Cash control during these strange times

And these are indeed strange times, especially if you haven’t lived through 2000-2002 and 2007-2008 recessions and difficulty in finding money from banks and investors.

The simple economic truth

Here is a simple economic truth.  Fixed overhead continues to eat into your cash month after month.  It doesn’t differentiate facile, efficient businesses from slow, disorganized, quality-challenged ones.

A shocking example of operations affecting cash control

If it takes eighteen months to get a new product out the door and into the market, and if a product’s gross margin is ten dollars but the corporate overhead is a million a month, it will take the sale of 67,000 more units to break even than if it were to take only six months to market.  If the total annual potential is 100,000 units, the slower cycle to market just cost the company two thirds of a year in the product’s profits.  With today’s rapid obsolescence, that could be the entire life cycle of the product itself, lost because of being slow to market.

The effect of being slow to market even in tough times

And profits from the sale of the product create cash for development of the next product.  If the time to market is slowed by inefficient development, the risk of a competitive product overtaking yours increases dramatically.

It’s all about fixed overhead and efficiency

[ Email readers, continue here… ]   So, the truth of the statement is self-evident. Because fixed overhead burns cash, extended development cycles burn more cash, preventing earlier sale of product, to create even more cash.  Efficiency in development pays off in less cost and earlier competitive products, often producing greater market share in the process.

A critical question for you

Have you considered how to make your operation more efficient as an important way to increase cash flow?  Most of us are quick to worry over cutting costs.  Some of us worry over how to greatly increase revenues.  Few of us worry over how to squeeze more efficiency out of the development cycle or from the organization itself.

There’s your homework assignment

Consider how, and then work on efficiency as a primary tool to reduce cost per unit of output.  You can also worry over how to make more gross revenue and how to cut costs.  But you’ll do well to address your company’s efficiency first.  Time to find a dark room where you can think without distraction.

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Have you fallen into the buggy whip trap?

Surely, you’ve heard the buggy whip analogy.  A business making those necessary items ignored the signs of progress and found itself without a market.  Perhaps that happened to sword smiths upon the invention of the rifle, and certainly to the makers of cassette tapes upon the dawn of the CD.  And CD’s with the advent of streaming.

My stories of unexpected change

I found myself in the middle of such a slow-rolling change twice in my career.  First, in the

Source: Wikipedia Common license

late 1960’s (yes, I know, a long time ago), there were 31 phonograph record manufacturing plants in Southern California alone.  By 1975, there were only two.  That is sudden change, brought about by the fast acceptance of the cassette, which in turn gave way to the next technology, CDs, after a rather short lifecycle.  Record plants were noisy, dirty places, using chemicals I can only imagine now rest somewhere in the ocean, to electroplate the “stampers” and press the records.  Cassettes, in contrast, could be manufactured in small rooms with much less expensive equipment and no damage to the environment.

A more modern example

The second time I learned the buggy whip lesson was at the dawn of the personal computer age, and this time we guided our firm without a hitch from minicomputers to networked PCs, even growing the business as we gave up the lucrative $100,000 hardware sales in return for service fees to network our customers’ systems, install our database, and migrate to customer-purchased desktop and servers.

Today the speed of obsolescence is even faster

[Email readers, continue here…]   Here it is, not so many years later, and the signs are more subtle yet, but the speed of obsolescence is much faster.  Take for example, the public’s quick acceptance of Facebook, Instagram, Twitted and other social networking portals, leaving early leader MySpace wondering what happened to their comfortable lead and large fan base.  With rapid sharing of information and recommendations, a fickle public can change its mass preferences seemingly in an instant.

The big question: How to spot the real thing?

Source: Geoff Sinbraldu, WordPress.com

How do you spot the buggy whip trap and differentiate it from a simple business cycle slump?  The answer is simple, but somehow out of reach for most senior executives and entrepreneurs.  Micro trends may seem to be a whisper, as mini-trends follow with leading adopters making a bit of noise.  It is those leading adopter founders and managers that take the chance on new technologies, new companies, new styles, and new idioms.  That is why so many larger companies pay specialty marketing firms to find, court, and listen to those individuals who lead the pack in taste and action.

