An iconic venue familiar to many Atlantans appears to be moving. Smiths Olde Bar, known for hosting great bands, has been ordered to vacate their premises due to the building being placed on the market to sell. This highlights a conversation that many small business owners often choose to ignore. Leasing space vs Owning their property.

Owning the property that your business utilizes can be a great win for your personal wealth building and tax management.

A familiar dilemma that faces many start up businesses is knowing where to place their business and exactly how much space they will need. I certainly recognize the challenge here. Once these items have been ironed out; I encourage a business owner to begin taking steps to own the property that they inhabit. If you have never been through this process before I would encourage you to work with a well healed business consultant/ financial professional to help guide you through the process.

Considerations:

  • How to Own the Property – Likely in a Limited Liability Corporation (LLC) for asset protection
  • Consider a Cost Segregation Study – This allows you to properly manage the depreciation on the property. Creating potentially significant tax savings.
  • Pay Yourself Rent – Another way to create tax advantages within your business.
  • Avoid Paying Someone Else Rent! – This is a big one. Most importantly you maintain control over your business. Watch The Smiths Olde Bar Story.
  • Retirement Planning – This property could become an income stream that funds your retirement, whether you own the business or not during that time of your life.
  • Estate Planning – Owning Real Estate has advantages when you consider techniques to manage and mitigate Estate Taxes.

Business Owners, I encourage you to address the issue of your business and the real estate that it inhabits. Whether you are currently in a position to own or not, begin taking the proper steps today. You will be glad that you did!

Please follow Todd Burkhalter and Drive Planning for ideas like this and many others which will enhance your personal net worth and your business’ value.

 

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Its a holiDAY

July 21, 2015 — Leave a comment

Have you ever noticed that scheduling can become difficult around holidays?

It is funny how holidays are typically one day events; however they are often used as excuses for procrastination. Recently, I was working to schedule a meeting with several executive level professionals and it became comical searching for a date to meet. I couldn’t help but notice that everyone in the group was totally comfortable and quite adept at putting off meetings.

Here is how the dialogue went:

Scheduler A: “How about Thursday?”

Scheduler B: “I will just be getting in from Vacation”

Scheduler A: “OK, how about the following Tuesday?”

Scheduler C: “That’s Memorial Day Week”

Scheduler D: “Yeah, and I think we have corporate in the following week for a couple of days.”

 

And on and on it went!

 

It seems as though people use one day events as excuses for the weeks on either side of the one day event. They are either preparing for the one day event or they are recovering from the one day event. My suggestion is that we allow holidays to be holidays, but not to make them the scape goat for a lack of productivity or commitment.

 

Please do not take this as a Scrooge type post. Trust me that I am a believer in celebrating all things worth celebrating, especially holidays. However, as a general rule people aren’t as busy as they claim to be; so I say step it up and get things done!

 

Have you ever experienced anything like this? I would love to hear your thoughts, please share them with me on twitter, LinkedIn or Facebook.

 

Johns Creek loses today not because of anything that could have really been controlled, but simply because one family has chosen to return home. An inevitable time, but yet still one that we are sad to see arrive.

Stephen and Julie Lynch came to Johns Creek three years ago from Scotland. Stephen, an executive with NCR Corporation, elected to relocate to the United States for a three year program. The Lynch Family includes three boys as well, Daniel, Joseph and Aidan. The entire family embraced the opportunity to come to the United States and fortunately for this community they arrived here in Johns Creek due to the proximity of the NCR Corporate headquarters.

From the moment they arrived the entire Lynch Family jumped into our community. They were into all sports, clubs and activities, President of the PTA, Scouts Leaders and on and on, frankly as many as they possibly could have squeezed into their time here.  They immediately immersed themselves into our culture; however that isn’t to say there wasn’t a twinge, early on, of homesickness. My wife, Jackie, met Julie during those early times while both volunteering at Wilson Creek Elementary. Sharing an understanding of the challenges of being in a new city they took to each other quickly. The four of us quickly formed a friendship, one of those unique friendships that you will always cherish.

The Lynch’s shared with us their Scottish heritage as Jackie and I did our best to introduce them to the United States, mainly our Southern heritage (sometimes as backwards as it may seem). We gained much more than we provided I am certain. Stephen and Julie shared with us a new perspective, a much broader world view, one far greater than we would have ever been able to gain simply from books or tourist travel.

Our friends are connectors of people and created a community while they were here in Johns Creek. They would routinely bring crowds together for parties. Many times they were bringing these crowds of people together for supremely American holidays and functions as though they had lived here forever. I believe that they amassed more friendships in their brief time here than most create in 20 years’ time. The Lynch’s brought together people from the various nationalities that reside in our city. We often joked about their parties resembling the United Nations; thus allowing people from all of these cultures to meet. They created community!

As a patriotic American I was dismayed to find out that almost any item that we enjoy in life was created by the Scottish. Who knew? I certainly did not. Stephen was able to share with me that common items such as the telephone, apple pie and even Dennis the Menace are all Scottish. Our three year banter was ultimately finalized when he presented me with a book to prove that all things are generally Scottish!

As I began, I stated that Johns Creek loses today. Our community is lessened by the fact that this is our friends last day here in the United States. Throughout our friendship we knew this day was coming but often joked about it, ignored it or secretly hoped that we could get these guys to stay. Home is calling them.

Our city is better off for their time here. Jackie and I will certainly miss our friends but are definitely better for having them in our lives. We are thankful that they are only a plane ride away. It will be fun for us to see their hometown of Dundee, Scotland of which we have heard so many great things.

On Wednesday Scotland is gaining back 5 treasures. Stephen, Julie, Daniel, Joseph and Aidan thanks for the impact on each of us and our community.

You all will be missed.

 

Lynch.S.J

Lynch Boys