Small business owners tend to be a smart, dynamic, and an especially opinionated lot. After years of running the show, you’ve gotten into the habit of doing things your way. And when the time comes to sell your business you want to do that your way as well. But is that even possible?

The answer to that is yes and no. It is the very act of doing things your way that has made your business as unique and successful as it is; you don’t want to change that now. Not to mention, you want to make sure that your interests are met when a deal is finally brokered. That being said, there are some things you can do—and people you can talk to—that will make the process of selling your business a lot quicker, a lot smoother, and a lot more lucrative.

This article from US News and World Report shares 10 Key Moves When Selling Your Business. Two of the ten moves mention getting the help of your accountant and the help of a professional broker. To this we would add getting the help of your attorney. Numbers 5 and 9 are going to be essential when it comes down to solidifying any deal, and our firm can help ensure that all of your legal and regulatory affairs are in order.

But what about the down market? Perhaps you’d like to sell but think it just isn’t an option while this financial fiasco is still going on. Not so. According to Loraine MacDonald in her article for Entrepreneur.com an economic downturn may in fact be a lucrative time to sell if, as she puts it, you have the right “three stars aligned” at the same time.

Whether you’re thinking about selling right now or much later, it’s never a bad idea to do the research and put your business affairs in order. As MacDonald mentions in her article, there are any number of unforeseen events that could end in the sale of your business at an unexpected time. The more prepared you are the best chance you have of getting the best buyer for your business at the best price—and of course, doing it your way.

Are you worried about the failure of at least 15 banks this year? How are your business bank accounts structured? If you take the right steps to safeguard your business assets, a bank failure won’t cost you your deposits.

It has been predicted by the “experts” that the banking crisis will continue. The FDIC has made a few policy changes to reassure depositors. It simplified rules for revocable trusts, increased the level of insurance coverage per depositor from $100,000 to $250,000 for interest bearing accounts and agreed to insure the full value of non-interest-bearing accounts until December 31, 2009. Coverage on interest-bearing accounts can be increased…if the accounts are held in different ownership categories i.e. single, joint, revocable trust, and some retirement accounts.

For example, the FDIC adds together the deposits in all “single” accounts owned by the same person. If John Doe has a personal checking account, savings account, CD account, and a business account (as a sole proprietor), these will be added together. John will only be insured up to $250,000 and only until the end of 2009. He will need to keep up on the FDIC’s level of insurance coverage per depositor thereafter. If John’s accounts exceed the insured amount, he will need to deposit the excess in another bank or place it in a different “ownership category” like a living trust

To learn more about the FDIC go to www.fdic.gov

Please contact us if you have further questions. We are happy to help.

The Dow finished under 8,000, the big three automakers want a bailout, and the R-word is bandied about in the press. Never have the words of Everett Dirksen seemed so apropos: “A billion here, and a billion there, and pretty soon you’re talking about real money.”

Everyone, it seems, is talking about money. You know: the filthy lucre, the simoleons, the coin. But it wasn’t always so. There was a time when talking about money was as embarrassing and fraught with peril as talking about sex or religion. In more refined circles, it was something that simply wasn’t done. O tempora, O mores! How times have changed. Why? Linton Weeks of NPR cites the 60s counter-culture revolution, Louis Rukeyser, USA Today, the new affluence, Congress, and the 401(k). Take your pick. But feel free to talk about the you-know-what.