No expensive consultants? Consider this alternative

For those of us who don’t have the resources to hire these expensive market trend-watching firms, there are simpler yet effective opportunities.  Usually, technology and style trends begin with those aged between 15 and 23.  And which of us doesn’t have at least one close relative or child at or near these ages?  Have you ever asked for an hour of such a relative’s time to discuss what’s “cool” or “coming” or “must have” in their lives?

Resist your “resistance to change”

It is human nature to protect your investment of money, time and brand in your enterprise.  That leads naturally to a resistance to change and inability to willingly move to replace your own product with something new that will kill its revenues.

But we all know that if we do not do it when offered the evidence of product or even industry obsolescence, someone else will jump in to fill the void.   Think carefully for a moment: are you investing in your own form of buggy whip product or service today?

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Could you be your company’s bottleneck?

So many tasks; so little time

As a manager, you have a number of critical tasks that are general to your position as opposed to specific to your industry.  These include ensuring the continued health of the organization, setting the moral compass for your stakeholders, providing for succession by training and documenting, leading the effort in compliance of regulations and safety needs, and … elimination of all possible bottlenecks that impede the efficiency of your organization.

What is the bottleneck?

The definition of a bottleneck in your business is one that constricts the flow of work from

one area to another in the flow of product or service through your organization.

The three common factors making a bottleneck

A bottleneck in your organization’s flow of product or service can happen, shift, or disappear quickly.  Common to all bottlenecks are three factors:

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  1. All product, labor, and cost before the bottleneck are impeded from creating maximum efficiency by being forced to slow output or build inventories. This is a costly loss for any business and one that should be a focus for your management as soon as identified.
  2. The bottleneck itself strains to keep up with demand, often to the point of reducing its own efficiency in the process of attempting to keep up with demand.
  3. All processes after the bottleneck are slowed for lack of flow into their zone of control and waste time, money, space and output, always resulting in reduced revenues and profits.

Of course, you could fit that definition

You can be the bottleneck.  If people are waiting for you to respond to a question or make a decision about design, process, spending for a core need, or any of tens of critical decisions, you are creating a slowing or stoppage of work before you and idle resources behind you.  If this describes you at any moment in your day, you should consider removing yourself from the bottleneck list by delegation, reduction of your non-critical workflow, or (heaven forbid) increasing your hours of production.

Remove that impediment!

If failing to hire a critical employee is the cause of reduced efficiency, you must act quickly to either make an effective hire or alter the environment that creates the urgent need, all to remove that bottleneck.

And if an inefficient or undersized machine or department or process is creating a backup of critical path work flow, you must address this as an urgent matter whose cost is much more than the cost of the machine or person needed, but the amplified cost of the lost output it affects.

One of your most important jobs

You, as a successful manager, must be attuned to and responsible for elimination of all forms of bottlenecks within your span of control.  Watch for, and stamp out, all those you identify as soon as you find them.  The effect of your action is magnified several-fold at the output stage of your business, leading to increased customer satisfaction and increased profits.

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Do you even know what questions to ask?

Great executives and managers seem to intuitively know what they don’t know.   But it is not at all uncommon to not even know what questions to ask.

Who would have thought about COVID 19 and public’s panic responses?

Image credit: Alexas_Fotos / Pixabay

One week we all thought we had our responses dedicated to supply chain disruptions. By the next week it was protecting our associates and employees.  And by the third week, we witnessed mass panic shopping, closures of most all venues, limits to how many could be in a store at once, empty shelves and much more. Most every white-collar worker was telecommuting.  What could follow?  Have you called your team to brainstorm the next steps in this ever-moving black swan event?

The” black swan” event questions

How do you avoid being sideswiped by the new product you never saw coming, or by the “black swan” event no-one ever thought of that might threaten your business?

Speaking with a roundtable group of fellow associates, most all of them CEOs, we addressed this question and spent an hour brainstorming how to protect against just such a lack of forward vision.

Scenario planning: “What if?”

One CEO stated that she engages regularly in scenario planning with her executives, asking “what if” questions to explore the edges of the group’s thinking about everything from disruptions of supply to changes in customer taste to acts of God such as floods, worldwide virus attacks, or earthquake.  The group agreed that this is an excellent process, engaging the entire team and members’ experience to explore the unknown.

But what if no-one thinks of the right questions?

[Email readers, continue here…]    But what if no one in the group thinks to ask the pertinent question that leads to the most impactful unknown?  What if that threat is outside of the experience of anyone in the room?  What if no one knows what to ask?

