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why updating your books should be a monthly activity, the things that could go wrong when your records are outdated, and Jeff’s unique approach to the accrual-cash pendulum.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• Exploring the challenges and possible pitfalls of having outdated books and records.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.

As a business owner, there are foundational concepts of employment law that are important for you to know. During this episode, we are joined by Todd Bennett, from Bennett and Belfort. Specializing in employment law matters for both employers and employees. He joins us to discuss important issues facing business owners as they navigate relationships between employers and employees. We begin our conversation by differentiating between non-competes and solicitation agreements. Next, we delve into wage-per-hour laws, and advice for employers according to termination, suspension, and why it is valuable to build a strong relationship with an employment lawyer. Hear why record-keeping is important for overtime and what the three-year lookback period for Wage Act violations means for you and your business. We also get into the weeds with the legal implications and best practices on remote work in Massachusetts and beyond. You’ll hear how the global economy has changed since COVID and more.

Key Points From This Episode:

• Introducing Todd Bennett, Attorney at Bennett and Belfort.
• An overview of the topics touched on today.
• What a non-compete agreement is and why a business owner would implement one.
• The difference between non-compete and solicitation agreements.
• How non-solicitation agreements apply to employees.
• Differentiating between restrictions in different states.
• Why a non-compete in a business transaction is not the same as one between an employer and employee.
• Implications of time constraints applying to non-competes and non-solicitations.
• Exceptions for non-compete agreements including physicians and broadcasters.
• Best practices on wage-per-hour for employers: termination, suspension, and more.
• Why it is helpful as a business owner to have a good relationship with an employment lawyer.
• How commissions apply to a wage payout.
• The importance of having an employment handbook.
• Record-keeping and Wage-Act violations.
• Navigating remote work in compliance with wage-an-hour laws.
• How hiring has changed since COVID.
• Why it is so important to have good practices around paying employees timeously.
• Key takeaways from the conversation: having the right advisors in place.

Links Mentioned in Today’s Episode:

Todd Bennett on LinkedIn

Todd Bennett Email

Bennett and Belfort

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 companies are merged or acquired, the integration of employee benefits can be just as significant as the consolidation of business operations. In this episode, we delve into the critical role of employee benefits in mergers and acquisitions, highlighting the importance for both buyers and sellers. Joining us for this discussion is Scott Bostley, Founder and Managing Partner of Benefit Strategy Partners (BSP), a leading provider of fully integrated, flexible, and creative employee benefits solutions for small and medium-sized businesses. Scott underscores the significance of employee benefits in the M&A context, not only from a liability perspective but also for maintaining continuity in what is often a company's most valuable asset: its workforce. He also stresses the importance of involving the right advisors throughout the process, doing the proper due diligence, being as transparent as possible, and much more. Tune in today for expert insights on ensuring a smooth transition and safeguarding your workforce during M&A!

Key Points From This Episode:

• Four common mistakes that businesses make with employee benefits during M&A.
• Why both buyers and sellers must acknowledge the importance of employee benefits.
• Tips for communicating benefit changes to your combined workforce.
• Valuable lessons from successful (and not-so-successful) integrations.
• Reasons to blend benefits plans as early as possible in the process.
• What sellers can do to prepare themselves and their employees for an eventual sale.
• Risks to employees during M&A that result from inadequate due diligence.
• Whether it's necessary to disclose serious health conditions among your employees.
• Why operating in a silo will create more issues than involving all the relevant experts.
• A quick recap of the key takeaways from today’s conversation.

Tip of the Day: When buying or selling a business, make sure to include all relevant experts from the start!

Links Mentioned in Today’s Episode:

Scott Bostley on LinkedIn

Scott Bostley Email

Scott Bostley Phone Number — 617-686-9566

Benefit Strategy Partners

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.

We've already discussed franchises here on Transaction Talk, but there's just so much information to cover that we've decided to revisit franchising today (and honestly, we just love talking about it!) So today, we'll be defining what a franchise is, the various franchise options that are available in today's market, and so much more. We are joined by the illustrious Greg Mohr, a franchise consultant who combines his experience as a business owner to help his clients find their best franchise options. First, Greg defines "franchise" and explains why franchising may be a better option for you than starting a business. Then, we unpack the questions that prospective franchise buyers should be asking, how to find information on other franchisees, the characteristics of a good franchisor and their role in the success of their franchisees, and the importance of conducting comprehensive research before signing on the dotted line. To end, we explore common franchising mistakes and how to avoid them, the ins and outs of an area development agreement, why franchise attorneys are an essential part of the process, and a reminder to be thorough in your due diligence.

