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3 Business Exit Strategies for Owners

Business man and women discussing dealsIt’s challenging to open your own business, and it’s equally as challenging to run it and succeed. However, what most people don’t discuss is the fact that it’s the most challenging to let go of it. Businesses close for a variety of reasons. Whether you’re closing yours for health, financial, or personal reasons, it’s important to seek professional help.

Business sales consultancy services in Utah provides more than just guidance in selling your business. It might not be discussed as often, but business exit strategy is also something that happens when you run one. Therefore, gaining enough knowledge on how to do so without incurring losses should be done.

1. Shut it down

Some business owners would prefer shutting down the business early on, while it’s still on a good stature to minimize the losses they would incur. While this is one of the easiest ways to manage your exit, it’s not always the best decision, especially when your brand still has value.

2. Pass it on

If your brand is still recognized and you still have a fairly good foundation, another good option would be to pass it on to relatives or even your children. That way, your years of your hard work would still be operational.

3. Sell it

There are various ways to sell a business. You can sell it to a friend whom you trust, for instance. You can also sell it to business partners or employees who would want to continue the venture. This will give you a peace of mind that your business is in good hands. If not, putting it up for sale to the public is always a way to sell it immediately and properly.

Parting with years of your hard work is not an easy thing to do, especially if this is your first business. However, finding a good exit strategy can definitely help you transition faster and easier than you imagined.

March 29, 2018 at 1:00 amDirect Service

Top Options for Financial and Retirement Planning

coins in a jar labeled retirementThere was a time when people could make do with their Social Security checks and any pension plan their company has when they retire. That time has passed.

Rising costs for basic needs make financial and retirement planning necessary. Among the top options for you are IRAs, Roth IRAs, and 401(k)s. Here are the pros and cons to help you decide.

IRAs

The IRA or Individual Retirement Account is a good option if you have some money to put away and you want to be in control. You can choose where to put it, such as a bank or brokerage firm. You can also put in cash, stocks, or bonds. The good thing about IRAs is you pay taxes on your investments when you are ready to use the money. You can also add IRA contributions to your tax deductions if you don’t have a 401(k).

The problem is that the IRS limits your yearly contribution to just $5,500 if you’re not yet 50 years old. The limit rises to $6,500 once you hit 50 years old. You also pay a penalty if you take money out of the IRA before the age of 59.

Roth IRAs

A Roth IRA is a good option if you are young, you have some extra money, and you expect your income to rise. This is because your taxes will probably be higher when you get older. Putting money aside now while you pay lower taxes means you’ll have more money in the account by the time you retire. They are like regular IRAs except that you pay taxes on your contributions.

However, you do not have to pay taxes when you use the money after retirement age. The good thing about a Roth IRA is you can withdraw money from the account at any time without penalty. The bad thing is you have the same limits as a regular IRA in terms of the amount you can contribute to an account.

401(k)s

A 401(k) is a retirement plan sponsored by your employer. They deduct your contributions from your pay automatically. You can contribute up to $18,500 a year ($24,500 if you are over 50) to an account. Whatever you contribute is exempt from taxes, although you do pay taxes when you withdraw the money. The employer may also choose to match your contributions, so this is free money.

The problem is you do not get to choose where to invest the money. The employer might also require that you stay with the company for a set number of years before they can get the employer contributions. The fees for managing a 401(k) plan can be high as well.

Choosing the right plan will depend on many factors. The top options are generally sound, but it will still depend on your situation. Consult with a financial expert to get some pieces of advice on financial and retirement planning.

March 22, 2018 at 9:30 amFinance

Reasons to Harvest Rainwater for Home and Garden Use

Rainwater absorberWater scarcity is a major concern in many places around the world. Even in areas where there is a reliable supply of potable water, people are encouraged to conserve water. One way to do this is by harvesting rainwater.

Farms, barns, and commercial gardens aren’t the only ones that can benefit from rainwater harvesting. The practice of collecting and storing rainwater brings plenty of benefits to households as well.

According to the Commonwealth Scientific and Industrial Research Organisation, at least 26 per cent of homes in Australia are now using collected rainwater for household use. Even if you only have a small area for storing water, there are slimline rainwater tanks that can easily fit in limited spaces.

