CHICAGO — By any definition, Joe was a “success,” and so was his business, Success Co. Although Joe was a planner, after he died, his estate plan and business succession plan turned into an economic and tax tragedy—for son Sam, wife Mary and the rest of the family.
A textile-cleaning company is no different from any other business, but all businesses are complicated to manage if you want them to succeed.
Understanding the numbers your business generates is important to its overall financial health. Rarely does the average drycleaner make sense of those numbers beyond money in/money out, or what the costs should be for revenue- and expense-producing areas of the business.
