David M Daggett CPA - Knowledge of Business Valuation is Important for Entrepreneurs

Entrepreneurs who seek to exit, or sell off, businesses have to know the importance of business valuation. As David M. Daggett, CPA has seen in his business career, establishing a good value of a company isn’t an easy process, but it is crucial if the entrepreneur is to achieve a fair assessment of their hard work.

The truth is, many entrepreneurs don't have a realistic idea of how much their businesses are worth. It's not surprising, though since many people invariably value things they own at a higher value than things that aren't theirs. This means that you can have a different value in mind than your business partner(s), potential buyers, or family successors. In some cases, the difference in expectations can lead to conflict.

Because of the complexity involved in valuing a business, it is always best to have a professional valuator help to set the selling price and determine which offers are reasonable. A professional who knows about tax is also better placed to advise on the various approaches that can be employed to assess the tax liability involved in the sale of the business.

The opinion of a qualified external evaluator can hold more weight with potential investors/buyers than numbers calculated in-house. The process of valuation also helps you to identify the weak spots in the business and find ways to get maximum value out of your hard work.

In addition to working as a CPA, David M. Daggett is also a Certified Valuation Analyst and has successfully been involved in the sale and purchase of over 150 companies during his career.
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David M Daggett CPA - Competition Isn’t Always Necessary for Success

David M. Daggett CPA has worked in accounting and business management for the better part of 30 years, during which time he’s guided a few businesses to success. He’s gained the skills required to market a good business idea, alongside knowing how to network and get the product recognized. Marketing and networking are good tips that contribute to business success, but for many people, the presence of competition is what drives them to get better.

Healthy competition is definitely a boost for any business owner. When you have competitor businesses angling for the same market you are, you have to step up your game. But what happens when you don’t have direct competition? Does it impact how you measure success?

For companies that lack direct competition, measuring performance against rivals is out of the question. Such a business, however, can still remain competitive. One way to do this is by taking a gradual approach to the launch of products and services. A business that has multiple products can ‘test the waters’ with every product to measure the response of the market and adjust accordingly.

In keeping from getting complacent, a business can analyze past performance to figure out where to make improvements. There's a lot to be learned from studying the past, as it helps the business find areas that require consistency. Besides, knowing where you've come from helps you push to become even better going forward.

David M Daggett CPA has been a Certified Public Accountant since 1986. He’s worked at Deloitte, opened his own accounting firm, and runs a non-profit organization.

David M. Daggett CPA - How Busy People Deal With Routine Tasks

David M. Daggett has been an entrepreneur for much of his career, and he appreciates the excitement that comes with the work. Like many other entrepreneurs focused on taking their businesses to the next level, he knows that there are often mundane tasks that can be boring and repetitive, yet necessary in the grand scheme of things.

So what do busy entrepreneurs do about routine tasks? Here are some tips that you can use to deal with everyday tasks without feeling drained.

Avoidance

While avoidance is generally not the acceptable route when it comes to dealing with issues, it is sometimes necessary. If you can avoid a routine task, like packing all meetings on two days so you can avoid a daily two-hour commute, by all means do so.

Say Yes to Important Stuff

As an entrepreneur, you have to be sure of what’s important to you and what’s not. With a clear understanding, it will be easier for you to say “no” to stuff you don’t think will benefit you. This will help reduce the clutter on your desk.

Energy Management

Staying productive for longer periods is all about energy management. When you are at a creative peak, it might take you half an hour to write a long blog post, whereas it might take two hours to do the same thing when you feel drained. Tackle the most important stuff when you have loads of energy, and use the low-energy periods to deal with the routine stuff.

David M Daggett CPA has been a CPA for more than 30 years and is currently a partner at Lee, Cochran & Daggett, CPAs, LLP.