Develop a Strong Hand to Negotiate Loan Covenants

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning

Small business owners almost always have to ask for a loan at some point. It’s important to remember that when requesting a loan, you will have to deal with the issue of covenants. These are constraints lenders impose on your company to keep it operating within...

How a Valuation’s Purpose Affects Its Value

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Valuations

From time to time, every small business owner wonders what the value of their business is. The correct answer can vary, depending on the purpose of the appraisal. Different rules and standards of value may apply in different circumstances. Some of the reasons a...

Know the Rules Before Hiring Youth

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans

If you are a small business owner in Maine, you might be interested in hiring younger, seasonal workers, and you may be able to take advantage of a lower federal minimum wage. Employees under age 20 can be paid a “youth minimum wage,” for the first 90...

Should You Buy or Lease For Your Small Business?

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning

As a small business owner deciding on a major purchase, you may wonder if it is better to buy or lease business assets. The answer can be complicated, but one rule of thumb to remember is that it’s generally better to lease assets that will substantially...

Save a Bundle with Retirement Plans

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Tax Planning

Most business owners want a retirement plan that meets the following criteria: Current tax benefit on contributions. Ability to minimize or avoid contributions when cash flow is tight. Only cover full time, long term employees. High percentage (70 percent or more) of...

Are You Owed Money from a Business that Filed for Bankruptcy?

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Debt & Financing

Suppose you’ve been doing business with a company that owes your Maine-based business money or has been late in paying for services you have provided. You might have even filed a lawsuit to obtain the payments. But then you receive a notice that the company has...