For any small business owner, the thought of seeking out legal assistance provokes immediate fear, sweaty palms and possibly heart palpitations. But avoiding the pursuit of legal advice when it’s important can sometimes create even more problems for an entrepreneur in the future.
On Tuesday June 14th, SpringBoard entrepreneurs had an opportunity to spend 75 minutes with Jim Singler from Keating Muething & Klekamp who had volunteered his time and knowledge to this group of eager learners. Prepped on legal structures from the first class and armed with dozens of questions relevant to their business operations, the students were able to extract information that left them feeling much more comfortable about seeking legal help. The participants understand what questions to ask legal professionals and what to expect when looking for fair legal fees.
Last Tuesday, Tom Shannon and Mark Macke from Burke & Schindler joined SpringBoard participants to review methods for keeping complete, accurate and organized records. Monitoring business expenses closely can result in deductions that improve the entrepreneur’s bottom line, in addition to helping the owner control costs. Tax laws are not only constantly changing but they are also very confusing so it’s a good idea to look into hiring a professional who has made a living understanding and deciphering tax law. Words of advice from our accountants and SpringBoard participant, Once Blind Studios!
John Clarkin and the eleven SpringBoard businesses have dived into determining break even. Coming up, sales and profit goals and of course cash flow! Thank goodness for calculators, spreadsheets and plenty of candy on the table.