- High tax rates: Taxes on family businesses in some states can be as high as 50%. Often, businesses end up paying taxes on income for non-deducible payments.
- Technology: The big guys are sinking rivers of money into tech. In certain businesses, it’s becoming nearly impossible to compete. They can flood your customers with sales messages.
- Labor: We cannot waste our employees time on trivial duties. We must use technology, regardless of what a pain it seems to be. They are simply too expensive.
- Debt: Many family businesses leveraged up when rates were low. Now the bill is due. Cash flow management will become one of the key metrics in businesses in the next ten years.
- Poor accounting: As good as an accountant is, there is a huge misconception that the firm we hire to do our taxes is watching over our company. Technology and internal controls are critical.