Here are some reasons why you should consider installing a rainwater collection system at home.

Reduced water bills

Water prices across Australia are expected to increase to help costs for government investment in infrastructure such as dams, desalination plants, and the wider coverage of piped water networks. Rainwater harvesting reduces dependence on mains water supply. This translates into reduced water bills.

Rebates

The initial cost of having a rainwater collection system installed can seem high – there’s the upfront cost of supplies and installation, and also the costs of electricity and ongoing maintenance. But don’t worry ‒ if you have a rainwater collection tank, you may qualify for rebates from the government. The rebate would depend on the size or volume of your tank and how you use the water you have collected.

Water availability

Having stored rainwater provides a backup supply should a problem occur with other water sources.

Good for the environment

Aside from conserving water, rainwater harvesting reduces reliance on rivers and other waterways. It also decreases storm water runoff, which can cause flooding and creek scouring.

If you are thinking of ways to do your part in protecting the environment, whilst saving money in the long term, harvesting rainwater is definitely a smart move.

March 20, 2018 at 9:00 amInfo Tech

4 Tips to Make Leak Detection in Tanks Easier

Guy checking the water tankA leak in the water system may not be too alarming, but it does have a lot of consequences. Thankfully, there are many ways to ensure that leaks are detected early. The following tips are proven ways for this to be done:

1. Build the tank above the ground

One of the greatest things about building a tank above the ground is the fact that it makes leak detection so much easier. You just look up and see if water droplets are falling. Building a tank this way also makes the repainting much simpler. Additionally, it can be transferred easily. You may tap a firm like Heartland Tank Services to help you in building and maintaining aboveground storage tanks. It can also help you to meet API 653 requirements.

2. Look for wet and discoloration stains

For pipes and tubes that have leaks, they will most likely affect the other things that surround them. For example, wet and discolored stains on the walls and ceilings are a usual effect of water pipe leaks.

3. Install a leak indicator

For those who have a bit more money, a leak indicator is an effective way to detect leaks while they are still small.

4. Drop some food coloring in the toilet tank

Detecting leaks in toilets, meanwhile, demand a different approach. They are among the most common form of water leaks, and they are usually very costly. To help see whether you have a leaking toilet, put some droplets of food coloring or dye into the toilet tank. Do not flush the toilet for 30 minutes. If after 30 minutes, you see some color going into the bowl, there is a leak.

Vigilance is a key aspect in detecting leaks in a water system. Multiple steps and actions have to be done for there to be an effective leak detection process in place.

March 20, 2018 at 1:00 amStraight Study

A Bright Future for Healthcare RCM Services

healthcare providersRevenue cycle management (RCM) makes the administration of medical institutions easier and efficient. As more people seek for better healthcare, hospitals and clinics have to adapt to meet such demand; hence the need for effective healthcare revenue cycle management service.

RCM services consist of many solutions, like medical insurance claims processing, medical billing, and medical coding, all of which require data accuracy and quality management. These services may come directly via a purchase of RCM software solutions or through outsourced services.

With expectations from the current universal healthcare debates, you can expect the industry to grow in the near future.

Positive growth outlook

According to the latest Future Market Insights report, services that facilitate revenue cycle management in the healthcare industry will see an influx of demand in the foreseeable future. This was apparent during the previous years as about half of earnings in the global healthcare RCM software market were attributed to services.

The same is true with other non-software related services. Although the RCM software market will see growth in 2017 to plateau as the market matures, the revenue shares of the industry’s software and services segments are optimistic with healthcare RCM services gaining more ground in terms of adoption.

More outsourced services, stable software demand

Outsourced services are growing faster than software services in the RCM industry. Although the software solutions segment is the bigger segment due to the ease of securing a solution, outsourced services offer some support that software may not readily provide.

Outsourced healthcare companies provide all-around healthcare and medical services. From pre-registration, appointment scheduling, medical billing, and to medical coding, these companies do all the work for a hospital or clinic needing outside support for their healthcare services administration.

RCM services in both software and outsourced forms aim to modernize the administration of healthcare services. They limit costs and improve productivity by reducing present write-offs, hastening the revenue generation cycle, and enhancing the patient-provider relationship.

