Starting a new business can be an unbelievably exciting time! Unfortunately, due to various governmental agency compliance issues, it can be an overwhelming undertaking.

The statistics don’t lie. Most new businesses will not make it past their first year. The big question is why?

You are working hard, very hard. In fact, you have never worked so hard in your life. Your employees are also working hard. Therefore, your business must be doing, amazingly well. Right? BUT...your bank account is nearly empty, your desk drawer is full of checks that you can't mail, and your line of credit is maxed. So, what is wrong - where is all the cash going? Often, the mystery may be explained by analyzing your financial statements.

Many people have retirement savings in the form of 401(k)s, IRAs, and other such funds, but many people can get stuck when it comes to where they wish to live out their retirement. The Dayton Business Journal has provided the top five places where retirees have, on average, the best financial security, and our very own Dayton comes in at number 5!

Seems like a great time to reflect on some business pointers from some very wise people as we begin the new year. Always fun to ponder on where we have been, where we are, where we are going, how will we get there and who will be on the bus with us. Rarely, do I get out of the pounding surf long enough to think through these questions. Regardless, this line of thinking should drive the events of 2023 and beyond.

Entity choice is important for many reasons. Asset protection and tax considerations are always near the top of the list. As a business progresses through the five (5) phases of a life cycle: start-up, growth, maturity, renewal/rebirth/decline and succession– the factors that earlier prompted a particular choice of entity may change. And, a new entity choice may become more appropriate.

You wondered at the time whether it was a scam, right? And now you regularly see news reports about ERC scams. Employee retention credit scams, that is. And so, two questions. Did you get scammed? And if so, what should you do at this point? Fortunately, you can probably answer this question pretty easily.