Land Lessons Learned

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V incent Murphy Business Broker Murphy Business Sales 9 Faunbar ave Winthrop MA 617-892-4554 bizbrokermurphy@gmail.com IBBA Member Vincent D Murphy Letter From The Chair WARREN BURKHOLDER, IBBA CHAIR Get It & Share It When asked ‘What Does the IBBA Do?’ I am reminded of the overarching end, or objective of the IBBA, that says it exists so that business brokers, advisors and intermediaries within the Main Street business brokerage profession have access to like-minded members and groups, whereby they receive professional support, services and benefits and where the value the Members receive far exceeds the cost to them. This is further defined as: Having access to the most relevant and advanced Main Street educational opportunities. Being part of a network of business brokerage professionals which are aware of each other, regularly communicate with, and learn from each other. Education comes from two options, the self-taught school of c...
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What Is a Recasted Profit & Loss?

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Small Business » Finances & Taxes » Profit & Loss Statements » What Is a Recasted Profit & Loss? Vincent Murphy Business Broker  Related Articles 1 Matching Concept Vs. Accrual Accounting 2 The Accrual Method of Accounting for Nonprofits 3 How to Determine Assets and Expenses for Accrual and Cash Accounting 4 Does a Cash Basis S Corporation Have Retained Earnings? Many small business owners use cash accounting instead of accrual accounting. In addition, they often run a number of personal expenses through their companies or ratchet up their contributions to company retirement accounts to increase their retirement savings and reduce their current taxes. Because of this, it is sometimes necessary to recast earnings. When you recast earnings, you adjust the earnings to reflect accrual methodologies or remove the impact of the additional expenses. Recast To recast is to cast anew or to reconstruct. When you recast earnings, you ...
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Selling your dry cleaning business Vincent Murphy business broker advice

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The local neighborhood dry cleaner often becomes a hallmark of the community. Nearly everyone walks through its doors at one point or another, and a shop that does quality work with a high level of customer service is bound to collect thousands of satisfied customers over the years. That being the case, is there anything different about selling a  dry cleaning business  if the owner decides it’s time? What tips can an owner keep in mind to make sure he doesn’t get “taken to the cleaners” by an incoming buyer? The basics apply For the most part, there’s very little about selling a dry cleaner that strays from the  basic best practices  suggested for selling any kind of business: Maintain excellent records Partner with professionals like a business broker, real estate agent, and accountant to prepare for and facilitate the sale Physical preparation  Clean and maintain the equipment and premises so they’re attractive to a buyer. Consider gett...
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