Using fiction for clues to the new reality

Another CEO chimed in with an answer that made us all think.  Most every technology advance has been predicted in works of fiction years before the fact, he stated.  Why not look to fiction for clues?  From devastating events like tsunamis to future user interfaces predicted in such films as Star Trek or Minority Report, there are liberating clues within the experiences of most of us.  Think of Flash Gordon or Dick Tracy, characters from many decades ago with communication devices that have not only come to life but have been far surpassed the reality.  Tom Cruise’s virtual handling of graphics by hand movements came true only a few years later, even popularized as a game with Microsoft’s Kinect system driven by body movement alone.

And how about “Contagion” and the many books and movies about pandemics?

Broadening our frame of reference

Our frame of reference must be as broad as possible when asking “what if” questions to protect our future.  Read more science fiction if you are involved in technology.  Read more disaster novels to expand your thinking to the very edge, even if only for a minute as you examine what and how to react to the unknowns that are sure to someday challenge us.

And stay safe as new coronaviruses seem to infect the world’s population every twenty years or so.  Plan even now for the next one which will surely arrive on our shores after this one.

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Posted in Depending upon others, Hedging against downturns, Protecting the business | 3 Comments

Remember the FAIRNESS doctrine

Reduce the emotion; reduce the threat of lawsuit.

You’ve certainly experienced the angry outburst from an associate or employee who has just learned of an event that the person took as “unfair,” no matter how rational the explanation by the decision maker.

Most emotional responses to decisions in business are generated not because the person making the response feels the decision was unwise, but rather unfair.

Part of the cultural fabric of your business

So, enter the “Fairness Doctrine,” as a stated element in the cultural fabric of business. Simply stated, a decision or action that affects an individual must be made with consideration of the affected individual’s view of the fairness of that decision. This doctrine is a variant of “do unto others” but with a twist. The recipient of the decision in this case usually has little opportunity to respond in kind (“as you would have them do unto you”). It is this frustration coupled with the simple outcry of “That’s not fair!” – that can affect the culture of a company in ways never considered by the original decision-maker.

Why do many people sue?

People sue others and their companies usually because they feel emotionally that they have been treated unfairly, not just because they were affected financially.

Some examples of “unfair treatment”

[Email readers, continue here…]   Firing a person considered a key associate without any advance warnings or public revelation for the reason, such as the need to consolidate or downsize, is a good example of setting up such a groundswell of accusations of unfair treatment. Public dressing down of an employee in front of associates is inhumane and often generates a negative response from all who witness or hear of the action. Closing a highly effective department, shutting down a marginal company, canceling a promising project all are good examples of management setting up a visceral response of “unfair” among those affected.

Preserving the dignity of the individual

I have often addressed the issue of maintaining the dignity of the individual in a business environment. The two are linked: the fairness doctrine and treatment of an individual with dignity, no matter how distasteful the decision implemented.

A solution to the problem

So, my advice is to take the time to establish the reasons for pending actions – if not in an emergency environment. Speak privately to employees who are in danger of being fired, documenting the discussion to the employee’s file. Open up to the general group with facts that might later affect them, even at the risk of losing one or more to a hunt for a new job. Most employees and associates, treated with respect and dignity, will respond with understanding and lose the emotion that might have accompanied receiving the later news of a negative event.

In fact, many times over the years, I have seen whole companies rise to new levels of efficiency, creativity, and sense of urgency when informed of the alternatives being considered by a board or management.

Sharing the dilemmas of management

At the risk of losing talent not targeted, it is only fair to treat people as intelligent beings capable of understanding the dilemmas faced by management, and sometimes able to find solutions to problems not seen by those in control.

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Reduce five risks: Increase your valuation

Why five risks?

In the creation of a young company, there are five principal risks to be addressed by the entrepreneur.  Professional investors will probe these five risk areas and make the decision to invest based upon comfort with each.  So, it is important for the entrepreneur to identify, address and mitigate each of these in order to increase valuation and decrease the risk of ultimate loss of the business.

First:  Product risk. 

Is the product or service possible to produce at all, let alone economically enough to

compete in the marketplace?  One way to mitigate this is by using early money to create a prototype, to perform market research, to complete the first generation of the product, or to deliver the service to a satisfied customer.

Second: Market risk. 

