The final quarter is bookkeeping season as businesses consolidate their year and plan for the next one. To explain why keeping your books and records up to date is vital for the success and growth of your business, we are joined today by Jeff Starr, General Manager of Supporting Strategies, an outsource-booking, accounting, and operation services provider for small and mid-sized businesses. Jeff begins with some important bookkeeping tips for 2025 before explaining why every business should use Q4 to update all its financial records. We discuss the role of bookkeeping professionals, why updating your books should be a monthly activity, the things that could go wrong when your records are outdated, and Jeff’s unique approach to the accrual-cash pendulum. To end, we learn about how bookkeepers help business owners translate their financial data for prospective buyers and Jeff advises us to always stay on top of our bookkeeping and not to underestimate its importance. Ready to set your business up for success? Tune in to start taking control of your financials today!

Key Points From This Episode:

• Important tips and considerations about books and records for 2025.
• Why it’s vital to consolidate your bookkeeping before the end of the year.
• The importance of relying on professionals to help sort through your books and records.
• Understanding how often a business should be updating its books and records.
• How having updated records makes a business more attractive to willing buyers.
• Exploring the challenges and possible pitfalls of having outdated books and records.
• Accrual versus cash and how Jeff approaches this particular towrope.
• How bookkeepers help business owners translate their financial data.
• The way Supporting Strategies advises its clients on cash flow.

Tip of the Day: Stay on top of things, don’t procrastinate, and don’t underestimate the importance of bookkeeping for your business.

Links Mentioned in Today’s Episode:

Jeff Starr on LinkedIn

Jeff Starr Email

Supporting Strategies

Shark Tank
Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

When is the right time to sell your business? Hollie Choe is a Business Broker and Certified Exit Planning Advisor at Transworld Business Advisors, and she joins us today to provide key insights on how to determine the right time to sell and how to prepare for it, both personally and in your business. Tune in to hear what to consider before engaging in a sale with real-life examples of moments where the market converges with personal reasons. Holly shares why the first question she asks potential sellers is always “What is your plan?” and what steps to take to ensure that your business is ready to sell. You’ll also hear about hurdles you might face before preparing to sell, how to understand the transition process before engaging in a sale, why it’s so important to prepare for the unexpected, and more. Thanks for tuning in.

Key Points From This Episode:

• Introducing Hollie Choe and today’s topic, determining the right time to sell a business.
• Two considerations to establish the right time to sell: personal and business readiness.
• Examples of reasons to sell where the market converges with personal reasons.
• The first question Hollie asks potential sellers: what is your plan?
• Steps to ensure your business is ready to sell: team, reliance on the owner, and more.
• Hurdles you might face before preparing for the right time to sell.
• Understanding the transition process looks like before selling.
• How being more prepared is connected to understanding the right time to sell.
• Preparing for the unexpected.

Tip of the Day: Preparation is key, whether it's to sell, expand, or grow your business.

Links Mentioned in Today’s Episode:

Hollie Choe Phone Number: 541-920-9026
Hollie Choe
Hollie on LinkedIn

Hollie Choe Email

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

What makes restaurant transactions so complex? In this episode of Transaction Talk, Adam Barnosky, chair of the Restaurant Hospitality Practice Group at Ruberto, Israel & Weiner in Boston, joins us to break it all down. Adam delves into the unique challenges of restaurant transactions, discussing everything from liquor licensing and zoning permits to the intricacies of multi-unit franchising. He highlights how doing your due diligence is essential, particularly when reviewing lease agreements and navigating regulatory approvals, which often lead to longer timelines compared to other business deals. Adam also covers key issues such as employment claims, UCC liens, and whether to buy or lease restaurant properties, noting how each decision impacts the overall transaction. Tune in for valuable insights on handling the complexities of buying or selling restaurants, and discover why proper planning, patience, and the right team are crucial to closing a successful deal!

Key Points From This Episode:

• Key differences between restaurant transactions and other businesses.
• Various permits to consider and why patience is key in restaurant transactions.
• An overview of multi-unit franchising in restaurant acquisitions.
• Financial dynamics that impact the decision to buy land versus renting.
• How to approach liquor licensing; why it’s such a nuanced and specialized issue.
• The importance of doing due diligence, from UCC liens to reviewing lease agreements.
• Employment claims and issues you need to be aware of as a buyer.
• Doing due diligence as a seller and ensuring you have post-closing protections.
• Selecting the right professionals to work with; why it’s important to have a restaurant broker.
• Health inspections, zoning, and other considerations at the municipal level.
• How to get in touch with Adam and a quick recap of today’s key points.

Tip of the Day: $1 in diligence today will save you $1,000 down the road.

Links Mentioned in Today’s Episode:

Adam Barnosky on Linkedin
Adam Barnosky on X

Adam Barnosky Email

Ruberto, Israel & Weiner

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.