Remembering and honoring Martin Luther King this week has me thinking once again about being a voice. 

It’s hard not to get inspired listening to the iconic words of the famous I Have a Dream speech (if you’ve never listened to the entire speech, it’s worth the listen — and it’s shorter than most people realize). 

It makes me think about how being a business owner is about so much more than merely “running a business.” What we do has a real impact on real people. And we can wield that influence in intentional ways.

For many of us, we start with our teams. Without even trying, we impact their lives. (Quite literally because we give them a paycheck, but it goes beyond that). This impact can be for good or for ill, by the way.

But when we see our teams right, we get the opportunity to know them as people, not just as workers. We get to support them in their pursuits and help them come through difficulties. We get to help them succeed beyond the walls of our Pasadena businesses. 

This kind of care, letting them know how much you value them … well, I’m fairly certain that it goes a long way. 

One really practical way you serve your staff and contractors is by getting out their W-2s or 1099s on time. You have a couple weeks until they must be issued. Do not wait for the last minute on this one.

If you need help, you know where to find us:
281-998-7499

Now, speaking of your staff and maybe your 2023 business goals, perhaps you are needing to hire a consultant for some specialized areas in your Pasadena business. 

I have thoughts.

Hiring a Consultant for Your Pasadena Business
“Advice is like castor oil: easy enough to give but dreadful uneasy to take.” – Josh Billings

HR or IT getting complex and time-consuming for you alone? Suddenly what seemed to be an advertising no-brainer looks complicated now? It’s only natural that as your company grows, functions that were once easy get too cumbersome for you to handle. Sooner or later, you wonder about hiring a consultant. 

Finding the right one to help your company, though, is like finding any other answer in business: It takes work. 

But you can handle it, and here’s how. 

What they do and what you need

Consultants come in a lot of varieties and can help (or claim they can) in many areas of business from advertising and marketing to how to handle expanding growing human resources needs to advising on real estate purchases to protecting data as a company grows… among many others. 

You can’t know what you need until you know what you need. Your first task when hiring a consultant is to resist flailing for help in all directions and pin down what problem you want to tackle. You need details and for those, you need homework and questions.

Rather than simply saying you want a consultant to help with your advertising, first, find out where you want to put the ads and for what products. You need tech help – but to install software, pick a server, or build a firewall? Do you need your consultant for one project or for semi-regular engagements over the long haul? 

The more specific, the better. 

What you can expect to pay

For all the above, your big determinants are your budget going in and projected ROI. Until you’ve tacked those down, don’t even Google “hiring a consultant …” 

Pricing is where consultants really get varied. Understand that this can only be just an overview of their rates, but it should give you a snapshot to start budgeting. 

Consultants can charge by the project or by a length of time, such as a day or an hour. Small-business consulting fees can range from the high two figures to more than a grand (sometimes much more, depending on the industry, the length of the project, and the consultant). That breaks down to the low three figures per hour. Generally, the more technical or senior-level the expertise needed, the more expensive it’ll be. 

Makes sense – but how can you rein in costs yet still get the expertise you need? 

Some screening questions are the same as with any vendor. Is this a one-time consulting need? You’re better off with a fixed fee. Is the project ongoing, with repeated fine-tuning down the road? That’ll get you a lower fee than a one-time project but you will have to pay the fee more often, so can you negotiate a volume discount? 

For figuring out a base price to start, check your biz network for experience with consultants’ fees – and, more importantly, for referrals. 

Who they should be

Unfortunately, hiring a consultant isn’t like hiring a tax preparer, plumber, doctor, or other professional who works under fixed and clear levels of certification. There are many certifications for consultants – but, for your purposes, those titles don’t mean as much as finding someone with smarts concerning your company and with whom you just click. 

Common sense will tell you the qualities of a good consultant: ability to listen, learn, and analyze; calm, objective judgment and the skills to document completely; insight and experience (maybe even on the expert level, though again this can cost you) to think strategically; inductive reasoning; and the ability to clearly communicate findings and recommendations so you can act on them. 

You might also need them to have a sharp eye for data or possess management or medication skills – sales ability doesn’t hurt either when it comes to convincing your staff of the sense of the consultant’s recommendations. 

When you’re screening candidates, bounce your problem off them directly. You can also give them hypothetical problems and ask for their judgment in ways to respond (much like you’d do with a job candidate). 

Ideally, you’re not the only one asking questions in the screening. A candidate should: 

• Want to know specifics about what you want out of the consultant’s work;
• Want to know what deliverables and ROI you expect to see and when;
• Give you pricing options – barebones, mid-range, and extent and length levels of service. 

