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Clarity

Craig Daley

Global

Semi-retired CEO and 3-time recipient of Inc 500 "Fastest Growing Privately-Held Companies in America". I will help you grow or start your company, overcome challenges and provide you guidance or turnaround consulting. FREE Initial Consult - use code https://clarity.fm/craigdaley/VIP20.

$2.00/min

Craig donates to St. Jude Children's Research Hospital ($0.00)

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3 Calls

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4 Reviews

17 minutes
Avg. call

Start-ups Strategic Planning New Business Development Management Consulting Business Coaching Business plan Financial Modeling Business Analysis Turn Around Management Revenue & Profit Growth

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Retired CEO With Exceptional Start-Up Capability

Semi-retired CEO, started with $20,000 and grew it to $12 Million in revenues in 10 years. I will show you how to do the same! Help for new or young start-ups, struggling businesses, etc. We will find a solution.

General Business Consulting & Funding Guidance

Semi-retired CEO with 30 year history of business growth and development. Consulting for business operations and project funding. All issues welcome.

Business Consulting and Strategy

Semi-retired CEO with 30 year history of business growth and development. Consulting for business operations, start-ups, growth and project funding. Experienced strategic planner and facilitator, long-term growth planning.

Interim CEO & Executive Management by Retired CEO

Lose your CEO/CFO/General Manager or Key Manager?
Interim management services for all types of businesses. Let me run your business while you seek a permanent management solution. I will keep your business on track, offer improvements and consulting and assist you in choosing the right long-term candidate.

Answers 10
Reviews 4

Answers

Craig Daley answered

Hourly or Salary? Advantages/Disadvantages on Financials & company culture?

A lot of the decision involved in this depends on the job functions and sometimes, the state you are located in.

There are many legal issues surrounding hourly vs. salary. There is "salary-exempt" and "salary non-exempt". Exempt employees don't receive overtime pay; nonexempt employees do. The classification criteria for exempt and nonexempt workers are part of the Fair Labor Standards Act, or the FLSA, which is the federal law that governs minimum wage, overtime pay and working hours.

The general federal guideline is that if an employee is not managing or supervising, he/she must be paid hourly. There are exceptions to this for certain sales and other professional positions; however, use caution as there have been many successful lawsuits against employers over the years for abuse of salaried positions.

I would recommend you first make the determination as to how to legally classify your employees, then consider the impact on service culture.

Feel free to contact me to discuss this in further detail.

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Payroll

Human Resources

Accounting

Craig Daley answered

What share split should I ask for in a new venture with a partner?

Hi, I have many years experience in structuring various partnerships, JV's and business entities.

Depending on the structure, it should be based on the level of each parters' paid in capital. You put in 20%, you get 20%. That's the easy way. However, when you are going to a JV/partner that is supplying more than just capital, you would need to come to an agreement with the company as to the intangible value of what they are providing in addition to cash. So, if the cash is worth $XX and their services, time and other assets are worth $YY, then they may be entitled to a larger share than you.

I hope this helps on the process to value. If you would like assistance in the valuation of the share split and negotiation of a fair structure, feel free to contact me directly at: interwealth@email.com.

Best of luck,
Craig

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Equities

New Business Development

Funding

Craig Daley answered

Can I have an Ohio business with a California address?

You can live wherever you want and have a business wherever you want. Especially with an LLC.

The IRS doesn't care because with an LLC, the profit flows through the business to it's Members, to the extent of their basis. So if you own 75% and another Member owns 25%, then the profits are distributed that way and reported on the "K-1" with the federal return. LLC's pay no federal income tax as it is al allocated to the Members.

The only issue is at the state level wherever you live. If you meet the residency test for that State (which you can find online), then that is where your state taxes - if any - would be calculated and paid based on your K-1 return. You certainly wouldn't want it to appear you have a CA residence with their tax level!

I would suggest that you establish residency wherever you live. I too have a virtual mailbox AND live outside of the country. Doesn't affect my LLC in the states at all.

Feel free to reach out if you need further help.

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Legal Advice

Tax

Craig Daley answered

How do you recommend paying employees if your start-up is not generating revenue yet? We are a service-based start-up that is still in its seed stage.

That depends. Depending on the type of business you have, you could indeed pay on straight commission providing the commission is equal to or more than minimum wage for your state.

If the employees are not full time and pass the IRS test for "Independent Contractors" you could pay them in that fashion as well.

If they are true employees, they will be subject to Wage and Hour regulations so unless you have them engaged as a contractor, you would not be able to pay them on a piecemeal basis.

