We hope 2021 will bring you success and prosperity. We are looking forward to having the pleasure to do business with you in the coming year.

Should you be the architect of a new business and start from scratch, buy a new franchise, or buy an established existing business?

Every year, thousands of people consider going into business for themselves and these are the three routes to get there. Each course has advantages and disadvantages that one should consider.

Starting your own new venture can be very rewarding but needs to have a unique product, technology or service, and a planned operating procedure. One would need to complete a thorough evaluation of the marketplace, competition, availability of employees, suppliers, marketing collateral would need to be designed and printed -- to name a few.

For over 40 years, Dunn’s Valve Testers have been successfully designing, building, and selling valve testing equipment to customers all over the world. Their valve testers have been distributed to more than 15 countries. A diverse customer base includes chemical and nuclear plants, utility companies, oil and gas firms, the U.S. military, and other government entities. The firm has only a handful of competitors, and only one is a U.S.-based company. This advantage provides additional revenue streams as the company is able to overhaul and service other brands.

The current owner purchased the business in 2016 and has modernized the design and manufacturing, keeping the integrity of the original processes intact, and has expanded the company to new heights. The firm enjoys an enviable reputation and ready references from ASME engineers and repeat blue chip clients such as NASA, Emerson and Entergy. In fact, the company is the sole provider of this product to the U.S. Military. In 2020 the company built a flagship test machine for NASA and eight for the U.S. Navy.

Chris Treleaven listed the business and Marcia Bowron sold it.

When it comes to buying a business, you simply cannot use big business rules to value and buy a small business. If we compare small businesses vs big businesses, not only is there a wide disparity in gross earnings, but also in how they operate and show their financial performance. Before you begin your journey in buying a small business, you must first understand the differences between small and large businesses and why size matters.

What Does New Owner Training Involve?

When you sell your business, it's common practice to provide training for the new owner. But what does new owner training involve? What are your responsibilities? And how long will you be "on the hook" after the deal has closed?

The whole idea of training the new owner may seem alien to a seller. After all, why would someone purchase a business they aren't capable of operating? But in reality, people with relevant backgrounds, can and do, with limited training and experience regularly purchase small businesses. They probably have experience in either the industry or business management aspects, but maybe not both. Seller training gives them a crash course in their area of weakness and prepares them for the real world challenges of running the company on their own.

President-elect Joe Biden has made it clear that corporate tax rates, and taxes on high net worth individuals, will increase under his administration. Just how many of those plans will come to fruition, and how quickly, is unknown.

As of this newsletter, we don’t know the results of the January 5th runoff election in Georgia, so we don’t know whether the Democrats will have control of the Senate.

If Republicans retain control, Biden's most ambitious tax plans will be dampened.