4 ms·
Just wanted to quote this: "I’m told, against my expectations, that BCC was impressively well-documented by the standards of other businesses its size. This im
by song 11y ago
Just wanted to quote this:
"I’m told, against my expectations, that BCC was impressively well-documented by the standards of other businesses its size. This implies that many people are running their small projects in even more of a cowboy fashion than I do, for example by not having dedicated books for the business. If this describes you, God help you. At a minimum, get your books for the last year done professionally — whatever you spend on bookkeepers/accountants will be a pittance next to the time saved and additional valuation captured."
Even if you're not selling, getting this done will save a lot of headaches the road... Dedicated books for the business is a MUST. I know a lot of small businesses where this is not done religiously and it always comes back to bite the owner in the ass...
EDIT: By the way, I was curious so I just took a look at the BCC site, the blog is timing out...
- mbesto 11y agoI regularly see companies (i.e. P&L, Balance sheets, technology spend, etc) in the small/mid cap space (EBITDA of anywhere between $500k-$10M) and you'd be amazed at how poorly documented businesses are that still are able to generate serious profits.
- mooreds 11y ago"There's no problem that sales can't solve." Well, except if you want to sell your company at some point in the future or actually have some idea of COGS or know how you are actually doing.
- jerguismi 11y agoIf the books aren't done properly, and you want to sell, but still can demonstrate profitability, there will be someone who will buy at some price. Money can solve also the problem where you can pay someone to go through your accounts etc, and make the books from ground up. Of course it is going to be expensive, and you need a good accountant for that.