If you’ve felt this way before, you're not alone. A recent Forbes article discusses the discomfort that abounds in the American networking style and contrasts the American way with how Italians network. The American approach to networking often seems forced and self-serving. However, the Italians network in a way that allows business connections to form naturally, based on genuine relationships and a desire to help others, which is easier and more satisfying. So, let's explore how you can promote your business by networking more effectively with a few strategies from our friends across the Atlantic. 

The Problem with American-Style Networking

You've probably been there. You walk into a crowded room, name tag slapped on your chest, and immediately feel the pressure to "work the room." Everyone around you is on a mission to collect as many business cards as possible, and it feels superficial, or like a waste of time.

You might think you're too young to be having a stroke—but that's exactly what happened to Jenny Bristow, the 40-year-old founder and CEO of Hedy & Hopp, a healthcare marketing company based in St. Louis. 

Jenny’s story is a wake-up call for every business owner. You never know when a personal crisis might strike, and you need to be ready.

Planning could make all the difference in keeping your business afloat and thriving, just like Jenny managed to do. So, in this article, we’ll look at what advanced planning is, what strategies you can take to get your business ready for the unexpected, and what you can do now to get your plan in place.

WHAT IF YOU FOUND YOURSELF IN A CRISIS? 

Jenny Bristow never expected to suffer a stroke, especially at just 39 years old. While enjoying a vacation with her husband in Arizona, she suddenly lost control of her left side and struggled to speak. 

In Part 1, we explored supercharging your retirement accounts, making the most of Section 179 deductions, turning your home office into a tax haven, becoming a charitable giving ninja, and wining and dining for Uncle Sam. If you missed it, go back and get the goods!

This week, we're diving into five more game-changing tax moves that will have you looking at your business finances in a whole new light. From giving your business structure a makeover to conquering estimated tax payments, these strategies are designed to help you finish 2024 strong and set you up for success in the years to come. So, grab your favorite caffeinated beverage, settle into your tax-deductible office chair, and let's explore the final five moves that could transform your small business's financial future.

Moreover, I wouldn’t be a lawyer if I didn’t give you a disclaimer (or use the word “moreover”): this article contains general information for small business owners and is not tax or legal advice. Always consult an expert who can determine which tax strategies are best for your business and ensure you implement them correctly.

It’s an opportunity to learn, grow, and come back stronger. Many successful entrepreneurs have failed before finding their winning formula.

If your last business didn’t work out, don’t lose hope. Here are 5 essential strategies to bounce back and set yourself up for success.

Strategy 1: Reflect and Learn From Your Mistakes

Understanding what went wrong is the first step to getting back on your feet. It’s easy to get caught up in the blame game, but this is the time to take a hard, honest look at your business.

What mistakes did you make?

Were there signs you ignored? Maybe the market wasn’t right, the timing wasn’t right, or perhaps you overspent on things that didn’t matter. Whatever the case, reflecting on what happened can help you avoid making the same mistakes in the future.

This case fundamentally changes how the IRS values businesses, potentially leading to higher estate taxes for you and your family. 

I’ll break the case down for you in easy-to-digest bites in this article. I’ll also discuss the implications for you and your business and finally guide you to get the support you need so you’re not negatively impacted. 

The case is somewhat technical, so stick with me because understanding this case could save your family hundreds of thousands of dollars or more. 

The Facts

Two brothers, Michael and Thomas Connelly, owned a company called Crown C Supply (“Crown C”). Michael owned 77.16% of the shares, and Thomas owned the remaining shares, or 22.82% of the company. Like many business owners, they wanted to keep the company in the family after either died. So, they created an agreement to ensure this happened. The agreement gave the surviving brother the right to decide whether he wanted to buy back the deceased brother’s shares. If he chose not to, Crown C was obligated to purchase the shares.