October 5, 2023
Hello, my savvy family businesses, career reinventors, and modern entrepreneurs! If you’ve ever found yourself in a love-hate relationship with your business partner, this one’s for you. It’s time to ditch the drama of traditional partnerships and embrace a setup that’s as smooth as butter on hot toast. Who needs the headache of accounting work and making expensive mistakes when there’s a better way?
At Calculated Moves, we believe in financial preparedness, strategic planning, and leaving the number crunching to the pros so you can focus on doing what you love. We’re all about helping you make great decisions, boost profits, and keep Uncle Sam off your back. Because let’s face it, navigating the ebbs and flows of business is like trying to steer a pirate ship in a storm—challenging, unpredictable, and there’s always someone ready to shout “abandon ship!”
Now, imagine a world where business partnerships are more like a well-choreographed dance than a messy tug-of-war. Welcome to the world of joint ventures!
Think of a joint venture like a contractual handshake between two or more parties. Each party operates their own business independently, but they agree to collaborate on specific aspects of the business. It’s like having your cake and eating it too, without worrying about someone else taking a bigger slice.
Let’s paint a picture: meet Jim and Judy. Jim’s a whizz at sales, and Judy’s a pro at delivering services. In the olden days, they might have tied the knot with a traditional partnership. But, in the spirit of modern entrepreneurship (and avoiding messy business breakups), they opt for a joint venture instead.
The charm of this approach is that it allows each party to retain control over their operations, finances, and tax benefits. It’s kind of like having a prenuptial agreement for your business, ensuring you have a clear plan in place if you ever need to make changes to the relationship.
So, if you’re thinking about partnering with someone in your business, consider a joint venture. It’s a better way to setup partnerships that won’t leave you with a business hangover.
Have you encountered situations where a joint venture could have been your knight in shining armor? We’d love to hear your experiences! Now, grab that lifebuoy, fellow entrepreneurs—we’re charting a course to smooth sailing and tranquil waters. Thank you!
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Donna Bordeaux, CPA with Campground Accounting
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.