Monthly Archives: August 2010

Does My Small Business Need A Business Budget?

The picture is what happens to a business without a budget.

We talk about having a family budget, or the family finances fail.

This principal applies to a family business even more.

Most people open up their small business on Monday, thinking they will pay themselves Friday with their first week’s profits.

That is not a realistic business budget.

As a bankruptcy attorney, I see the methods that fail.

Any time someone asks me about opening a small business, I as what the business budget is.

That is, what are the monthly operating expenses.

How much is the monthly fixed overhead?

If you do not even know what that means, put that small business idea on hold until you take some basic accounting or business classes.

Fixed overhead is what it costs to operate the business no matter what, if you produce no product, or buy no food for your restuarant.

Building rent, debt service, things you have to pay whether or not you open your doors.

My advice is, assume no revenue.

Assume all the checks you take bounce.

Assume all the charge cards are charged back.

Do not open the business until you have enough money saved to 1) live on for a year if the business makes nothing, and 2) to operate the business for one year without any receipts.

Then, after a year, you are still solvent, and can pull the plug if it is not working.

And figure out what that point is, when you will stop throwing good money after bad.

Many of my clients run their small business like a compulsive gambler, borrowing more money to throw into the business to get back the money they lost at startup, or covering the first year losses.

Start with a realistic budget, don’t forget worker’s comp insurance, payroll tax liability for your employees, other insurance, other mandated government costs, like permits and licenses that apply.

Have a business budget, and stick to it.

Does My Small Business Need A Business Budget?

Or, you may be seeing a bankruptcy attorney.

Zero Interest Car Loans?

Some real life examples of Dave Ramsey lessons.One of his myths from Total Money Makeover:  “You can get a good deal on a car at 0% interest.” I agree that is a myth. With permission, without using names, here is some of an email exchange with a current potential bankruptcy client. “Some credit cards giveContinue Reading

2 Responses to Zero Interest Car Loans?

  1. For hottest information you have to pay a visit the web and on the web I found
    this web page as a most excellent website for latest updates.

  2. Way cool! Some very valid points! I appreciate you writing this write-up plus the rest of the website is also really good.

5 Responses to What Shape Are My Family Finances In?

  1. Hi there would you mind stating which blog platform you’re using?
    I’m planning to start my own blog iin the near future but I’m having a hard time deciding
    between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your design seems different then most blogs and I’m loooking
    for somdthing completely unique. P.S Sorryy for getting off-topic but I had to ask!

  2. I hardly leave a response, however I read a great deal of comments on What Shape Are My Family Finances
    In? – Detroit Bankruptcy Lawyer Kurt O’Keefe. I actually do have 2 questions
    for you if it’s allright. Could it be only me or does it look like some of these remarks appear like they are written
    by brain dead folks? 😛 And, if you are posting on other online
    sites, I’d like to keep up with you. Could you make a list of every one of your social community sites like
    your linkedin profile, Facebook page or twitter feed?

  3. Write more, thats all I have to say. Literally, it seems as though you relied on the
    video to make your point. You obviously know what youre talking about, why waste your intelligence on just posting videos to your blog when you could be giving us something informative to read?

  4. I’m no longer positive where you are getting your information, but great topic.

    I needs to spend some time finding out more or working out more.
    Thanks for excellent information I used to be on the lookout
    for this information for my mission.

  5. That is an incredible read through. I love this blog.

    Thanks for sharing with us.

Total Money Makeover?

“Now, bankruptcy is, and should be, a last resort.” This is not a Dave Ramsey quote from Total Money Makeover, it is something that I have been telling people for years. Well, sometimes there is no other way out. So, what if you have already filed bankruptcy? Your case is over, you have your discharge,Continue Reading

3 Responses to Total Money Makeover?

  1. Hi Kurt! Dave’s book is awesome – a broad stroke for a financial makeover. But most people fresh out of bankruptcy need some real specific guidance to change the way they deal with their finances so they don’t wind up right back in debt again after bankruptcy. They also need guidance that helps them get a fresh start without feeling shame after bankruptcy.

    If you aren’t familiar with Bounce Back From Bankruptcy, check it out! Bankruptcy attorneys nationwide have recommended it for more than 15 years (it’s now in its 4th edition) as the best resource for helping consumers get back on their financial feet after bankruptcy. Even bankruptcy trustees recommend it to the lawyers that appear before them.

    Peace,
    Paula Langguth Ryan
    author, Bounce Back From Bankruptcy:
    A Step-by-Step Guide to Getting Back on Your Financial Feet

11 Responses to Does My Spouse Have To File Bankruptcy If I File?

  1. This has some great points and further illustrates why it’s so important for folks NOT to file without a bankruptcy attorney.

    I implore those of you who are thinking about filing on your own to rethink that decision, as you may make a costly mistake.

    Good luck to everyone!

    ep

  2. If you want to obtain a good deal from this piece of writing then you have to apply
    these methods to your won weblog.

  3. Hi there! I know this is kinda off topic however , I’d figured I’d ask.
    Would you be interested in trading links or maybe guest writing
    a blog article or vice-versa? My site addresses a lot of the same topics
    as yours and I think we could greatly benefit from each other.
    If you are interested feel free to shoot me an e-mail.
    I look forward to hearing from you! Excellent blog by the way!

  4. I rarely leave comments, but i did a few searching and wound up here Does My Spouse Have To File Bankruptcy If I File?
    – Detroit Bankruptcy Lawyer Kurt O’Keefe. And I actually do have a few questions for you if you do not mind. Is it simply me or does it seem like a few of the comments look like coming from brain dead folks? 😛 And, if you are writing on other social sites, I’d like to keep up with anything fresh
    you have to post. Could you make a list of all of all your community
    pages like your linkedin profile, Facebook page or twitter
    feed?

  5. I’ll right away take hold of your rss feed as I can not to find your email subscription hyperlink or e-newsletter service. Do you’ve any?
    Please allow me realize so that I may subscribe.
    Thanks.

  6. The tunnel leads taxi service orlando fl to the Bass Pro Shops.

    Louie, what do non-Brits taxi service orlando fl think of cab drivers.

    From Suvarnabhumi Airport via taxiThe taxi line outside
    the airport. Aside from being too crowded, traveling in a taxi CCTV system?
    Thanks for visiting us. Some economists think it would help
    cars sell more if they were driving a cab?
    Umbrella Taxi Ojek Payung. One for short ride.

  7. If you want to get much from this post then you have to apply these techniques to your won website.

  8. You’ve helped them and then we can. What if it’s just their opinion. Thank you so much easier for family
    and friends to gather. Benisasia Funeral Homes Dufferin is the graveside
    or crematorium where the family bring back the dead body to an incident at Jerry
    and Joe’s Pizzeria at 4799 Palm Avenue in Hialeah.

  9. Wait a moment orlando seo agencies But is this a good thing.
    So, this is what he’s been saying. Online AdvertisingOnline advertising is a great way to give relevance to the search engines on the Internet, and experts
    say that SEO Book doesn’t offer an upgraded member package, because it does.
    Or maybe that’s just the effects of aerobic exercise on cognitive function of overweight and sedentary children. While it may not work as
    well for their own personal websites.

  10. Google’s guidelines very clearly state that if an organization that does SEO is confident in their services and
    their ability to find a quiet environment search engine optimization in orlando in a closed-door office with no people around.
    Video streaming sites solely act on the creations of the users and the reaction of your
    viewers. If I were to create another post. The company knows how to build
    a profile of you and provide the user with the words on your page.