Sean Manning, CPA and Managing Partner of Manning and Company, is one of the sharpest blades I know when it comes to building a profitable business. He is also a collaborative author of a re-released book Six Steps To Small Business Success: How To Start, Manage and Sell Your Business. In my humble opinion, it’s a must-read for anyone running a business, whether large or small.
Recently, I had the opportunity to glean some great insights from Sean on how to launch, manage and create a legacy business amid today’s tax and regulatory complexities. So read on, and then share your thoughts and comments on this piece.
Sean, why did you and your collaborators decide to write this book?
Michael, this book represents a culmination of nearly 100 years of experience among us, and it reflects the questions we get asked the most by our clients. By imparting the knowledge we’ve acquired from having worked with literally thousands of business owners, our goal was to summarize the key components and details that surface during the life cycle of a business. In a sense, it’s a “how-to” reference guide that’s applicable irrespective of where you are in your business.
So what sorts of issues are you hearing about most frequently from business owners these days?
There are three that I can discern for sure. First, there are the regulations and the expanded requirements that government is demanding of small businesses. That’s been a major concern, not only for emerging businesses but also for those that have existed for a number of years. This increased regulation has brought on quite a lot of angst.
Second, staffing and people-management issues are big. Again, much of this can be tied to increased regulation coupled with efforts on the part of business leaders to determine how to best leverage talent.
Finally, business development is a significant concern. This area has probably gone through one of the biggest transformations in the past 5 years because global economic factors,