Important Tips When Relocating Your Business

Moving your business can be a large undertaking and often leaves many business owners with difficulties running their business for a while after. It’s important to have a plan for your relocation and to plan out the first few weeks of operations at your new location as well, whether you’re moving to Newton, MA, or elsewhere. By having a well-thought-out plan and communicating with your employees and customers, you can guarantee a successful transition. 

Research New Locations

When deciding on a new location for your business, you’ll want to be sure it plays to your business’s strengths. Find out whether your new location has good access to local suppliers, customers, and other important services for your business. Researching local tax laws can also help you determine if a new location is suitable for your business. It’s also a good idea to poll your employees and take their suggestions into consideration. 

Moving to a New State

If your business is moving to a new state, you might consider forming an LLC in your new location. If your company is already an LLC, changing your formation state to the state where your business will be located may be beneficial. Check how to form an LLC in Massachusetts before moving ahead. Avoid high lawyer fees by handling the paperwork on your own or by using a formation service.

Stock Up With Extra Inventory

Stocking up on extra inventory is an already-common strategy that will help your business even more ahead of its move. By increasing your inventory to above-normal levels, you can ensure that you have an uninterrupted supply while you adjust your business for operations in your new location. Prevent any shortages by being proactive and ordering more inventory than you think you might need. It’s also wise to get in contact with suppliers in your new location ahead of time so that you can order supplies well ahead of your relocation. 

Order Other Items Ahead of Time

Additionally, consider what items your business will need outside of inventory. Furniture, signs, or other office equipment should be ordered in advance so that operations can begin smoothly in your new location. Know your new location’s layout well so that you can order the right supplies immediately. 

Keep Your Customers and Employees Informed

When planning a business relocation, it’s important to let everybody involved in the business know well ahead of time. There are a number of ways to go about announcing this to your customers, including email newsletters, social media, or even local advertisements. By keeping your customers informed about the moving process, you can minimize any potential losses and even start reaching out to customers in your new location ahead of time. Advising your employees about the move in a timely manner allows them to decide if they’ll remain with your company or seek employment elsewhere.

Making a Seamless Transition

Moving your business can become a simple task when properly planned. When you relocate your business, you’ll surely experience some changes in your budget and cash flow for a time. If you’re a Newton business owner, get help with your business’s finances by contacting the expert financial planners at KJH Financial Services today.

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Five Elements of Preparing for a Profitable Estate Sale

Estate Sale

Estate sales can be challenging endeavors. If you are facing the prospect of planning and undertaking an estate sale, you undoubtedly have an array of questions and concerns. In anticipation of an estate sale, these questions and concerns tend to be magnified because you necessarily are needing to pursue this type of project in the aftermath of the death of a family member or other loved.

 

Understanding the unique challenge you face in anticipation of an estate sale, there are some specific elements of the overall process you are well served to better understand. These include a series of five interconnected elements that comprise the process of planning, preparing, and pursuing an estate sale, as are discussed in detail in the Definitive Guide to Plan and Execute a Lucrative Estate Sale.

 

The Probate Process and Authority to Conduct an Estate Sale

 

The preliminary step in mounting an estate sale involves the legalities of the probate process itself. The specific facts and circumstances surrounding the estate of the deceased individual governs how the probate law in a particular state will apply. Detailed attention is paid to the legalities of an estate sale to ensure that you have a clear understanding of what generally is involved.

 

Every state in the U.S. has its own set of probate laws. With that noted, probate laws in nearly all states are quite similar. Indeed, most states have adopted what is known as the Uniform Probate Code, or some derivation of it.

 

As mentioned a moment ago, the probate legalities and process needed to be addressed in advance of planning an estate sale stem from the nature and extent of the deceased person’s estate. The initial consideration in this regard is whether or not a deceased individual had a last will and testament.

 

If a will exists, its terms and conditions generally govern the course of the probate process. There are two primary purpose of a will. First, a will directs how the assets of an estate are to be distributed and who is to receive what. Second, a well designates what is known as an executor. An executor vested with the responsibility and power to carry out the directives in the will. The executor is the person responsible for seeing that a probate sale is carried out, if necessary.

 

If the deceased individual died without a will, the assets of an estate are distributed in the manner set forth by a state’s probate code. The probate court appoints an administrator or personal representative to oversee the affairs of the estate.

 

There are instances in which an informal probate process can be utilized. This occurs in a situation in which an estate has a smaller amount of assets. This type of process necessitates little involvement of the probate court.

 

There are estates that require a formal, or “full-blown,” probate process. In such a situation, the probate court will be more directly involved in the case. For example, there will be at least one court hearing, if not more, before the planning for an estate sale can occur.

 

Strategically Organize Personal Property

 

Once legal niceties have been addressed, personal property of the deceased needs to be organized and categorized to identify what items will be part of an estate sale.

 

The Definitive Guide to Plan and Execute a Lucrative Estate Sale identifies five categories into which a deceased person’s property is to be categorized as part of the process of preparing for an estate sale:

  • Items to keep
  • Items to store
  • Items to donate
  • Items throw away
  • Items to sell

Engage Professional Assistance

 

Beyond retaining a probate attorney, the need may exist to hire other experienced professionals to assist with an estate sale. For example, a professional service may be needed to provide a dumpster and to remove items that are designated for disposal in the organizational process. Depending on the type of estate sale planned, a professional auctioneer may be required. There are even concierges that can assist with the planning, preparation, and execution of an estate sale.

 

Managing the Actual Estate Sale

 

In addition to tending to legal matters and identifying property that will be sold at an estate sale, the sale itself requires thoughtful, coordinated management. This includes everything from promoting an estate sale to providing assistance to those individuals who elect to participate in the estate sale as buyers.

 

Accounting for the Proceeds from an Estate Sale

 

Whether or not a formal probate process is required, there must be an accurate and thorough accounting of estate sales process. In a formally probated case, the court must have this information. In an informal situation, heirs of an estate are entitled to this information. The accounting obligation underscores the need for a complete, comprehensive, and accurate inventory of personal property in the estate.

 

By paying attention to these five elements associate with estate sale planning and execution, the process itself will be smoother. Tending to these matters best ensures that all legalities associated with the probate of an estate are fully met.