Prepare for the Inevitable
By Maceo Keeling –
Many of us have heard the old adage, “… in this world nothing can be said to be certain, except death and taxes.”
Oddly enough, these two aspects of life are usually the most neglected in business. Business owners, too often entangled in the urgencies of day-to-day transactions, neglect, ignore, or just don’t think about two most significant and inevitable times in their business lifespan. There is a time to leave the business, and there is a time when we all pass on.
The numbers are staggering for businesses who fail to file taxes, or become delinquent due to poor or no preparation. It doesn’t matter if you sell pencils, or perform as a busker on the street—Uncle Sam will get his due! The IRS has a foolproof way to collect delinquent monies from sole proprietors and big corporations alike: They will seize assets, place liens, or even garnish wages.
What’s the answer? Don’t just think about taxes, plan for them! Planning for the inevitable just makes good business sense. If you plan your tax strategy with your pennies, it will save you dollars!
Next, we know that if taxes don’t kill us, life will. This is quite a grim thought, but it’s the truth. Key components are often overlooked in business strategies. Ask yourself, are you prepared to exit your job or business in a fiscally sound manner? Will you have some paper (money) when you retire? Have you done an exit plan? Do you have a date in mind? Do you know how much money you’ll need at that time? How do you even determined what your needs will be?
Consider talking to and hiring a consultant to help with these questions. Because you can be certain that at the end of the work day, and the end of life, there will be taxes! Only one thing is worse than leaving your business or your life broke: working 20 or 30 years and then living longer than your money lasts. Sacrifice pennies now to have dollars later!
Businesses are a continuous concern. This means the business could exist long after the original owner is gone. If you work for yourself, you need to ask the question, do I have a company or a business? With a business, there are system processes and procedures in place to keep it going even if you don’t. With a company, either it requires you to run it or it is running you.
My dad sometimes said to me, “If you don’t take time out from your business to handle your business, you won’t have a business!” I think he also meant that you should take a step back and look at the business as your vehicle to freedom. Do the tune-ups, and check the oil from time to time. We must rotate the tires and, most importantly, check the gas. Is there enough in the tank to get you where you want to go?
I also thank my dad for this wisdom too, “It takes me a half a day to handle my business and a half a day to stay out of everybody else’s business—so I’m busy all day!”
Handle your business!
Dr. King had a dream, now we must have vision. The Conscious Call radio program airs every Monday at 11:30 a.m. on WRES-FM 100.7. In a collaboration with the radio program, the Urban News will help keep readers informed about events, programs, news, and the progress of The Conscious Call. For more information, contact the Conscious Call at (828) 989-6999 and visit www.theconsciouscall.com.
The opinions and statements made in this column are solely the opinions of the author and not necessarily those of the Urban News.
