruary 17, 2022Be Like Bob, Small Business, Business Formation, Business GrowthComment

Be Like Bob - LLC

Bob is back and his assets have grown. Now is the time to think about organizing his business to protect his assets. The simplest method to do that is through a Limited Liability Company (LLC). Yes, Bob will get certain tax benefits, but that is not the most valuable attribute an LLC provides. The most valuable attribute of an LLC is asset protection for its members. The fact that it is not as formal as a corporation is a major bonus too.

BusinessBrocton SkeenFebruary 17, 2022Be Like Bob, Business Formation, Small BusinessComment

Be Like Bob

We are often asked about which business entity is best? We almost always answer with, it depends. So, meet Bob, who will help us better explain when certain business entities might be right for you. Every other week we will follow Bob from sole proprietor to public company. Each time your goal is to #belikebob.

BusinessBrocton SkeenFebruary 17, 2022Business Formation, Small Business, Be Like BobComment

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