Again, this is only an overview – your mileage may vary depending on what you want to accomplish.

 

No small business makes it on its own – a lot goes into improving your bottom line. 

And I’m here for you and your small business in hiring a consultant and all initiatives. Think of me as your Consultant Number One. 

On your team,

Sandra Tapia

 

How is your year starting out? We’re into week 2 of 2023 … would love to hear back from you on what are the challenges you’re facing in your Pasadena business finances right now.

Relatedly, what are your customer service goals for this year?

One customer relations tool that seems outdated (but is still very relevant): phone calls. Yes, we know there are chatbots and instant messages and many people opt for those avenues first. But, when the templated answers don’t help your customers, they’re sure to dial your company number to get more personalized answers.

Nothing beats a one-to-one interaction with a customer. And that’s what phoning provides.

But what if they’re turned off by the hold time? Or the greeting? Or they’re bounced around to different departments? It’s a surefire way to build frustration.

So, what can you do to improve (and master) the art of customer phone calls? I have thoughts.

Oh, and another quick reminder about how the final estimated tax payment for 2022 is due by Jan. 16th. And the IRS makes it so easy for you with an online payment option. 

But if you need to go over anything there, I’m here for you:
281-998-7499

Now, onto how you handle your business phone…

Mastering Your Pasadena Business Phone Answering
“The great advantage it possesses over every other form of electrical apparatus consists in the fact that it requires no skill to operate the instrument.” – Alexander Graham Bell

Call it VoIP, cell, or landline: Despite all the email and texts, using your business phonefor voice communication (plain old “calls”) remains one of your company’s customer-service lifelines. 

Not to mention that the phone remains a big way to stay in touch with a workforce that might be working outside the company premises – not only for staying in touch with those workers but for making sure they’re representing your company well. 

Make sure everyone in your operation knows how to answer the business phone to your best advantage.  

Still useful

Social media is gaining ground as the preferred customer communication method with a company (especially young-adult customers), but the phone remains popular for customer service among all ages – especially after those customers have bought from a company. (Companies also lose billions annually because of crummy customer service, studies have found.)

The business phone remains a tool for brand image: A phone number on a website or other marketing material generally still conveys more trustworthiness than an army of chatbots even if customers elect to use the bot or email or instant message to reach your company over calling. 

And phones still offer a quicker route to make a call personal for a customer. Who knows who’s really on the other end of an IM or an email? 

Have a designated number for your company, by the way. Established customers can use your home landline (if you wish – and if you still have a landline) or your personal cell. New customers and most callers to your company in general, though, should have one number to reach your receptionist or your voice tree/voicemail. 

Plenty of apps will add a designated business line to your cell phone. You can get a toll-free or a vanity number (where the numerals in your number spell out words relative to your business) for a nominal cost – but with today’s speed-dialing and contacts functions, that may not be worth the money.

‘Can I put you on hold?’

Shoot to pick up all calls on your business phonein two rings. 

It’s not always possible, but many more rings, and you risk starting a conversation with a prospect or customer who’s already out of patience. Have all staffers back up the phones if needed. By about four rings at most, rig your system to bounce to voice tree/voicemail. 

The first words your staff utters will likely set the whole tone for the conversation. Go clear and professional to start: Whoever in your company answers should say “good morning” or “good afternoon,” thank the caller for phoning, give their name and ask why they’re calling. 

Bear in mind that someone on a speaker phone (including your staff) often sounds like they’re inside a gymnasium. If they’re fielding business calls at home, tell them to keep to a minimum playing kids, banging screen doors, barking dogs, and other distracting household noise. 

And is it any surprise that text and other communication methods gain ground on Mr. Bell’s invention when customers expect to be on hold for at least five minutes when they call? Hold’s unavoidable of course – but keep it brief and explain why it’s needed. Ask for the caller’s number so you can ring them back if there’s a disconnect (there probably won’t be – but it shows you care and want to talk to them). Tell them why you have to put them on hold and estimate how long they’ll be there. 

And, if you think you’ll lose track of just how long the customer is on hold… use a timer so you don’t forget.

Listen up

The caller’s using your business phone because they want to talk to a person and not the tap of a keyboard. Your company’s first job here is to listen neutrally to their problem. Use small talk and pleasantries but keep them brief. Hear the caller’s issue before you start talking. 

