It’s never too early to develop an estate plan for your convenience store chain to ensure a smooth transition of the business should the unexpected occur. Changing tax laws, which impact estate planning, are seemingly always on the agenda of our lawmakers. While keeping up with the endless proposals and the all-too-real legislative changes can…
New Hurdles for Successful M&As
Given the current state of the economy, now might be an ideal time to pick up or divest a distressed convenience store business. After all, handled properly, mergers and acquisitions (M&As) allow the acquiring business to gain another operation that is a good fit under favorable terms and that might not otherwise survive. An M&A…
How to Create a Succession Plan for Your C-Store
Estate planning involves all of the assets in an individual’s estate including an ownership interest in a convenience store business. Thus, succession planning should be part of an estate plan — or undertaken before that estate plan. Even more importantly, a succession plan for the business can help ensure that a closely held or family…
Top Estate Planning Considerations
Congress is planning to make a number of “adjustments” to our basic income and estate taxes, changes that will purportedly impact several commonly used estate planning strategies. That means most convenience store owners, operators, franchisees and executives should get their house in order in preparation for increased federal estate taxes. After months of proposals for…
Flipping Over Family Partnerships
Family Limited Partnerships (FLPs) are a common estate planning strategy. However, with the threat of estate taxes minimized in this age of pandemic-impacted c-store businesses, today a FLP’s principal benefit might be income tax bills reduced by spreading income among family members. Although controversial, FLPs create a mechanism by which one generation can transfer wealth…
Real Estate in the Time of COVID-19
The COVID-19 pandemic is affecting every area of business, including real estate considerations. In fact, many new laws, programs and measures, especially the Coronavirus Aid, Relief and Economic Security (CARES) Act, have significant impacts on real estate. Convenience store operators and owners are benefiting from immediate write-offs for the expense of fixing up their stores,…
A Business’s Financial Guide to Virus Survival
COVID-19 started to make U.S. headlines in early March, causing an upheaval for employers as state lockdowns began across the country to limit the spread of the virus and give hospitals a chance to cope. Convenience stores, considered “essential businesses,” remain open even in states with shelter-in-place restrictions, but all stores are facing a new…
Succession Planning: A Road Map for the Future
Sooner or later, everyone thinks about retirement. For those who own a closely-held or family convenience store or business, retirement is more than just a matter of deciding not to go to work anymore. In addition to ensuring there will be enough money to retire, convenience store owners must decide what will happen to the…
Acquisition Financing with a Hand from Uncle Sam
Many convenience store retailers consider the Small Business Administration (SBA) as a cumbersome lender of last resort. However, in an attempt to shed that image, the SBA has made a number of changes. Its flagship lending program, the SBA 7(a) loan, long known for its financial assistance to franchises, as well as an excellent way…
Tax Deductions for Conferences and Trade Shows
Industry events such as September’s National Advisory Group (NAG) Conference in Minneapolis are a good way to gain know-how, find new suppliers and network with others in the industry. Best of all, Uncle Sam, in the form of our tax laws, is willing to pick up the expense of attending many events — at least…