15 Feb 2019
Each year as February 14th rolls around, individuals are looking for the perfect gift for their significant other, friend, family member, or themselves. According to the National Retail Federation, the jewelry business was expected to sell over $3.9 billion worth of product. With so many options as to where to buy and who to work with, purchasing a piece of jewelry can mirror high level business matters such as transitioning your company through an M&A deal. In both cases, there are two important ways a trusted advisor can help you navigate these complex financial transactions and find a deal that you love.
Understanding the marketplace. Whether you’re looking for a simple everyday piece or trying to find the right engagement ring, you may or may not have a general idea of your desired quality and price. In jewelry, most buyers, especially first-timers, head to retail stores and try to go through the whole process themselves. By doing this, they risk missing out on better quality items and a better maximization of their budget. A private jeweler may sound intimidating, but these advisors offer direct private assistance and a wealth of knowledge on the market. Similarly, M&A advisors level the playing field for entrepreneurs by understanding the rules of engagement and developing the right strategy to buy or sell their companies. These experts help you identify investors, strategic and financial, that are a good fit to fuel business growth and can ultimately secure a better end-result than if you went it alone.
Protecting your investment. Private jewelers offer more than a one-time buyer-seller relationship. Many will be able to assist your jewelry purchases for years to come and help you solve any problems with those pieces that may arise in the future. Although working with an expert might seem expensive, the benefits outweigh the cost when considering the complex nature of the industry. An M&A advisor also helps you manage your investments and protects your best interests. Working side by side with management, advisors confirm that your buy or sell-side acquisition criteria are clearly defined, executable and measurable against future results to determine whether adjustments are needed. They help create a win-win situation for each party and optimize a successful outcome.
Whether in a new jewelry purchase or an M&A transaction, every negotiation is unique and needs to be approached with the proper strategy and insight. Talley LLP is uniquely equipped to provide the technical and managerial expertise to help you plan, negotiate, structure and execute on your buy-side or sell-side strategy.
After almost two years of facing off, Cristiano Ronaldo’s match with the Spanish government has ended with a guilty plea to four counts of tax fraud. The soccer star has agreed to pay a $21.7 million fine and serve a 2-year probationary period in lieu of jail time. Like his fellow fraudulent footballers Lionel Messi, Neymar, and Samuel Eto’o found, tax authorities will continue to demonstrate that celebrity athletes are not above the law.
In mid-2017, Spanish tax authorities launched an investigation into Ronaldo, alleging that he underreported his financials related to his image or likeness rights’ deals. As arguably the most famous soccer player in the world, a huge chunk of his earnings derives from his appearance and brand. As #3 on Forbe’s list of the World’s Highest Paid Athletes and #5 on the World’s Highest Paid Celebrities, it’s not a shock that Ronaldo’s finances would undergo a rigorous investigation by Spanish authorities to uncover any wrongdoing.
High net worth individuals and celebrities will continue to face increased scrutiny by tax authorities, both domestically and internationally. Seeing as U.S. celebs such as Mike “The Situation” Sorrentino from “Jersey Shore” and Teresa Giudice from “The Real Housewives of New Jersey” have faced harsher sentences, serving actual prison time, Ronaldo may have got off easy.
With over 30 years’ experience consulting with industry-leading companies, we understand the challenges facing individuals with generating and protecting income. Whether you’re looking to improve your profitability, build your brand through a business transaction or capital raise, Talley is the consulting and financial services firm dedicated to strategic business solutions that deliver meaningful results.
What happens once your business experiences initial success or substantial growth? Having “real” money can bring about complex problems that your business had yet to encounter. With the help of professional advisors, there are a few ways to make sure you handle these issues effectively and ensure your successes only continue.
Be aware of burnouts. Burnouts are a big reason for business failure especially in the first year and taking that time to appreciate your accomplishments can help prevent this. Part of avoiding burning out is ensuring that you maintain your personal and mental health. All the business and productivity advice in the world won’t help you if you’re already stressed out, sleep deprived, and running yourself into the ground before you take that first sip of coffee or tea in the morning.
Be mindful of taxes. While running your business, it’s easy to focus on the day to day operations, forgetting about important long-term details such as tax planning. Working with an experienced tax planning advisor can help you mitigate taxes and proactively plan for the future of your business.
Plan for your long-term future. There will always be more money to be made as an entrepreneur and reaching your first goal is only the beginning. Although using your earnings to fund entertaining purchases is an earned right, investing your money in things that can appreciate will set you up for continued wealth. Having an expert counsel can help you make these decisions as they are familiar with the challenges that characterize an entrepreneur’s business ventures.
Form habits that create continued success. Specific motivators made you successful in the first place, so do not stop focusing on them. Running a business calls for ongoing work but managing your time effectively and forming useful business habits can help take the stress off of you. Always set new goals for you and your business to ensure you achieve continued growth and success.
Talley shares the same entrepreneurial spirit that has helped propel our clients to their current levels of success. With over 25 years of experience assisting high net worth individuals and business owners, Talley has the expertise necessary to help entrepreneurs throughout their entire journey, from formation to succession.
25 Jan 2019
Whether written by hand or formalized in print, having an official prepared will is better than having none. In the case of a New Jersey man last year, a court even determined his codicil handwritten in his own blood to be valid. As technology infiltrates more and more industries, estate planning is getting its first taste of going digital with the emergence of electronic wills.
Almost identical to standard hand-prepared wills, an electronic or e-will documents’ main difference comes in the form of an E-signature. As of now, the legal validity of a signature online, whether from a Tablet/Stylus duo or a computer-generated mark, is being determined at the state level on a case by case basis. In response, a state law advisory board called the Uniform Law Commission has considered this new trend and is working to develop standards to make things clearer state to state.
The most significant cause of worry for estate planners comes in the potential for corruption and abuse. Many estate planning experts have stressed that there are legitimate reasons that the process is so formalized, stemming back to protecting their clients. The advantage of getting personalized face to face advice versus going the DIY route is immense, especially considering the sensitivity and long-term value of estate planning. An experienced estate planning advisor can provide custom tailored guidance, achieving your family’s goals with certainty. Each estate plan has unique complexities when accounting for different goals and types of assets, and an estate planning advisor should have the expertise to execute your documents correctly and update your estate plan as necessary.
Though your options are virtually limitless, proper estate planning -deciding on the “who, what, when, and how” and executing this with the least amount paid in taxes, legal fees and court costs possible can be a challenging and emotional affair to wrestle with alone. For more information, contact Talley LLP today.