Looking for advice on how to fire my friend who has worked for me for about 5 years now. I gave him significant pay increases before he was really ready for them, and unfortunately his skillset has not improved. I feel really bad, but I'm not willing to tank my business to keep him around. Any advice the best way to make this go over as smoothly as possible?
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Hi everyone, I’m looking for some honest advice from small business owners.
I have 6+ years of professional fund accounting experience, including several years as a senior fund accountant. My experience includes month end close, reconciliations, journal entries, financial statements, and working with complex fund structures.
I’m currently studying for the CPA and recently left my job. I’ve been considering providing accounting services to small businesses, but I’m trying to understand the perspective of business owners before I make any decisions.
I’ve never worked directly with small business clients, so I’m curious what business owners actually look for when choosing someone to handle their books and accounting.
For those of you who use an outside accountant or bookkeeper:
• How did you find the person you currently use?
• What made you trust them with your business finances?
• Would you consider someone with a strong accounting background but no previous small business bookkeeping experience?
• Do you usually look for someone local, or are you comfortable working remotely?
• What services are most valuable to you from an accountant/bookkeeper?
I’m not trying to sell anything here. I’m just trying to understand what small business owners actually want and whether my background would be useful in this market.
I’d really appreciate any honest feedback, especially from people who have hired or currently work with an accountant or bookkeeper.
ran into an old prospect at a coffee shop last week. nice guy, wed talked a few times, i thought we were close to closing. never happened, i assumed he went with a cheaper option or just lost interest. he told me the truth because there was no reason not to said he called us on a friday afternoon, got voicemail, tried again monday, voicemail again. called the next guy on the list and that guy picked up.
we werent more expensive or worse, we just werent there when he needed us. that one sat with me tbh, ive been telling myself we were losing on price for months
looked at the phone situation after that, were doing textedly to run the voice + mass sms side for us on top of the regular things. calls get answered, follow-up goes out, and hopefully i'm not the guy losing deals at a coffee shop anymore.
but i still think about that conversation though
Lic plumber looking for advice and suggestions with business. Already own a small business PT on side with no business debt at all.
Option 1:
Continue to work gov job with health insurance, pto and retirement. Continue to run part time plumbing business on side. Slowly grow. choose which jobs I feel like doing. No plans to hire anyone. Keep 100% of profits. Own all of my needed tools and equipment. Very low overhead. The biggest con is that it's like having a 2nd job and cuts into a lot of our families time off. Keep trying to save money and eventually buy rental properties.
Option 2:
Join up with a larger trades company that wants to get into plumbing. Run the physical work end and permiting/regulation side of it. Make a little more salary, but out of pocket health insurance and self funded retirement would eat that difference. Addationally responsible for enployees as it's my license. Also, very limited pto. Pros is that you own 10-20% of a plumbing company that is partnered with a significantly larger existing hvac or electric co. Realistically, let's say it billed 800k+ within the first few years, 20% margins, but only 10-20% of the profits would actually go to me. Maybe walk away with a 15-30k extra a year until the business grows. Earning potential is unlimited. Higher stress managing and more responsibility.
Which path would you say sounds better long term? Any advice or tips appreciated
Hi everyone
Am an Engineer in the mechanical sector.
Recently have been asked to take over my family business as my parents want to retire.
The company is in electronics and communications. It is small (6 employees) but it is stable, no debt, annual net profit is in the six digit realm. There is a defensible moat (regulatory) and switching cost is high hence customers tend to stay. The company has secured multi-year contracts and has predictable revenue up to 2031.
I am ok to take over although it means a career pivot into a field I am totally new in. Part of me is abit sad to leave my own field but also abit nervous because there is a technical part to this business that I am not familiar with. I don’t know if I can earn the respect of the current workers because I’m coming in not knowing anything but also to eventually take over. Also somewhat scared if I cannot maintain the company business past the next 5 years.
Any advice for someone in my situation?