Bay Area Business Owners

Business Growth

How San Francisco Bay Area business owners can beat occupational stress

As a San Francisco Bay Area business owner, you carry the weight of your company on your shoulders.  But the reward is this: when things go well – your profits are good, you’re meeting your business goals, you’re dreaming for the future, entrepreneurial FREEDOM is in the air – you have a joyful load to carry.  But then there are challenges…  I don’t probably need to remind you: supply chain shortages, economic recession (cuts to be made?) hiring and firing, changing suppliers, shifting inventory systems, MEETING PAYROLL — all of it can feel like a weight that can be crushing.  You’re not alone, by the way. So let’s together name the fact that it’s hard to keep the ebbs and flows of business from ruling your mental and emotional state. But, if there’s anything I could press you to do (and do it today), it would be this: Find your path towards what I’ve heard called “benevolent detachment”. “Benevolent” because you are pursuing this so that business and life goes WELL (rather than neglectfully falling apart), and “detachment” because these ups-and-downs within the business should never dictate your identity, the state of your soul, or your family life.  All of this is not only essential for your health, but I would posit that it’s essential for the health of your business as well.  If you’re bogged down by the weight of it all, and not finding relief or support for navigating it, then your business will suffer because you are the heart (and the head) of it.  Now, one step you might take toward easing the toll of it all would be sitting down with my team and me here at ONeill & Bergado, so we can take a look at where things are and help you get things to where you want them. We can dial into 4th quarter things, as well as the coming year. If that appeals, let’s get something setup so we can help ease these burdens: (408) 775-7790  And, here’s another way we can do that, via today’s topic … How San Francisco Bay Area Business Owners can Beat Occupational Stress“There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger It’s all on you as the owner of a small business: the profits, losses, payroll, hiring, inventory, and keeping the lights on. Running your business may be your dream – but ceaselessly being chief cook and bottle-washer is enough to drive you crazy.  Are you putting in more hours at work than anywhere else (including with family and friends) combined? Trouble sleeping? Can’t concentrate? Those can be signs your mental health needs shoring up and your occupational stress level could be part of the issue.  Credit and concern First, give yourself credit for all you do.  In the grind of daily business, it’s easy to forget that you probably routinely put in long hours (and longer after hours) and feel alone when you worry about where the money is going to keep coming from. Don’t kid yourself about running your own business: “Independence” can often mean “alone.” The numbers don’t stop, either – cash flow, finances, invoices… You have to keep up with admin and latest regulations. And you worry about your workers and their families.  At least you’re not alone in feeling occupational stress. Four in five small-business owners recently reported having common symptoms of poor mental health at least a few times a year, including inability to focus (the most common), anxiety, bad sleep, panic attacks, and symptoms of depression. The huge business challenges of the last few endless years just made those all worse.  Other warning signs unique to business can include feeling more tired earlier in the workday, getting unusually mad or frustrated with workday tasks or coworkers, and finding it harder to make decisions that were once simple. (You can also use this checklist of symptoms.)  That same survey showed that almost half of small-biz owners have never accessed support and almost a third said they didn’t know where to go for help or didn’t know support was out there.  We never say this – but stop reading right here if you think you’ve got a problem and call the Mental Health Hotline at (866) 903-3787. Any local mental health group or professional can hook you up with help, too.  DO NOT BE AFRAID TO ASK. How to fight back When whittling your to-do list has ceased to satisfy you at the end of the workday, or if business just doesn’t seem to improve no matter what you do, turn for a bit to immediate tasks that need to be done and that you can knock down quickly (administrative stuff maybe, or other paperwork). Maybe learn a new business skill that can boost your business down the road. The new focus may bring new fulfillment. Away from the job, it’s a matter of making the time: Just as it took discipline and work to build your company, it’s going to take the same things to relieve your stress from that business.  It’s not just you Though it may sometimes feel like you’re alone in your company, you’re not. You have workers – and they might feel stress, too. Seeing you deal with your problems may encourage them to tackle theirs. That can only be good for your company in the long run. Encourage regular hours and time off. Teach your managers how to spot problems in staff early.  Openly discussing anxiety, depression, and other problems encourages constructive ways to fight it. It’s one more tool to keep your company on track in these tough times. That’s what we’re always here for. As a local San Francisco Bay Area business owner myself, I can relate to the burden you carry. Which is why I wanted to speak into this topic today. Thriving in business isn’t just about good numbers and client influx. It’s also about finding regular joy in what you do. And we hope this helps get you on that path. On your team, Patti ONeill and