Ask questions. Take notes – this will help in a sec. Explain your first thoughts on what it’ll take to solve the problem; even short-term action will impress the caller if it’s quick enough. 

Always ask a caller if it’s okay before you transfer them. You’re within your rights to ask if you can call them back later with a progress report. Do so, even if there is no progress, by the next business day.

Wrap up the call – those notes will come in handy here – and always thank them for calling.

Only if your staffer feels there’s time should they try such survey-ish questions as, “Were you satisfied with your service today?” or “What could we be doing better?” Surveys are nice – but aren’t we all starting to feel they’re more for the company than for the caller?

Here’s a real clear survey answer: Repeat business, and knowing how to handle a business call, will help you get it.

Establishing tone

Have an idea of what tone you want phones answered in. If you don’t have a set tone (or vision) for an incoming call, it’s left up to the mood or personality of whoever’s receiving the call. That can go very poorly if someone’s having a bad day. 

Compile some go-to phrases your staff can utilize for tricky situations (a client who’s tired, panicked, upset, etc.) These phrases allow the person answering the call to set the direction of the conversation while maintaining a cheerful attitude. 

And this might seem crazy but encourage your phone handlers to smile while on the phone. It translates warmth in tone and word choice. 

 

January is a great time to revamp things in your Pasadena business. Besides getting a clear financial picture, you’re going to want to take a look at customer relations. Even though we live in a digital age, it still matters that people know how to answer the phone. Take some time this month to think some of the above through (and get your staff trained).

We’re here to help you take care of more than just taxes in your small business. 

On your team,

Sandra Tapia

 

First of all, congratulations on making it through 2022. Pat on the back for sticking with it through the very real ups and the challenging lows. Many of our Pasadena clients went through the wringer … others had their best year yet.

From a personal standpoint, I think we’re all pretty glad to see it in the rearview.

Now, welcome to 2023. Anyone making bold predictions about what’s coming down the pike is setting themselves up for a fall … but I think we can safely say that economic challenges will continue to bombard us. And tech changes will keep knocking on the window of our business ops. 

Especially when it comes to accepting payments.

Cash is king – especially in 2023. However, in an increasingly digital age, when customers can tap their phones to the credit card reader, you better be ready to make room for all the other different formats that can eventually turn into those pleasing pieces of green paper. 

And now, digital payment options can include cryptocurrency. Certainly a volatile investment last year, and one that continues to face … challenges. But nonetheless, it is something not to be ignored. So today, I have some thoughts for you on accepting crypto as a form of payment.

But before I start, quick reminder that the deadline for 4th quarter estimated payments is coming up fast (Jan 16th). If you don’t have your ducks in a row, or you need some help finalizing things for that estimated payment, that’s something we can face together before the deadline. 

Reach out here:
281-998-7499

So, let’s talk accepting crypto… the what, the why, and the how to accommodate it in your Pasadena business …

Accepting Crypto Payments in Your Pasadena Business
“Cash for the soft goods, cash for the fancy goods/Cash for the noggins and the piggins and the firkins.” – Meredith Willson, The Music Man

First businesses took checks, then charge cards and credit cards (manually entered), then electronic payments, third-party payments, and tap-and-pays. What about your next big payment option that, despite headline ups and downs, seems here to stay? Cryptocurrency. 

Is it time for your small business to start accepting crypto from customers? What’s involved – and, more importantly, what would you gain by accepting crypto now? 

Should you or shouldn’t you?

Questions abound, but we do know that crypto is currency (age: about four decades) that exists only digitally, based on a technology that usually has no central issuing or regulating authority. Relying on a technology called blockchain, it uses a decentralized system to record transactions and manage issuing of new money. Types of crypto include bitcoin and Ethereum. 

Owners hold crypto in digital wallets that store the keys to decrypt currency and allow its use. To many, it’s the future of currency. 

It’s also the stuff enormous headlines are made of. FTX, a crypto exchange, recently went from being worth tens of billions of dollars to bankrupt in a week. Luna, a crypto token, went from about a buck to around 116 dollars before it crashed – only another example of a young and unregulated currency universe that’s becoming famous for volatility. 

How could anything this unstable have a future? Why would a smart owner open the doors of their business to this? No doubt your first move toward accepting crypto is answering these questions to your satisfaction. 

All we can tell you now is that even in one of crypto’s most turbulent years, bitcoin still leveled off at a price offering big returns. Mastercard, AT&T, and Paypal are the latest household names to bet on crypto’s future – and the United States is one of the latest big governments to do so, calling for a process to recognize and regulate crypto in agencies from the Federal Reserve to the IRS. 

