by Harvest Business Advisors | Apr 27, 2020 | Business Broker 'Bites', Harvest Business Advisors Team, Home Page, What's New
The CDC has released draft guidelines for the President to review and approve outlining measures to be taken by businesses as they reopen. Specific sections address businesses with Vulnerable Employees (page 10), Restaurants and Bars (page 12) , Child Care Centers, Schools and Day Camps, and Communities of Faith.
Click here for CDC Interim Guidance for Opening Businesses.
The guidance is very detailed outlining three phases.
Phase 1 suggests strict social distancing, closing common rooms like break rooms, telework, and other restrictions.
Phase 2 suggests moderate social distancing, shifts for common rooms, maintaining telework, etc.
Phase 3 is closer to the norm although limited social distancing is still suggested.
These guidelines are subject to change as there are many concerns about their work-ability. Namely, can social distancing be maintained and other suggested requirements? How are health checks performed while still maintaining required confidentiality? We are sure this will all be clarified over the next few weeks.
According to the Washington Post, the bulk of these guidelines are expected to go into effect sometime over the next seven days or so.
Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia. Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.
by Harvest Business Advisors | Apr 27, 2020 | Business Broker 'Bites', Harvest Business Advisors Team, Home Page, Newsletters, Uncategorized, What's New
Harvest Business Advisors have created this collection of current articles that may be of interest to sellers, buyers, business owners and advisors relating to Coronavirus, industry and the economy.
We are always available to discuss how this might impact you, those close to you, and your business.
We hope you find these helpful.
Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia. Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.
by Harvest Business Advisors | Apr 27, 2020 | Business Financing, Harvest Business Advisors Team, Newsletters, SBA - Small Business Administration, What's New
Update on Small Business Administration Paycheck Protection Program (PPP) and Other Disaster Recovery Loans
Last Friday, April 24, 2020, President Donald Trump signed the next coronavirus relief bill providing another $310 billion in funding. The Paycheck Protection Program (PPP) loans feature forgivable 1% interest loans for companies with up to 500 employees. The loans are forgivable if certain payroll payment conditions are met totaling at least 75% of the money lent.
If you have not applied, Google your bank and call your business contact. Apply today as funds will run out quickly.
We’d like to share an exceptional webinar featuring Al Titone, SBA District Director sponsored by the New Jersey Business Industry Association (NJBIA) on the topic for those who want to know more on this topic.
‘‘A Business Owner’s Guide to Loans’, Al Titone, SBA District Director of New Jersey, joins Robbin Caruso and Edward Rigby (of Prager Metis) to demystify the SBA Loan process. Titone discusses key features of the loans available to the business community.
Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia. Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.
by Harvest Business Advisors | Apr 6, 2020 | Blog, Business Broker 'Bites', Business Financing, Home Page, SBA - Small Business Administration, What's New
April 5, 2020
We wanted to share some of the reliable resources and information we’ve found most useful as we’ve researched the CARES Act for our clients.
The CARES (Coronavirus Aid, Relief, and Economic Security) Act was passed 3/27/2020. It is a $2.2 stimulus package t- You are likely getting multiple notices about it from multiple sources. Please work with your accountant and/or lender for information that is current and applicable to your particular situation.
For an overview please read this New York Times article, “FAQ on Stimulus Checks, Unemployment and the Corona Virus Plan ”
In addition, we recommend The Small Business Owner’s Guide to the CARES Act from the US Senate Committee on Small Business Entrepreneurship
Paycheck Protection Program Loans
The Small Business Administration has detailed information about their Paycheck Protection Program – you can apply for amounts equal to 2½ months of average payroll.
The funds can be used for payroll, benefits, mortgage, rent, and utilities. Interest rates are capped at 4%, and the loans can be partially or fully forgiven if the business maintains certain employment levels.
While the loan program was expected to be live on Friday, April 3, we know that most banks are still putting the program in place. Most should be ready for your application business on Monday April 6. This specific program appears to be a first come, first served until the funds run out; don’t wait! Start today.
Reach out to your existing bank relationship first, many, if not all banks will process existing clients before accepting new applications.
Payroll Taxes
Businesses can generally defer payment of employment taxes in 2020, with half due by the end of 2021 and the other half by the end of 2022. Some companies severely affected by the coronavirus may be eligible for a credit to reduce those taxes. Please consult your financial advisor for details.
