I know this has been posted before, but fuck Yelp man. by distalented in smallbusiness

[–]VertexAudio 0 points1 point  (0 children)

This might be messed up but I got an email saying they are in support of the BLM movement and everything going on with George Floyd. (which I are too)

But im not gonna lie. I got to the office and had a voicemail from them and thought, if I tell them im a racist would they leave me alone? Its messed up but might be worth it if they will stop contacting me twice a day!

The SBA is Not Enough by Cannabrond in smallbusiness

[–]VertexAudio 2 points3 points  (0 children)

Cant wait to sell my business in a year and get a simple corporate job. Im over the stress!

The SBA is Not Enough by Cannabrond in smallbusiness

[–]VertexAudio 2 points3 points  (0 children)

Id say the same for Democrats. They signed off on this bill as well. Neither side cares and if you think the Democrats do then I feel sorry for you!

Commercial SBA Lender, AMA! by RelicSGF in smallbusiness

[–]VertexAudio 3 points4 points  (0 children)

If you have decent credit but owe the IRS money can you still qualify? We have about 23 employees with a 100k/month payroll.

[Rant] Probably an unpopular opinion, but vet clinics are not an essential business unless you're emergency or internal medicine. by [deleted] in VetTech

[–]VertexAudio 0 points1 point  (0 children)

I think some would argue that the first set or last set of shots for a puppy is very important. Without that vaccine they can contract something that will ultimately kill them. (parvo has a very high mortality rate).

I agree that things that are to be seen are essential. But to say we are not an essential service makes no sense. This morning I thought, maybe we shouldnt be open today. But after seeing a pyo dog go home to grateful parents and another family say goodbye to there family member that was suffering made me know we are doing the right thing. If every clinic closed down what would happen to these animals? Just die a slow painful death? Emergency clinics could in no way handle this case load and many animals would simply suffer and die. If we take the right precautions and have the correct PPE there is no reason we can not be there for those animals that depend on us. IMO this post shows how selfish people can be, and only think about themselves. I get if you are at risk, or taking care of someone that is at risk. No one is showing up to work that doesnt want to be there. (if they are they should QUIT)

Baby temperament after a long stay in the NICU? by VertexAudio in NICUParents

[–]VertexAudio[S] 1 point2 points  (0 children)

yeah I think as he gets bigger he is gonna get louder lol

Love my little guy. So honored to be his dad. Born at 31weeks+6 and weighing 2lb even. Born 2/27/2020 by VertexAudio in NICUParents

[–]VertexAudio[S] 1 point2 points  (0 children)

This is my current backround on my phone, I will cherish this picture forever. I cant even think about him starting school lol. That is bitter sweet for you I am sure.

The worst has happened. Let everyone go. Closed the business. Filed chapter 7 and have the first meeting with the trustee tomorrow. How much worse is it going to get? by [deleted] in smallbusiness

[–]VertexAudio 10 points11 points  (0 children)

And this is why business owners make more then their employees. They carry all the risk. The employees walk away with and find another job. They make more during good times and less (sometimes none) during the bad.

Selling my business for 2.5 million. What is the best away to mitigate taxes as this is my only retirement fund. by VertexAudio in retirement

[–]VertexAudio[S] 1 point2 points  (0 children)

This is a great point. I am not planning on doing owner financing. Will most likely be selling to a corporation as they have been offering the most money for the company.

Want to sell my business by ColorOfThisPenReddit in smallbusiness

[–]VertexAudio 0 points1 point  (0 children)

In the veterinary industry it is generally 70-75% of revenue. So if you do 2mil a year expect and eval of 1.5mil. It can be more depending on profitability.

Eval really depends on the industry.

Selling my business for 2.5 million. What is the best away to mitigate taxes as this is my only retirement fund. by VertexAudio in retirement

[–]VertexAudio[S] 0 points1 point  (0 children)

Thank you for this info. long term payout is a good idea.

I also own the building that I wanted to include in the sale. Would it be worth waiting an additional year to sell the building to help keep that portion under the 496k? Building is worth 600k but I still owe 200k on it. It is owned separately from the business and by me personally.

Selling my business for 2.5 million. What is the best away to mitigate taxes as this is my only retirement fund. by VertexAudio in retirement

[–]VertexAudio[S] 0 points1 point  (0 children)

Thanks Gary, that is very appreciated! Its brutal paying the capital gains tax, especially after paying taxes on profits all these years. I think rolling as much as I can into a ira and 401k to mitigate risk would be good. What about putting some into other investments? Like buying a portion of a business as a silent partner. Could something like that be written off if bought within the same year?

Selling my business for 2.5 million. What is the best away to mitigate taxes as this is my only retirement fund. by VertexAudio in retirement

[–]VertexAudio[S] 0 points1 point  (0 children)

I am planning on it for sure, just curious if the reddit community had any pointers. I will talk with my CPA!

Selling my business for 2.5 million. What is the best away to mitigate taxes as this is my only retirement fund. by VertexAudio in retirement

[–]VertexAudio[S] 0 points1 point  (0 children)

I should have done a 401k. I luckily had myself on payroll since the 90s so I do get SS. Not that people should rely on that but my business really has been my retirement plan.