Suppose you’re not a conglomerate or a huge government? In a recent survey, about a third of small-business owners and top-level execs said their business currently takes cryptocurrencies, with bitcoin, bitcoin cash, and Ethereum among the most commonly accepted. 

Almost half of the owners and execs who don’t accept cryptocurrencies don’t plan to do so in the future – yet a quarter who don’t take cryptocurrencies would like to but don’t know how. 

The good and the bad

Accepting crypto, at least initially, likely won’t change how your customers pay – your proportion of cash and plastic transactions will remain the same. Most shoppers who have crypto hold it as an asset, not as an actual currency; accepting it will probably be more a conversation starter with most customers at the beginning. 

Over time, crypto customers will appear, though, and you will have added flexibility to your payment options (almost always a good move if you know the conditions and ramifications). Accepting crypto can become particularly effective if you sell large-ticket items and through a website. 

Other advantages: 

• Generally lower transaction fees than with credit cards, at least so far;
• No chargebacks are possible with crypto (again, at least so far);
• Facilitates international sales – crypto is used in more than 50 nations.

But the big downside of accepting cryptocurrency isn’t hard to spot: instability. True, the U.S. dollar isn’t worth what it once was either due to inflation, but a whipsawing asset on your ledger can make bookkeeping much more complicated. Not to mention that there are multitudes of cryptocurrencies. 

Customers may also voice environmental objections: Cryptocurrency takes a lot of electricity to create and sustain. 

How to accept it

This is just an overview, but as happens in business more and more, back-office tech helps implement innovation – and accepting crypto is, once again “so far,” no exception. Many crypto payment processing systems integrate with point-of-sale (POS) systems, and an increasing number of POS systems themselves can run crypto transactions. You enter transaction details using barcode scanners and a touch screen and the system verifies the details and processes the transaction – not unlike modern transactions involving credit and debit cards. 

Crypto-friendly systems also operate a lot like now-familiar accounting systems: Advantages include facilitating audits, issuing digital receipts, and easier storage of customer data. These vendors also keep on top of the various cryptos and their dollar value – so you don’t have to. 

Popular POS systems and payment processors for crypto include Coinbase, Bitpay, Coingate, NOWPayments, and ALFACoins. To get an idea of the cost for accepting crypto, you can check fee pages for vendors – here’s the one for ALFACoins.

 

Is accepting crypto in your business an easy call? No. Is it even time to accept it? Maybe, and maybe not yet. Though sooner rather than later, customers might start asking for it. 

Whenever you have questions about innovation in your small business, whether it’s right for you or the logistics involved and the impact on your business operations (and bottom line), don’t hesitate to reach out. Helping you is what we’re here for. 

In your corner,

Sandra Tapia

 

I don’t know about you, but after the holidays (and I hope yours were filled with good things and happy times with loved ones), I’m always a bit tapped out on the spending. 

But in true governmental fashion, Uncle Sam is piling it on. Seems like Congress missed the post-holiday “no spending” cue.

One little holiday tidbit that you might have missed: The IRS is delaying the implementation of the 1099 requirement for Paypal, Cashapp, Venmo, et al. Here at Sandra Tapia, CPA, PLLC, we have been talking to various Pasadena clients about this, and have been advising a stance of “cautious preparation” – cautious because having seen these machinations get gummed up in the past, I maintained a believe-it-when-I-see-it perspective.

After all, we’re talking about the same agency that can barely staff NORMAL operations right now … and they were going to track EVERY $600+ transaction on these platforms? The sheer manpower and logistical lift for this was (and is) mindblowing.

So … the can gets kicked down the road, and we wait and see if this thing ever lands. Your Pasadena bookkeeper can breathe a sigh of well-earned relief.

One thing to keep in mind: The IRS will be ever (and always) aggressive about bringing in more revenue. This is, after all, their stated mission.

And they BETTER be aggressive, because Congress seems to feel no pain when it comes to spending. See below.

Naturally, you’ll have questions about some of this beyond what I’m breaking down today. If you want to talk through any of the federal spending things happening in Washington, I’m here for you:
281-998-7499

So, here’s what should be on your business radar …

Federal Spending Impact on Pasadena Businesses
“It is a popular delusion that the government wastes vast amounts of money through inefficiency and sloth. Enormous effort and elaborate planning are required to waste this much money.” – P.J. O’Rourke

You might have heard about all the federal funding and spending bills flying around Washington. Will any of them affect you and your small business? 