Are you ahead or behind the market with your product or service?  Will the public respond in numbers to buy, license or rent your offering?  This risk can be mitigated by finding a customer willing to purchase as soon as a proven model is completed, and willing to state this in writing.  Another is to gain the support of a core vendor who is willing to offer special extended terms to the company as its investment in creating the product in a finished state.  A third demonstration of overcoming market risk is by holding controlled focus groups and gathering information from unbiased potential customers supporting the acceptance of the product or service.

Third: Management risk. 

[Email readers, continue here…]   A great idea often fails from the inexperience or inability of management to bring the idea to market.  Similarly, great management often can manipulate an original idea or business plan into one much more attuned to the market, adding tremendous value that might have been lost sticking to the original plan.  This is sometimes labeled “execution risk” addressing whether management can create and run the company producing the product acceptable to the marketplace.

Fourth: Financial risk.  

Any new enterprise is at risk if there are not enough resources to get the company to breakeven, which is a proxy for stability.  If a company truly needs five million dollars to get to breakeven, investors that provide the first million are greatly at risk of the company failing to raise the remaining capital or of subsequent investors valuing the company at a lower price than the first investors, causing a “down round” in which the early investors are punished for taking the first risk.

And fifth: Competitive risk. 

If there are high barriers to entry with such protections as patents, long development time already spent or contracts with the major potential customers, then the risk of a competitor with more resources jumping into the frothy pool and taking advantage of the demand created by the company is minimized.

Reduction or elimination of one or more of these risks increases the valuation of the company and certainly improves its chances of survival and growth.

You may recognize these five as a slight variation on the “Berkus Method” which is often published and used by investors when valuing pre-revenue businesses.  Here we expand the definitions a bit to encompass businesses that are still early stage, but perhaps beyond startup.

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Posted in Finding your ideal niche, Growth! | 2 Comments

Does your company have a “dirty cap table?”

How it happens

When you seek professional investors, whether organized angels or venture capitalists, one of the early questions you are asked is “How have you financed the business so far?”  Investors love to see entrepreneurs who have used their own money to ignite their businesses.

But often, entrepreneurs turn to others for initial capital. Describing that capital using the phrase “friends, family and fools,” or “FFF,” has become as common as to be trite.  And now that “crowd sourcing” has been enabled using the Internet – seeking many investors at a small amount per investment.

The legality issues

The problem in taking such money rests in the legality of taking money from non-accredited investors, people who do not meet the SEC standard for making non-public company investments.  Currently that standard requires a minimum of $200,000 in annual income or over one million in net assets, including the value of the investor’s principal residence.

What if some past investors don’t meet that standard?

[Email readers, continue here…]  Since many small investors in a young business do not meet that standard, there is a chance that the company has taken money that it should not have taken, according to SEC rules.  There is an exemption for members of the entrepreneur’s family and in some cases for close friends with intimate knowledge of the entrepreneur and of the plan and, of course, for employees of the company.  It is worth checking with an attorney to see if such investors are truly exempt.

Does issuing a PPM insulate the company?

Some small companies work to create “private placement memorandums,” attempting to protect themselves against this problem, couching the proposed investment in legal language stating the risks involved in making the investment.  The PPM does nothing to mitigate that problem when the investor is not accredited.

Missed filing requirements

To compound the problem, often stock is issued by the entrepreneur without filing any report of such issuance with the state of issue.

So, what is the problem?

The sum of these problems is that a disaffected investor can sue the entrepreneur or the entrepreneur’s company for a rescission of the investment and return of the money invested if the money was taken improperly, especially when the business has failed and the investment lost, putting the entrepreneur at risk for the loss of additional personal assets.

And what is the cure?

The cure for this, when professional investors enter the picture, is for the company to craft a “rescission offering” to those shareholders who invested illegally, offering to repurchase their shares at full value invested.  This is sometimes difficult since it often happens just at the time a company needs new money most and is in the process of seeking that money for growth.  If a previous investor does not accept a rescission offer, there is some insulation provided to the company against a future lawsuit by that investor.

Your future process

So, plan to take money only from qualified investors. Check with your attorney if there is any doubt.  The risks of a problem rise with unmet investor expectations, and fade with success.  But sometimes, such behavior will cause a subsequent angel or venture capitalist to pass on an otherwise good opportunity, and that would be a shame, one that could have been avoided by diligent process in the early investment cycle.