Business Growth

Succession Planning Strategy For San Francisco Bay Area Business Owners

The 2022 clock is almost at midnight. An end to a still somewhat crazy year — “the crazy” seems like our new normal, post-2020, am I right? There were a lot of challenges this year and they were … exhausting. Keeping up with the changes and adjusting to the economic pressures… well, these things can make you start looking for the exit door on this whole business ownership thing (and I’m going to talk succession planning strategy in just a minute).  Believe me, I get it. I’m a tax pro who went through the craziest few tax seasons most have ever seen these past few years. I wanted to smash that eject button more than once. But maybe you weren’t phased by it all and ate up the chance to square your shoulders and meet the crazy face-to-face. And now you’re riding that high, dreaming far into the future for your San Francisco Bay Area business.  Regardless of where you find yourself on that spectrum, let me say this: You have to make a plan for (one day) leaving your San Francisco Bay Area business behind you – in some form or fashion.  Because time comes for us all. If you’re thinking that you want to bring things to a close soon, we should talk about that so we can help you make sure you’ve got all your business ducks in a row — including the tax ones:Patti (408) 775-7790 Gale 408-775-7800 And here’s what life after you leave your company could look like … Succession Planning Strategy For San Francisco Bay Area Business Owners“The victory one would gain after a whole life of work and effort is better than one that is gained sooner.” – Vincent Van Gogh You’re not your business and your business isn’t you …  It’s a great theory, but… how true if you’re finally stepping away from the small business that you gave your heart, soul, and a big slice of your life to? It’s all but certain you’ll have to leave someday — owners recently surveyed gave pretty varied targets for departure — but are you ready for what’s next?  Here’s how you can be. Succession planning strategy: Plan to not fail A solid plan can bring peace of mind and smooth out a process in business (and life). Time for such a plan now.  Business succession prep means finding or grooming people (often from within) to take over your company when you step aside. Succession plans usually come in two flavors: long-term and emergency. You’re looking here to make the former, which will be permanent after you leave the company and will help everyone see how your operation will be doing up to five years from now. How many folks need to be affected by your plan? In a small company, it could be a matter of just replacing you (the owner). In a midsize business, you may need to be replaced on a team or a C-suite.  In other words, if you didn’t show up tomorrow, what role in your company would have the greatest impact on the bottom line? What skills are needed for that role? Who among your staffers (who can also lead) has most of those skills now? (To go outside your company, you might reach out to a headhunter or your referral network.)  Next, approach your company leaders. Tell them all you can about your succession plan and try to discern if they feel nervous — or accepting and ready.  Don’t forget to help that team of ready people cultivate their own backups and successors. Who among the lower-level staff has the right attitude but needs training and experience? That’s the real long-term plan for your company.  More than a third of biz owners leave the company to a relative. If your succession candidate is a family member, you can transfer ownership through your estate — but this can bring up a host of levies from Uncle Sam and elsewhere, including income tax, gift tax, and generation-skipping tax. Check with us before planning to pass your company to a family member.  Succession planning strategy: Don’t forget about taxes If you’ve sold your company, the IRS usually examines the sale of each asset associated with your business rather than the sale of the whole business itself. For tax purposes, you’ll have to categorize each sold asset as either inventory, real property, depreciable property, or capital assets — each with its own tax treatment.  Sale of capital assets results in a capital gain or loss, for example, and sale of inventory results in ordinary income or loss. This gets even more complicated if you retain an ownership stake in the company.  You also have to think about ways to protect and preserve the profits you made. Diversifying your investments can help here, holding different asset classes that don’t rise or fall together (tough, we admit, in the recent volatile/bull market) and exchange-traded funds or mutual funds, sometimes with a mix of bonds thrown in.  We don’t do investment advice, but generally the above will work to preserve wealth and get you the best possible tax situation.   Succession planning strategy: Living the retiree life If you’re more or less stepping out of the work world after you leave your company, it’s finally time to take your place in all those idyllic pictures of retired folks relaxing: travel, gardening, former hobbies long dormant … Some retirees read the book they’ve always wanted to; some write the book they’ve always wanted to.  Pursuing your interests and lifelong loves can be fun. Some people manage to fill a whole retirement with it — and some don’t. Many biz owners find themselves thinking they’ll be stepping aside with no clear idea of what to do next. Feel free to resist overstating the role that leisure can fill in life after your company. A lot of folks find semi-retirement works best for them. This can look like consulting in their former industry or gig jobs. (Browse the latter at sites

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