Yes, maybe quite a bit, especially when it comes to retirement plans. 

Capitol Hill appears ready to sign a 1.7 trillion-dollar spending package that will keep lights on in the federal government. Certain tax credits for individuals and for businesses didn’t survive Congressional backrooms. 

Other measures, added at the last minute, stand to change how a lot of companies offer retirement plans, among other changes. 

Then there’s the landmark Inflation Reduction Act that became law last summer and that has given billions of dollars to the Internal Revenue Service, which promises a sharper look at some biz practices. 

Here’s what we know about the federal spending impact on your business at the moment. 

Future security

One of the federal funding plan’s biggest impacts on small businesses will stem from the last-second addition of retirement changes of the SECURE Act 2.0 (the latest version of the Setting Every Community Up for Retirement Enhancement Act). SECURE 2.0 contains changes that proponents have wanted for a long time. 

If you have workers, you’ll want to know these points: 

1. To get small businesses to create retirement plans, SECURE Act 2.0 in the omnibus bill will increase the 50% tax credit for startup and administrative costs of plans to 100% annually for employers with up to 100 employees.

2. Simplified and streamlined paperwork and reporting requirements for employers’ retirement plans and a starter initiative for companies to start offering 401(k)s.

3. The requirement to automatically enroll opt-in employees in their 401(k) plan at a rate of at least 3% but not more than 10%. Some exemptions exist for businesses with 10 or fewer workers and companies in business for less than three years.

4. Eligibility to enter the company 401(k) for part-timers who’ve logged 500 to 999 hours for two consecutive years.

5. Simplified red tape and new tax incentives for small-business employee stock ownership plans. 

A couple other points might be good hiring incentives for you.

– You’ll be able to set up emergency savings accounts for your workers through automatic payroll deductions, capped at $2,500 – they’ll be able to dip into this free of the familiar tax penalties for early withdrawal. 

– You’ll also be able to make matching contributions to a retirement plan for employees who are paying off student loans. 

Your employees (and you) will also see other changes: 

The age when you have to take required minimum distributions go from 72 now to 73 next year, and then to age 75 by 2033. The penalty for failing to take RMDs drops from 50% to 25% and even 10% and catch-up contributions will increase to 10 grand annually, among other changes.  

Less-than-pleasant news regarding federal spending 

Last summer the Inflation Reduction Act became law – and it allotted 80 billion bucks to the IRS over the next 10 years. The agency will spend a good slice of that on modernizing its technology and improving customer/taxpayer service for calls, correspondence, and return processing. Fingers crossed. 

The IRS – for years underfunded and leaking employees – also plans to sign on 87,000 new revenue agents and has pledged to beef up enforcement of some business tax practices. (The Treasury Department notes that over the past decade the IRS has lost 40% of agents who handled complicated returns, such as those of businesses and corporations.) 

Among possible new targets: 

S corp compensation: Following a scathing report on piddling audit rates from the Treasury Inspector General for Tax Administration, the IRS will sharpen efforts to collect employment taxes from S corp officers, ditto partnerships, and multi-member LLCs. The latter are rarely audited, a policy the IRS has publicly said it intends to change when self-employment tax exemptions become involved. 

Micro-captive insurance: The IRS is likely to pay attention to its own annual “Dirty Dozen” list of tax scams – and here’s a popular one. Owners of closely held entities are frequently enticed into schemes where coverages may “insure” implausible risks, fail to match genuine business needs, or duplicate the commercial coverages. Premiums under these arrangements are often excessive and skirt tax law. 

Offshore accounts: The well-heeled have been stashing assets overseas and dodging American tax laws for years. These accounts already come with strict reporting requirements, hefty fines for non-compliance, and usually headlines when the IRS notches one. Expect attention here. 

Wealthy non-filers. The IRS continues to focus on those who simply don’t file a return – especially those earning more than $100,000 a year. And the Failure to File Penalty is initially much higher than the Failure to Pay Penalty. 

 

Lawmakers change their ideas about federal spending all the time. Depend on us to keep you in the loop and your company on the good side of your taxes and finances.

On your team,

Sandra Tapia

 

The 2022 clock is almost at midnight.

An end to a still somewhat crazy year — “the crazy” seems like our new normal, post-2020, am I right? There were a lot of challenges this year and they were … exhausting. Keeping up with the changes and adjusting to the economic pressures… well, these things can make you start looking for the exit door on this whole business ownership thing (and I’m going to talk succession planning strategy in just a minute). 