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CoronaVirus and small business: A discussion about economics

By Harley Kaufman, guest author

Note from Dave: Harley is an old friend and avid reader of BERKONOMICS. With a background in management and technology, he gives us something to think about regarding today’s top-of-news subject.

Addressing the issue to small and medium businesses

The CoronaVirus (Covid19) could potentially cause some real disruptions in the US generally and, specifically, to the small and medium sized businesses that probably make up the bulk of your readership.  The Administration has demonstrated absolutely NO talent or capacity to being able to handle such challenges.  Worse, their credibility and trust factors regarding their messages are zero or below!  Appears to be a recipe for disaster.

Advice to managers, entrepreneurs

With a multitude of caveats, then, it might be worthwhile to your followers to heed the following advice:  Anticipate the worst, prepare for it, and hope for the best!  For consumer driven businesses, the actions that are needed to anticipate the worst are simply to borrow NOW at the lowest possible rates in order to have a significant nest egg if the CV scare drives people to stay home and away from any crowds at all.

Which companies are most at risk?

The obvious companies that would suffer the most quickly are mall locations, strip mall locations, theaters, restaurants, and many many more.  Their liquidity nest eggs could well be challenged beyond their capabilities to handle it.  Waiting until it becomes clear that they need additional capital (even short term capital) would put them in competition with the rest of the business world and would be a lot pricier than it would be currently.  Why wait?

A lesson from the recent past

Take a lesson from Ford Motor Company and their prescient CFO and President in 2006 and 2007.  Right before the Great Recession they were the only automaker to go out in the marketplace and beef up their balance sheet with a great infusion of borrowed cash – at low rates.  They then became the ONLY automaker that didn’t have to borrow from the government to get through the rough patch.

 

 

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How about personal guarantees for company debt?

Is the guarantee still required today?

More than ever, the banks and lenders today require personal guarantees from entrepreneurs, and even from CEO’s of angel or some VC funded businesses. Starting and running a small or growing business can be a challenge to the most confident and optimistic entrepreneur.  And the process of borrowing money or financing asset purchases can be an eye-opener for those who are not used to today’s lender and seller aversion to grant easy credit.

Start with a bank card – still with a guarantee

Most any entrepreneur with a clean credit record can obtain a bank card with a $50,000 limit, if s/he is willing to give a personal guarantee and has enough assets to back the promise it contains.  As the amounts get higher or as banks get into the picture, the negotiation around a personal guarantee becomes more of an issue with the lender and the entrepreneur.  As a rule of thumb, a company with a majority owner in control will be required to provide such a guarantee for most any borrowing of significant size in relation to assets.

Then what happens when there are investors?

But what happens when the entrepreneur has taken investments from one or more outside investors and may not even own a simple majority of the company’s stock?  To most lenders, the guarantee is still a requirement, putting the entrepreneur in a position of additional risk that is not spread among the shareholders.

There are a number of venture debt lenders, however, that will waive the guarantee in return for warrants to purchase stock if the VC backing the company is recognized and has a relationship with the lender.

A novel reward for the entrepreneur from the board

One of my company boards offered the founder with a 20% remaining interest after several rounds a reward for signing two large personal guarantees necessary to grow the business – in the form of a warrant to purchase common shares at today’s common share price.  A win-win for the investor and entrepreneur assuming the company does grow and have a liquidity event someday.

All entrepreneurs assume risk when starting and growing a business.  It is only smart to consider ways to mitigate risks when opportunities to do arise.

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Warning: Contractors must really be independent!

Our challenge is getting more difficult

How many of us have “hired” independent contractors over the years, a bit worried over the gray area between employee and contractor as defined by the IRS?  Or separately the State of California?  I’ve experienced the results of a wrong decision, and the IRS and state agencies are not forgiving in their pursuit of penalties, interest and most damaging, assessing a company with the on both employer and employee taxes when reclassifying the person as an employee.

IRS penalties for getting it wrong

Yes, that’s right. The company must pay the employee’s portion of the taxes (and penalties on these) as well as paying those they would have paid if the person were an employee.  That’s even more serious for today’s gig workers in California being attacked by the government requiring them to be reclassified as employees.

The newest IRS test

And the IRS has raised the bar on its test as to whether an independent contractor is not in reality an employee.   So, it is important – no really it is urgent – that we review some of the twenty – yes twenty – tests the IRS now uses to determine if a person is an independent contractor.