March 17, 2018 at 1:00 amFinance

Analysis: 2M Americans are Exposed to Lead-Contaminated Water

A glass of contaminated waterMore than 1,100 communities in 45 states have water systems contaminated with lead above the Environmental Protection Agency’s (EPA) action level, according to an analysis.

The EPA’s action level refers to utilities that must take action once there is more than 10% of lead in the water supply. The analysis based its findings from tests through the end of last year conducted by water utilities, which cater to almost 1.8 million Americans.

Contaminated water

Based on the EPA’s 1991 Lead and Copper Rule, water utilities need to fix issues on pipeline systems such as corrosion when the presence of lead is already above the allowable limit. However, some states have relied on their own rules to improve the quality of tap water.

California, for instance, has suggested that tap water should contain 0.2 ppb of lead as the ideal benchmark for safety. The state’s Office of Environmental Health Hazard Assessment has set this goal since 2009. Recently, the EPA awarded more than $170 million to the state for its water and wastewater infrastructure projects.

Public and private sector’s actions

Utilities have an important role in maintaining safe drinking water sources. For instance, a water clarifier is part of an effective treatment system for wastewater and potable water systems, notes Ashton Tucker Water Treatment. Households should be aware of certain steps to prevent children and themselves from drinking lead-contaminated water.

The Centers for Disease Control and Prevention advises that you should only use cold water for cooking to reduce the chances of lead ingestion. If a water filter is no longer enough to remove lead from your tap water, you should consider replacing the pipes within your residential plumbing system.

The public and private sector are equally responsible for ensuring a safe supply of drinking water. What do you think should be done to prevent lead contamination?

March 16, 2018 at 1:14 pmStraight Study

Laser Engraver: Practical and Artistic Uses

Laser engraversPeople who are into artistic crafts own various sets of tools which can help them with their passion. Owning a good pair of scissors, cutters, and various pen colors are just the start. If you are thinking of the perfect gift for your creative friend, loved one, or special someone, then you might want to consider purchasing a laser engraver.

Buying a laser engraver is not only for professionals as there are various ways you can use it both for practical and artistic purposes. Below are some ways you can use it both artistically and practically.

Practical and artistic uses for laser engravers

  1. Glass spice jars

Always putting salt instead of sugar on your coffee because they have the same container and barely readable labels? Use a laser engraver to engrave the name of the contents. Now, there is no more reason to put salt in your cup of coffee ever again.

  1. Dog collars

No one wants to lose their precious mutt, but sometimes, they can just be too hard headedly cute and follow that butterfly down the street. Make it easier for kind-hearted people to give him back by engraving important contact details in case he gets lost.

  1. Wooden pieces

The laser can penetrate through almost anything. Personalize your wooden pieces by engraving your name, add creative interiors using a block of wood, or make customized rolling pins all with the help of your laser engraver. This will cost you less than buying ready-made ones from the store.

  1. Leather engraving

Put your name in your wallet or your leather bag and make it stylishly personalized while at the same time giving others no reason to mistakenly think it is theirs.

  1. Labels

Put labels

 in your cupboard, your garden, your room, and anything that needs labeling, creatively with the help of your laser engraver.

Laser engravers are the investment that you never thought you needed. Purchase one and see how it can make any artistic soul happy.

March 10, 2018 at 1:00 amInfo Tech

Keeping Your Windows Treatments and Blinds Clean

Turquoise blinds of a houseWindow blinds and treatments give a classy and elegant vibe to your windows and immediately improves the aesthetics of your home. Like many home decorations though, they are usually forgotten and never cleaned out.

As a homeowner, you should be responsible enough to clean your window blinds, treatments, walkway canopies, shades, and shutters at least every once in a while.

Vacuum with a Brush

One of the fastest and easiest ways to clean your blinds and treatments is to vacuum it. While vacuuming your carpet at home, make sure to do the same for your blinds using a brush attachment. When using the vacuum brush, make sure to sweep side to side instead of up and down.

Simply Use a Damp Cloth

Go get a washcloth and wet it a bit – not totally wet, just damp. Simply start at the top and work your way down, then get a clean and dry cloth to avoid moisture building up on the blinds. If you have wooden blinds, make sure to use a slightly damp cloth to avoid damaging it.

