Your main goal is to attain or increase your business’s profitability. However, you find that while your sales might be increasing, your profits are decreasing.

• You have trouble establishing a sales price and you rely on the competition’s price.
• You tender bids, but you’re not sure the order will yield the estimated profits.
• You wonder when you will reach the break-even point and start making a profit.

A fair evaluation of your cost price has numerous advantages. Our experts can guide you in this process.

Online Tax Strategies, July 2018−What South Dakota v. Wayfair, Inc. Means For Your Business’ US Sales

The Supreme Court of the United States has just made a landmark ruling that will reshape Sales and Use Tax compliance for Canadian businesses selling into the United States.

Before South Dakota v. Wayfair, Inc.

Previously, states could not impose sales and use tax registration or collection obligations on a business if the business had no physical presence in the state (for example: a place of business, inventory, equipment, sales staff, independent agents, contractors, technicians). States could provide for a minimum threshold of sales for registering; however, they could not force a business to register based solely on a business’ volume of sales if they did not have any physical presence.

These precedents were established long before the rise to prominence of internet sales, when the closest equivalent was catalogue sales (see National Bellas Hess v. Department of Revenue, 386 U.S. 753 (1967), Quill Corp. v. North Dakota, 504 U.S. 298 (1992)) However, recently states have grown increasingly frustrated with the loss of tax revenue and have been challenging these precedents on the basis that they are outdated and were formulated at a time that does not square adequately with today’s economic reality.

For more information, download the document below.

An intergenerational business transfer brings its share of challenges. Finding common ground among the differences is the key to success.

The business successors have a new approach, one developed using a different set of values. There are benefits to be gained from this input provided the transition is properly prepared and there is a gradual changing of the guard.

New market challenges

The successors will have to adopt different approaches and develop specific skills to adapt to new issues:

• Rapidly changing technology;
• Need to take account of the environmental impact;
• Enhanced ethical standards and increased controls;
• Demographic changes and shifting consumer habits;
• Increasingly intense competition and need to manage growth.

Characteristics of the new generations

Young entrepreneurs do not have the same expectations as their predecessors, resulting in the need to adapt how things are done. What are some of the characteristics of the next generations?

• They expect mentoring rather than a hierarchical structure;
• They are creative and want to be in the thick of things, to interact;
• Technology and the wide range of communication channels are part of their DNA.

It’s important to call on each party’s strengths and abilities while offsetting gaps and weaknesses.

How to ensure a successful transition

A successful transition should be prepared years in advance. The main steps include:

• Developing a succession plan;
• Being attentive to the transferor’s and transferee’s expectations, concerns and motivations;
• Implementing an efficient internal communication process;
• Identifying the skills needed and providing for additional training as needed;
• Clearly defining individual roles;
• Starting the transfer process early.

You can increase your chances of success by being properly prepared and getting the support of an object expert. Don’t hesitate to contact our renowned professionals to ensure a smooth transition.