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By Willard Michlin, CPA Fully half of all the businesses that are sold are retail food storefronts. This includes franchise, non-franchise, sandwich shops, bagel shops, coffee shops, as well as good old fashioned sit-down restaurants. Half! I’ve done due diligence and investigated countless food-related businesses for the potential buyers of these businesses. What I have … (Click here to continue reading “Making a Fast Food Business So That It Virtually Prints Money”) By Willard Michlin Hard to believe, but restaurants, fast food and other types of food manufacturing or food distribution businesses compose fifty percent of all small businesses sold. Fifty percent. This means a lot of you buyers are buying restaurants. Now, I’ve picked through more than my fair share of them over the years, doing … (Click here to continue reading “Is It a Good Idea to Buy a Restaurant Business In This Economy?”) By: Willard Michlin, CPA Recently, I was sent a report of, “Which Business Types Were The Top Sellers,” based on the information provided by one of the top business-for-sale web sites, in the world. Convenience stores were at the top of the list, followed by restaurants, e-commerce businesses, bars and automotive businesses. … (Click here to continue reading “Are the “Top Ten” Businesses to Buy Really Tops?”) Willard saved my marriage as my husband and I were fighting over whether to buy the business. I wanted to buy it and my husband not. I found Willard so I could get a professional opinion; we were in escrow just about to close and I got Willard’s advice just in time! It saved us and showed us we were paying way too much for the business. We of course backed out of the deal. … (Click here to continue reading “My husband and I were fighting over whether to buy the business…”) May 2nd, 2011 | Category: Business Buying, Client Comments | Comments are closed Willard Michlin By: Willard Michlin, CPA
In the Rodgers & Hammerstein movie and play ‘South Pacific’ there is a song called “Happy Talk” The words to that song go something like this (feel free to sing along if you know the tune): “Happy talk, keep talkin’ happy talk, Talk about things you’d … (Click here to continue reading “How to Start Your Own Business and Be Successful”) January 20th, 2011 | Category: Business Buying | 2 comments I noticed a trend about 20 years ago. The trend went from undeclared cash payroll to employees being declared on the business books. It started with automotive businesses and then moved into restaurants. It now can be found in many industries. The construction industry still has not caught on to this interesting trick yet. They … (Click here to continue reading “The Payroll Tax Rip Off”) Everyone wants to buy a good profitable business making over $100,000 per year. The difficulty with that is that there is a limited amount of those kinds of businesses out there and since everyone wants the same thing the price is high and the availability is low. In fact, if one is for sale, a … (Click here to continue reading “Should You Buy A Distressed Business?”) When a business sells a product or service and doesn’t declare the income on its financial statements, you might assume that if you add that same amount to the owner’s profit at the bottom of the profit and loss statement you will have an accurate number. The truth is that … (Click here to continue reading “How Does Unrecorded Cash Sales Affect a Business’s Bottom Line?”) When I was in college, 1965-1969, we talked about the $200,000 billion underground economy. Now 40 years later it must be 10 times that big. A high percentage of small businesses I look at have some cash payroll or some undeclared cash sales. Because of the competitiveness of the market, those that are not paying … (Click here to continue reading “Can you make a living running a small business honestly?”) December 29th, 2010 | Tags: business buying, due diligence, small business | Category: Articles, Business Buying | Leave a comment
Willard Michlin By: Willard Michlin, CPA The underground economy is the illegal way to avoid paying payroll taxes and workers compensation insurance. Of course when and if you get caught, the penalties are quite high. If you do the bulk of your work yourself and only hire low paid staff that has low payroll … (Click here to continue reading “Avoiding Worker’s Compensation Insurance”) September 7th, 2010 | Category: Business Buying | One comment |
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