Dry Cleaning

If you have fabric blinds at home, you can take them to the dry cleaners for a thorough and damage-free cleaning. If you want to take off a certain spot on your fabric window blinds, just use a sponge and water to clean it out. Don’t rub the material – just dab it gently to take the dirty spots out.

Avoid Using Harsh Chemicals

Harsh chemicals can only damage your blinds further. Avoid using alcohol, baby wipes, and basically anything with alkaline on your blinds. You should also steer clear of spot removers and strong detergents. This can cause discolouration and even damage to your blinds.

If you are in doubt, then your best option would be to leave it to the professionals to have it thoroughly cleaned. That is your best option for removing dirt and dime on your blinds.

March 5, 2018 at 10:47 amDirections

Five Things to Remember When Reusing Your Greywater

sink, drain and flowing waterWhere does the water from your kitchen and bathroom sinks, showers, tubs, and washing machines go? Recycling or reusing this gently used water has many benefits. Just remember the following basic guidelines when reusing your greywater:

1. Don’t Store the Wastewater for Long

You should not store your greywater for more than 24 hours. Otherwise, the nutrients in the wastewater will begin to break down. The quality of the water will deteriorate creating bad odours.

2. Minimize Contact With Untreated Greywater

Depending on what you allow down the drain, your greywater can contain bacteria, viruses, and chemicals. If mishandled, these pollutants can pose some risk not only to public health but also to the environment.  Accordingly, grey water systems should be designed to reduce contact with untreated wastewater.

3. Choose the right Greywater System

The type of system you use may impact how you can reuse your wastewater. Accordingly, consider how much greywater you require, and how and where you intend to use the water before you design your system. For instance, only treated water should be reused for surface irrigation. Untreated water requires sub-surface irrigation.

4. Consider Your Plants and Soil When Irrigating With Greywater

Whether you’re using a greywater treatment system or a diversion device, you need to consider the plants and the soil in your garden. Balance the level of water reuse with the amount of water, nutrients, and solids, your plants and soil can absorb.

5. Keep Your Wastewater System Simple

Grey water systems need not be complicated. Keep yours as simple as possible. Simple systems without pumps last longer and need less maintenance.

The demand on our potable water resources keeps on rising. Also, on the rise is the cost of safely treating wastewater. Such increases have consequently made water conservation and wastewater recycling or reuse increasingly important. Correctly recycle your greywater to reduce your potable water consumption, lower your water bills, reduce the amount of sewage you generate, and protect the environment.

March 5, 2018 at 8:52 amDirect Service

Filing a Chapter 7 Bankruptcy: What You Need to Know

A businessman got bankruptFiling for a Chapter 7 bankruptcy can be a tricky endeavor for people looking to seek relief from an enormous amount of debt. This underlines the need to do it properly and increase the chances of approval.

Most people consider themselves great money managers, even when the odds are weighed heavily against them. Studies reveal that over 52% of employees stress over their finances. A further 45% of them admit that finances are the leading stressor in their lives.

However, given the sensitive nature of the matter, people rarely open about their financial woes until it is too late. If your financial woes drive you to look for a Chapter 7 attorney in Salt Lake City, here is what you need to know:

It doesn’t cover all your debt

A Chapter 7 bankruptcy is a debt relief program by the federal government that seeks to ease the lives of people drowning in debt. Under this provision, you get a waiver of the unsecured loans such as the credit card debt, payday loans, and personal loans. However, it does not cover student loans, child support, alimony, and back taxes.

It is often a measure of last resort when you run out of options and are unable to service a bludgeoning debt. As such, you need to convince the federal government of your plight and pass a series of assessments over a period of six months.

It’s possible to derail the process by misconduct

While filing for bankruptcy gets creditors and bill collectors off your back, you should not take it as an easy way out. The government makes every effort to ensure that only the people who need the waive get it. As such, they will take a fine-tooth comb through your life until they are satisfied that you are up against the wall.

You should not try to transfer or hide any assets that you may have to qualify. Such underhand tactics are frowned upon and could land you in legal trouble while hurting people who genuinely need the waiver.

Filing for bankruptcy is a measure of last resort for people drowning in a debt they can’t hope to clear. As such, you should apply for a Chapter 7 when backed against the wall.

February 26, 2018 at 4:00 amFinance