Key Points From This Episode:

• Greg Mohr defines "franchise" and explains why franchising could be better than starting a business.
• Questions that prospective franchise buyers should be asking.
• The information you'd need to know about other franchisees, and where to find it.
• Exploring the role of a franchisor in ensuring the success of their franchisees.
• Why research matters, and how there aren't any shortcuts to being fully prepared.
• Common mistakes and pitfalls in the franchising process, and how to avoid them.
• Understanding that creativity is encouraged, but it's dangerous to reinvent the wheel.
• What an area development agreement is, and how it differs from a regular franchise agreement.
• Why franchise attorneys are an integral part of the franchising process.
• The characteristics of a good franchisor, and the elements that make a franchise successful.
• A reminder of the importance of doing your due diligence.

Tip of the day: Visit the SCORE chapter in your area!

Links Mentioned in Today’s Episode:

Greg Mohr

Greg Mohr on LinkedIn

Greg Mohr on X

Greg Mohr on Instagram

Greg Mohr on Facebook

Greg Mohr Email

Greg Mohr Phone Number: 361-772-6401

Real Freedom

SCORE
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.

In the world of cybersecurity, breaches are not a matter of if but when. In this episode of Transaction Talk, we discuss the important topic of cybersecurity with a focus on how the risks can impact small and medium-sized businesses. Joining us to unpack this topic is Sean Kline, the CEO of Turbotec, an IT services provider that offers consulting, IT infrastructure and planning, network and cybersecurity, disaster recovery, business continuity, and more. We discuss the importance of these issues for business owners and outline some of the best practices and standards. We also explore the value of understanding where you are in the process and why you should never stick your head in the sand as this topic and these risks change constantly. Tune in for this insightful conversation as Sean highlights plenty of important things that are easily overlooked by small business owners!

Key Points From This Episode:

• Some of the most common cybersecurity threats that individuals and businesses face today.
• Reasons we are vulnerable to anything connected to our network.
• Why having a process to evaluate where you stand and what your weaknesses are is key.
• What to focus on when setting up cybersecurity.
• The process of understanding where the gaps are in order to resolve them.
• How investments in cybersecurity can yield financial benefits.
• Evaluating security from a business and technical risk perspective.
• Best practices for password protection.
• The organized nature of cybercrime.
• Common misconceptions about cybersecurity.
• Establishing and testing a recovery plan in preparation for inevitable breaches.
• Invaluable insights about why cybersecurity is an executive issue.

Tip of the Day: Be open-minded about your cybersecurity strategy!

Links Mentioned in Today’s Episode:

Sean Kline on LinkedIn

Sean Kline Email

Sean Kline Phone: 603-296-4845

Turbotek
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.

Bob Furlong is a seasoned wealth management professional from The Bulfinch Group. With years of experience managing his own family business + his clients’ family businesses, Bob offers a unique perspective on wealth maximization and legacy building. In this episode, Bob reflects on his personal journey through multiple company exits, including one that left him completely in the red, and discusses the common misconceptions about the timing and strategy of selling a business. He also shares how he uses his expertise to guide family-owned businesses on financial strategies and vision planning, with the importance of aligning family legacy with business goals.

Key Points

[3:00] A little bit about Bob and his background in wealth management + selling the family business.

[5:15] Knowing what Bob knows now, what would he have done differently?

[7:25] On Bob’s third company exit, he did horrible. He really struggled through that process and had a negative balance sheet by the end of it.

[9:15] What do most people get wrong about exiting a company?

[13:05] When your company finances are looking better than they’ve ever been, that actually might be an indicator to sell.

[15:00] Bob now works with a lot of family-owned businesses, how does he use his experience + his expertise to advise and guide them?

[18:25] Although Bob does focus on the financials of the business, he also believes it’s important to talk with the owners about their visions for the future and what their legacy will look like.

[19:55] It is a delicate balance to sell the family business because employees might also leave the moment the owner leaves.

[24:25] How far in advance does Bob start working with a family-owned business? What is a good timeline to plan an exit?

[28:25] In Bob’s experience, the founder is usually the obstacle in how they want to realistically exit.

[32:55] Bob sees himself as a bit of a choreographer when it comes to helping everyone within the company and the family have tough conversations, be on the same page, and understand their risks.

Tip of the Day:

It’s never too early to plan!

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Bob Furlong

LinkedIn

Bob’s bio

Bulfinchgroup.com

Email: bobfurlong@bulfinchgroup.com

Phone: 781-292-3265

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.

Quotes

“Business owners, more often than not, sacrifice the ‘self’ for the business and the business doesn’t always take care of them.”

“There are about 80%+ family-owned businesses where the owners want their kids to own their business. However, it’s less than 20% of the kids who want the business.”

“Selling a business is such a big decision, it’s a life decision, and you want to make sure, whether it’s a family member or another buyer, they’re going to live on your legacy.”