Here are the ten IRS tests

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  1. Contract for service: An independent contractor should work under a written contract with the company, defining the end result expected, time to achieve, lump sum or unit cost, ownership of intellectual property created and more.
  2. Direction: The contractor directs itself, rather than being managed as an employee. And just as important, a contractor does not supervise any of the company’s employees directly. This is tricky when a contracted CFO assumes a position of directing an accounting department.  Usually, in acceptable cases such as this, the contracted executive comes from a recognized agency with a history of paying its own employee taxes, health insurance, and other benefits.   Without this protection, a contracted executive is suspect, even if working with more than one company at a time.
  3. Integration: A contractor provides services which are not an integral part of the core business of the employer. This one is tricky. Is a contracted CFO an employee because the CFO job is integral?   How about a contractor CEO?   The person must pass all the other tests when one of them, such as this, crossed into the very gray zone.
  4. Individual on the job: A contractor may hire a substitute without the company’s permission – although the company should then be able to terminate the contract with the contractor if the substitute is not acceptable.
  5. Term: A contractor is hired for a specific project, usually tied to a time term. An undefined period of time favors the ruling as employee.
  6. Reporting: Here is a surprise. The IRS wants to test that a contractor is NOT required to submit regular reports. Yet, most of us would want to have such documentation of progress other than an invoice.
  7. Tools and materials: The contractor must supply his or her own tools. This is tricky when a contractor sits at your desk using your computer and your phone system all day.
  8. Physical facility: The contractor must have its own “home office” even if in a bedroom, from which primary work is performed.
  9. Works for more than one company: If such a person works only for a single company for any period of time, that person will probably be determined to be an employee. A contractor must make services available to the general public.
  10. Termination: A contractor works under a contract – which means that an independent contractor cannot be “fired,” as long as results are satisfactory as defined within the contract of service.

California’s “ABC Test” for gig employees

In California, there are still suits pending as of this writing as to whether app-based gig employees (think Door Dash, Lyft, Uber and many more) are really employees.  The state developed an “ABC Test” which has passed a State Supreme Court challenge:

A: Companies must prove they don’t control the work performed. Gig employers don’t want to look like they control their contractors. An example is Uber where the Company does not want to look like it controls driver schedules.

B: The killer. The contractor cannot work for the core concept of the business.  Uber drivers state that they are doing just that, while the Company claims it is just a platform connecting drivers to riders.

C:  The contractor must establish an independent business.  That is hard for a Lyft driver who works only as a driver for that one company, or even one working for Uber and Lyft as some do.  This is one of the challenges courts will sort out.

Some ways around this for companies

There are more tests, but these are the ones most often used by the IRS.  States add a few of their own; so, beware.   Pay contractors using account payable systems, not payroll services.  Pay only upon receipt of invoices, not with regularly triggered checks or transfers of uniform amounts without invoice documents to back up the payments.

Small companies want to cut cash drains

Many small or early stage company CEOs look for opportunities to cut cash drains, knowing that payroll is usually the greatest cash drain of all. The temptation to reduce that by fourteen percent or more by classifying a gray area employee as a contractor is very high.  And that includes self-payments to a founder.

How about founders?

Founders working for a company are employees if they take regular payments, subscribe to company benefits, attend regular company meetings, or fail any of the tests above.  The temptation to just draw cash and call it a loan or document a year’s withdrawals with a 1099 is great, but highly risky.

The danger of an IRS tax bill reaching back years

There is nothing worse than a large tax bill and threats of a government agency seizing a cash account when a company cannot or does not respond with proper documentation or payment.  And even a single year’s worth of transgressions, when added into a single tax bill with penalties and interest, can appear daunting to small and young companies.

Management discipline and liability

Like payment of payroll taxes by incremental impound each pay period, as opposed to waiting until the last minute and making manual tax payments, it is a proper discipline of management to “take the hit” incrementally to protect the business from a catastrophic failure to pay a governmental agency any form of tax when and as due.   Need we emphasize the personal liability of management AND the board of directors attached to tax payments?

Good management takes discipline and enough knowledge to prevent these possibly crippling errors in judgment that stem from decisions made to avoid or put off tax payments when accrued or due.

 

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Posted in Depending upon others, General, Protecting the business | 5 Comments