Careful planning is fundamental to success. A well thought-out business plan is a key asset of a well run company. A solid business plan focuses on all important strategic and operating issues and includes information that will help you manage the business more effectively, such as market share, pricing and financing growth. It can also help address significant issues such as planning your exit, selling your business, or transferring ownership. A well-done business plan is not simply a set of forms to complete or a set of financial projections to prepare. It involves a strategic assessment of each key element of the business and all key issues and risks so that it addresses your specific needs at any point-in-time and serves as a guide to help achieve your long term goals and objectives. Typically, a business owner may not have the time or the expertise to prepare a comprehensive strategic business plan.
Hogan•Taylor can help you prepare a business plan to meet your needs.
Planning how to exit your business can be just as important as how you start it. The goal is to maximize the value of your company before you convert it to cash, and to minimize the amount of time consumed in doing it.
Getting out of a business is a process. The length of time required to complete the process is directly related to the complexity of the business and the circumstances behind the decision to get out of the business. It can range from several weeks to several years, and disputes and litigation can add another dimension to the time-frame. The process should involve careful planning and the use and proper coordination of outside professionals and consultants. Failing to properly plan for the sale or exit of your business can have significant adverse consequences.
Hogan•Taylor specializes in helping our clients plan for and execute the sale of a business to ensure that both the buyer and seller achieve their goals and avoid unnecessary complications.
Not that long ago, captive insurance only made sense for large corporations, however, new IRS rulings have allowed captives to serve the needs of small and mid-sized companies. For certain insurable risks with favorable claims experience, self-insurance enables business owners to better manage insurance needs, including cost, coverage, service and capacity. They can become another profit center and help achieve additional benefits such as pre-tax wealth accumulation, favorable distribution rules, asset protection, highly efficient estate planning and wealth transfer, and superior retention of employees. Additionally, the captive transaction is a powerful planning tool as insurance premiums are deductible and flow tax-free to the captive.
Hogan•Taylor specializes in helping our clients establish captive insurance arrangements that protect the business from risk and provide the significant benefits described above.
We work with specialized experts in the design of captive arrangements to ensure they meet all legal and IRS regulations.
Debt restructuring is a process that allows a company facing cash flow problems and financial distress to reduce and renegotiate its outstanding debts in order to improve or restore liquidity and to rehabilitate so that it can continue its operations. Debt restructuring is generally less expensive and preferable to bankruptcy. The main costs associated with a business debt restructuring are the time and effort to negotiate with banks, creditors, vendors and possibly tax authorities. Debt restructuring usually involves a reduction of debt, improvements in terms (ie: interest rates), and an extension of payment terms. Typically, a business owner will not have the time or the expertise to manage a debt restructuring without engaging outside expertise.
Hogan•Taylor can help you identify if a debt restructuring is possible and we can assist you with the process, which can be quite extensive.
Human Resource Services
Human Resource (HR) solutions developed at Hogan•Taylor allow business managers to focus on their core competencies and provide administrative relief from many employer-related responsibilities so they can concentrate on developing strategies that provide their companies a competitive advantage.
Traditionally, employees have been viewed as liabilities or expenses, instead of tangible, bottom-line assets. Successful business owners have learned, however, that their employees have a direct impact on their profitability. HR management has become a colossal task, demanding considerable resources. Legal and regulatory compliance has become an overwhelming task, and time spent on administrative obligations is time spent away from growing your business.
With the help of experts at Hogan•Taylor, you can focus on doing what you do best –- growing your business -– and you will be accessing quality employee benefits that motivate and increase employee loyalty and help you retain your top performers.
Contact Hogan•Taylor to find out which HR strategies are best suited to your needs and how they can help you achieve your organizational goals
Basically, a Joint Venture is when two or more companies make an agreement to do business in a specific area. They can share higher margins and certain costs, such as insurance, shipping, liability and other risks and costs to produce higher revenues and profits. It is usually short-term in nature.
A merger is when two companies come together to form a single company. They combine respective resources, creating greater market-share and other benefits to produce higher revenue and profit. There can often be significant synergies leading to cost savings.
An acquisition is when one company is buying or taking over another company. The company taking over gets to make all the final decisions on how the combined companies will operate.
What mergers, joint ventures and acquisitions all have in common is that each involve significant change and restructuring of a company or organization, but in very different ways. Another thing they have in common is a requirement to have strategic professional advisors helping plan for and execute the transaction.
Typically, a business owner will not have the time or the expertise to manage the full range of issues involved without engaging outside expertise.
Hogan•Taylor can help you plan for these transactions and we can also assist you with the execution process, which can be quite extensive.
Areas We Serve
Grand Strand/Myrtle Beach, SC
Charleston Trident, SC
Hilton Head, SC
Greater Wilmington, NC
Greater Charlotte, NC
Research Triangle (Raleigh/Durham/Chapel Hill), NC