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Assessing a business at year's end

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According to a recent article in the suburban Chicago news source the Daily Herald, small businesses may have more on their plate than profits, losses and taxes when doing their year-end wrap-up.

The author of the article, Jim Kendall, spoke with Tony Massaro, lead partner in the tax practice group at Porte Brown, a CPA firm headquartered in Elk Grove Village, Illinois, about potentially selling a business, as well as about wealth management practices such as purchasing insurance and evaluating retirement, which small businesses often consider at the end of the year.

One reason for selling a business may be weak finances, which may be tough to restore before getting ready to sell, especially given current tough lending requirements.

"Bankers are sitting on a lot of cash, but they don't want to lend," Massaro told Kendall.

Massaro said the reluctance to lend stems from regulators putting pressure on banks to make safe loans in the wake of the recent economic crisis.

Given this lending environment and the tight margins many businesses are currently operating under, purchasing business owners insurance can be a wise decision, protecting owners from otherwise catastrophic financial losses.

More benefits that business owners insurance can provide are safeguards from certain liability exposures resulting from the operation of business vehicles, and protection against theft or loss of tools and equipment.

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