Believe me, I get it. I’m a tax pro who went through the craziest few tax seasons most have ever seen these past few years. I wanted to smash that eject button more than once.

But maybe you weren’t phased by it all and ate up the chance to square your shoulders and meet the crazy face-to-face. And now you’re riding that high, dreaming far into the future for your Pasadena business. 

Regardless of where you find yourself on that spectrum, let me say this: You have to make a plan for (one day) leaving your Pasadena business behind you – in some form or fashion. 

Because time comes for us all.

If you’re thinking that you want to bring things to a close soon, we should talk about that so we can help you make sure you’ve got all your business ducks in a row — including the tax ones:
281-998-7499

And here’s what life after you leave your company could look like …

Succession Planning Strategy For Pasadena Business Owners
“The victory one would gain after a whole life of work and effort is better than one that is gained sooner.” – Vincent Van Gogh

You’re not your business and your business isn’t you … 

It’s a great theory, but… how true if you’re finally stepping away from the small business that you gave your heart, soul, and a big slice of your life to?

It’s all but certain you’ll have to leave someday — owners recently surveyed gave pretty varied targets for departure — but are you ready for what’s next? 

Here’s how you can be.

Succession planning strategy: Plan to not fail

A solid plan can bring peace of mind and smooth out a process in business (and life). Time for such a plan now. 

Business succession prep means finding or grooming people (often from within) to take over your company when you step aside. Succession plans usually come in two flavors: long-term and emergency. You’re looking here to make the former, which will be permanent after you leave the company and will help everyone see how your operation will be doing up to five years from now.

How many folks need to be affected by your plan? In a small company, it could be a matter of just replacing you (the owner). In a midsize business, you may need to be replaced on a team or a C-suite. 

In other words, if you didn’t show up tomorrow, what role in your company would have the greatest impact on the bottom line? What skills are needed for that role? Who among your staffers (who can also lead) has most of those skills now? (To go outside your company, you might reach out to a headhunter or your referral network.) 

Next, approach your company leaders. Tell them all you can about your succession plan and try to discern if they feel nervous — or accepting and ready. 

Don’t forget to help that team of ready people cultivate their own backups and successors. Who among the lower-level staff has the right attitude but needs training and experience? That’s the real long-term plan for your company. 

More than a third of biz owners leave the company to a relative. If your succession candidate is a family member, you can transfer ownership through your estate — but this can bring up a host of levies from Uncle Sam and elsewhere, including income tax, gift tax, and generation-skipping tax. Check with us before planning to pass your company to a family member. 

Succession planning strategy: Don’t forget about taxes

If you’ve sold your company, the IRS usually examines the sale of each asset associated with your business rather than the sale of the whole business itself.

For tax purposes, you’ll have to categorize each sold asset as either inventory, real property, depreciable property, or capital assets — each with its own tax treatment. 

Sale of capital assets results in a capital gain or loss, for example, and sale of inventory results in ordinary income or loss. This gets even more complicated if you retain an ownership stake in the company. 

You also have to think about ways to protect and preserve the profits you made. Diversifying your investments can help here, holding different asset classes that don’t rise or fall together (tough, we admit, in the recent volatile/bull market) and exchange-traded funds or mutual funds, sometimes with a mix of bonds thrown in. 

We don’t do investment advice, but generally the above will work to preserve wealth and get you the best possible tax situation.  

Succession planning strategy: Living the retiree life

If you’re more or less stepping out of the work world after you leave your company, it’s finally time to take your place in all those idyllic pictures of retired folks relaxing: travel, gardening, former hobbies long dormant … Some retirees read the book they’ve always wanted to; some write the book they’ve always wanted to. 

Pursuing your interests and lifelong loves can be fun. Some people manage to fill a whole retirement with it — and some don’t. Many biz owners find themselves thinking they’ll be stepping aside with no clear idea of what to do next. Feel free to resist overstating the role that leisure can fill in life after your company.

A lot of folks find semi-retirement works best for them. This can look like consulting in their former industry or gig jobs. (Browse the latter at sites like Upwork, Indeed, Freelancer, or Guru, to name a few that scored high in recent roundups.) 

Many former biz owners not ready for retirement (say, in their 40s or 50s or younger) plunge right back into owning/starting a business. Why not? Four out of five small-business owners report routinely working overtime — a hard pace to just leave behind one day — and stats also show that startups with a 50-something at the helm are twice as likely to succeed. 

 

No matter what you decide, we’re here to help with whatever stage you find yourself in.

To finishing strong,

Sandra Tapia