Up & Coming Weekly

November 16, 2021

Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.

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Page 17 of 24

WWW.UPANDCOMINGWEEKLY.COM NOVEMBER 17-23, 2021 UCW 17 When you sell your business, you expect to make money — not spend it. But as the saying goes, you have to spend money to make money. e question is, how much? e answer isn't al- ways clear. However, most bro- kers agree that a certain amount of due diligence is necessary when preparing a business for sale. at means retaining quali- fied professionals to look over your books, guide you through legal processes and anticipate various fees associated with selling. Brokerage Fees SBrokerage fees are the ex- penses that deliver the most bang for their buck. "Often our fee is negligible compared to the money we're able to garner for the seller," says Transworld CEO Andy Cagnetta. Every business owner should know that brokers are invest- ments worth making. Brokers protect sellers' best interests, answer their questions, antici- pate complications and smooth the selling process. ey can, and have, saved business own- ers hundreds of thousands of dollars. Professional Fees is family of costs is closely related to legal obligations, li- abilities and risks. Major in- fluences include transaction complexity and structure: how easy or difficult will it be to sell your business? It depends on the current state of your opera- tion, plus whatever it takes to bring it up to par. For example, CPA fees related to bookkeeping fall under this umbrella, as well as that of due diligence. Your broker should be able to recommend professionals they know and trust — industry experts they've come to rely on for several years. As Cagnetta says, "You can pay the wrong professional to learn about due diligence … or you can pay the right one to avoid the complexities." Hidden Costs ese are the expenses many business owners don't consider when preparing to sell. ere are as many hidden fees in busi- ness transactions as there are businesses. We jest, but there are a lot, and they're another reason we strongly recommend recruiting a broker. Just a few hidden fees include taxes, tax liens, machinery/equipment appraisals, employee severance and vacation time, lease assign- ing issues and landlord nego- tiations, additional CPA fees to prepare books and records and prepayment penalties on leases or loans Spotting hidden fees can be challenging because they come in so many shapes and sizes. Be on constant alert for openings that allow buyers, accountants and lawyers to attempt re-trades or re-negotiations. After all this, you may be wondering: are these expenses avoidable? Perhaps. But to determine that, you'll need a good broker, someone with the experience and resources needed to recog- nize avoidable costs. Brokers act as referees between the seller and other parties, protecting them and guiding them through complex proceedings. Bottom line: brokers cost money, but they also save sell- ers much more money. In addi- tion to that, they save time, en- ergy and peace of mind which can be priceless. THOMAS KELSEY, Transworld Business Advisors of Fayetteville. Comments? tkelsey@tworld.com Fees and expenses to be expected when selling a business by THOMAS KELSEY BUSINESS & FINANCE For the past two decades, religious organizations around town have come together right before anks- giving to host a service focused on gratitude and being thankful for one another. Although COVID-19 canceled last year's interfaith service, it won't can- cel this year's plan. "I think that the idea here is that it's refreshing to see other viewpoints of what organizations bring in their expressions of gratitude, especially in the week of anksgiving," Daniel Tenrod, the communications direc- tor of the Church of Jesus Christ of Latter-Day Saints. e congregation that hosts the interfaith service rotates every year. is year, it will be the Church of Jesus Christ of Latter-day Saints that will host the event. In 2019, Beth Is- rael Congregation hosted the service. Tenrod says that at previous in- terfaith services, close to 100 people will show up from all different types of faiths from the Fayetteville com- munity, and he says each year new people show up. Each participating religious con- gregation will talk at the service and share a special message of gratitude. ey want to highlight mutual dec- larations of gratitude, peace and love. Participants who will be repre- sented at the Interfaith anksgiving Service include Beth Israel Congre- gation, Courtyard Church of Christ, Fayetteville Friends Monthly Meet- ing, Holy Trinity Episcopal Church and the St. James Lutheran Church. In a newsletter to his congre- gants, Rabbi Dov Goldberg said that this time can be a place for giving thanks for the blessings everyone has received. "Let us come together to lift each other up, not by denying the difficul- ties we have faced, but by remember- ing that there is still much good in our lives, and although frequently more socially distanced than we would like, we are not alone," Gold- berg wrote. For Tenrod, seeing how people of other faiths express gratitude in their own ways is amazing to see. For example, he loves hearing the Hebrew prayers that come from the rabbi of the Beth Israel Congrega- tion and being part of the quiet that comes when the Quakers of the Fayetteville Friends Monthly Meeting pray. "Everyone is truly grateful. It's not just something they are saying off their lips. You can feel their sincer- ity," Tenrod said. After the service, which is typically about an hour-long, there will be a meet and greet reception with light refreshments. e event will take place on, Nov. 22 at 7 p.m. at the Church of Jesus Christ of Latter-day Saints off 3200 Scotty Hill Road. ere will be hand sanitation stations throughout the church and masks are encouraged. ere will be security at the event as well, but reservations are not required. Giving thanks in all faiths by HANNAH LEE FAITH HANNAH LEE, Assistant Editor. COMMENTS? Editor@upandcomin- gweekly.com. 910-484-6200.

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