You should review these rules and regulations at the website for the Department of Labor: www.dol.gov

Feel free to contact me for further assistance.

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Start-ups

New Business Launches

Compensation

Craig Daley answered

Should I add my business to my resume for my start up loan application?

I started my last company and grew it with $20,000 to $12 million in 10 years. And while I was in the early phases, I did put in on my resume..

So, I believe you should. If it is a registered business entity and you are working it, it is still what you are doing, regardless of revenue of the company. If you are performing the tasks in your position, it shows you have been attempting to launch as well as (hopefully) prevents any gaps in employment. It also shows a level of commitment to your venture.

We specialize in assisting startups with business plans and structure, so fee free to contact me for additional questions.

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Loans

Early-stage Startups

Craig Daley answered

What should I take into consideration when deciding which state to incorporate in?

Hi, I have started over 10 companies in the last 25 years and am very experienced in starting, structuring and deciding where and how to set up companies.

Delaware and Nevada are good because they do not have a residency requirement. So you can live anywhere and incorporate in either of those states.

Other states you would need to check the fees and structures. This is most easily done by going to your Secretary of State online website. Most other states will require a physical presence and residence in that state.

If you would like me to check your state or should you need assistance with this or any other business project, don't hesitate to contact me.

Craig

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Incorporation

Corporate Law

New Business Development

Craig Daley answered

If I sign on for your service. For how many months am I obligated to pay for your service?

For my services, there is no long-term obligation. You can hire me for as little or as long as you want. Once we agree on a scope of work, I can quote you a fixed price for specific deliverables or I can quote you an hourly rate to do what you need done. I am very flexible.

I am here to serve my clients so I will always work within your range of budget. It will just always depend on how much you want done.

Feel free to contact me with a specific need and I am always happy to provide an initial consultation at no cost with a quote you can say yes or no to.

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Strategic Planning

Craig Daley answered

I have completed a 1 year business plan for my startup. Should I do a 2-3 year plan as well?

If your business plan is for the purpose of raising money, then funding sources will want to see 3-5 years of financial projections as well as market information that will support those numbers. I would need to know what your definition of "business plan" is.

If you look up typical business plan templates, you can find the items that should be in a business plan; however, 20 and 30 page business plans rarely get read. I suggest no more than 10-12 pages of what funders want to know to lend or invest money.

If you would like assistance on this, feel free to contact me as I have prepared many business plans and pitch decks.

Best of luck,
Craig

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Business plan

Early-stage Startups

Craig Daley answered

How can I bill effectively for Business Consulting?

It is a tough solution. Personally, I don't like fixed price billing as you never know what you are going to get into - UNLESS - you have a packaged service of solutions that you plan to offer, clearly defined or the client. But then a fine line can occur as to variations and interpretations of what those specific deliverables are.

I believe in hourly billing against a retainer. It is the fairest for all as long as you are providing value for the time billed and measurable results. The client knows at least what his/her initial cost is and can have some control over it once the retainer is exhausted.

In this manner, as changes and curve balls come at you (and they will), you are protected and the client know he will have to pay.

Just my own personal opinion for what it's worth.

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Management Consulting

Billing Systems

Billing

Craig Daley answered

How do i handle gift certificates when buying a business?

The balance of gift certificates outstanding should be listed as an advance deposit on the balance sheet and treated as a liability until they clear - assuming the current owner recorded them properly. Then, when they clear, the revenue is recognized. Accordingly, as a liability, it would reduce the value of the business as part of owner's equity at the time of valuation and subsequent sale.

In the case where the seller does not know the value, hopefully there were records of money collected in the deposits and noted as such. That could be determined through an audit, assuming there was enough to be concerned with and a journal entry would need to be made as a liability for that amount on the balance sheet.

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Small Business

Business Analysis

Buying

Reviews

Craig was super helpful in a small amount of time. Incredibly knowledgeable and compassionate helping me out with a labor related issue. Will definitely be following up. Thank you Craig!

nancy ketola Source: Clarity

Craig is an outstanding businessman and entrepreneur. He will add tremendous value to any company that works with Craig. He did for me. John Ramey

John Ramey Source: LinkedIn

Craig has a natural ability to find profitable business opportunities and the management skill to execute. I continue to enjoy learning from one of the best.

Steve Neese Source: LinkedIn

Craig is an extraordinarily talented executive. He is a management professional with a deft style for dealing with subordinates and has a no-nonsense approach in the boardroom. He manages multiple tasks well without losing sight of his primary mission – or the bottom line. Craig adds value to an organization on many levels and I hold him in the highest regard.

Michael Dean Source: LinkedIn

Member since March 2015