SBA Overview of Assistance: Provided by the Small Business Administration, this COVID-19 Relief for Small Businesses guide is comprehensive and current (as of today!) and an excellent resource to help see the big picture of Small Business assistance programs.
Bottom line:
- Connect with your accountant and your bank.
- Prepare your financials documentation, especially payroll documents.
- Don’t delay – act as soon as possible.
- But be patient – every one is learning and finding their way with this very new legislation.
There are sure to be revisions and new programs. Stay informed and stay healthy.
And we cannot emphasize this enough, if you would like to reach out to any of us to discuss these programs, we are happy to talk with you, share what we know and help you plan.
Greg Caruso (GCaruso@HarvestBusiness.com) 609-664-7955
Ed Davis (EDavis@HarvestBusiness.com) 301-325-7687
Richard Stopa (RStopa@HarvestBusiness.com) 703.307.1187
Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia. Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.
by Harvest Business Advisors | Feb 6, 2018 | What's New
Harvest Business Advisors is pleased to announce that Richard Stopa has joined the firm as a Partner and Jill Kerr has joined Harvest as Director of Marketing and Business Development.
Richard Stopa has been connecting buyers and sellers in the Washington DC-Baltimore Metro Area for more than 15 years.
Richard’s credentials include over 40 years of business brokerage, business ownership and working in senior level management positions in the IT industry. He has been involved in entrepreneurial ventures in addition to helping many others get a start in the business world. He is experienced in B2B and B2C services, construction, property management, retail, computer distribution, computer reselling, e-commerce and software.
Richard led the development of a 600 unit computer franchise and reseller network across the U.S. serving as a senior executive of the company and reporting to the CEO. The company’s revenue growth during his eight year tenure went from $25 million to over $1 billion.
Richard has been involved in mergers and acquisitions work and franchise sales since 1984. Because Richard believes so sincerely in entrepreneurship, he has a keen desire to match up buyers and sellers and see both parties meet their business goals.
Richard is a past Chairman of CompTIA the world’s leading association for the technology industry. He is also a member of the International Business Brokers Association, Exit Planning Exchange (XPX) and was a co-founder and has served as president of the Mid-Atlantic Business Intermediaries Association.
Jill Kerr joins Harvest as a senior member of the team. She has more than 25 years of experience in the technology industry where she has served in executive leadership positions in both non-profit and for-profit organizations. Her expertise is in marketing and recruitment with a specialty in membership organizations.
For 10 years, Jill held senior positions with The ASCII Group, Inc. the nation’s largest buying group of independent computer solution providers with system-wide sales of over $11 billion. As President of that company, she was responsible for managing the company’s sales and marketing programs as well as overseeing the day-to-day operations of the organization. During her tenure, The ASCII Group grew from 400 members to more than 2,000 members in the United States and Canada.
Jill has held several roles at CompTIA: The Computing Technology Industry Association which is the world’s leading information technology trade association. Most recently she was CompTIA’s Vice President of Industry Development and was responsible for North American sales of CompTIA products and services, including membership, events and sponsorships.
Jill has also held executive leadership roles in five Internet ventures. She served as Vice President of Sales for eDeposit.com and LegalNotice.org, as VP of Membership for Someone With Group, as VP of Business Development for Zoomus and was a founder of TechnologyNet, Inc. the e-commerce arm of The ASCII Group.
Jill holds a B.A. in Communications Studies from Muhlenberg College and has completed advanced studies in e-commerce management at The University of Virginia.
by Harvest Business Advisors | May 28, 2015 | Blog, Business Broker 'Bites', What's New
Auto repair business for sale that has revenues over $3,000,000 and cash flows of just over $1,000,000 in 2014. It is available for the asking price of $799,000 or less than one time cash flow. Harvest Business Advisors, Business Brokers and Business Valuation Experts in Maryland, New Jersey, and between are excited to be the exclusive business brokers on the transaction.
The company provides financing to its customers. The business has about 12 employees, a building with 10 lifts and 12 additional repair spaces, offices, storage, and large fenced yard. The real estate is owned by the same owner and is also available for sale or lease or lease with an option. This is an once in a lifetime opportunity for the right buyer. It is suggested that you have auto repair experience. Finally the seller will provide financing to qualified buyers.
Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver the highest price in the smoothest sale transaction possible. Harvest provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia. Connect with us at info@harvestbusiness.com or 443.334.8000 to discuss selling your business, ordering a business valuation or buying a business.
