I’ve said that for 15 years. Hard to get anything except what your equipment is worth.
I’ve got a plan though. Squid’s KC is going to have a system and a package and the marketing in place so that it’s turnkey like a Squuegee Squad or Bath Fitters.
Put Built To Sell on your audiobook list. I bet you’re out and building rafts and welding all day everyday in 3 years. 
And while we’re talking about it… if you build business credit without attaching your personal guarantee to it that credit belongs to the business… so if you do want to sell that becomes another reason to buy.
Be easier if you just send me a check. I’ll find the book
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I agree with you men. I don’t ever get on here but, I sometimes get a email so I read them. I been in business over 25 yrs now being a flat washer. I specialize in gas station cleaning. Been doing them for 22 years. I started out with a lease. Worst thing I ever did. I’m also a distributor so I also sale equipment. I’m very familiar with Hotsy as I do business with them quite often. They are a very good company but, would definitely buy out right. I’m located in Central Texas. If anyone on here needs anything like chemicals, parts, fittings, pumps, hoses, pressure washers, surface cleaners, wands/lances, motors or anything to do with the business feel free to give me a shout. I’m also a Steel Eagle Distributor. We’re also moved off into the detail business at our shop and mobile detailing. Look forward to talking to some of you guys on here👍🏻
Shane Gill
254-563-5104
sgill@3rdcoaststeamcleaning.com
www.3rdcoaststeamcleaning.com
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Broadie sent me the said book and my wife is about a third the way thru it. Problem is she locks herself in the bathroom to read.
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It’s funny. I read that book not long before I joined this forum. Shortly after you and I had a run in on the forum. Then I realized you’re already doing probably the biggest point in the book. You’ve specialized.
And then I had to swallow my pride and give ol’ grumpy bear a fair shake. Lol
Anyway, it’s all the ancillary stuff in that book that I think might help you sell your business.
There are days I’d sell for a pepsi but the first 750k gets everything. Even the scrap mwtal
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I haven’t had pepsi or chew in a week and a half. That’s my bottom dollar for the business right now. Lol
If the float boat goes with it that’s a deal. lol
Sold.
Will and his Norwegian boys when they return home from a float and catch a fish.
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You wouldn’t happen to be in the equipment leasing business, would you?
Your accounting is in error or not complete.
The equipment certainly is expense deductible.
It is NOT profit.
This below was copied and pasted…not my words.
Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income.
@buzz is was calmly giving his opinion and advise that is applicable to him in New Zealand and maybe us here. Chill. Relax. I’m fairly certain the FULL PURCHASE PRICE relates to buying the leased equipment at the end of the lease. I am probably wrong. Follow the advice of the kiwi and seek advice.
No. I have an incomplete accounting degrees and worked at KPMG.
I think you know I’m in the pressure washing and Window cleaning business!
There are two main branches of accounting which you are conflating. Most businesses literally keep “two sets of books.
I’ll try to explain in a friendly nutshell.
Financial accounting… each country has unique tax codes and statutory obligations that a business must adhere to. Financial accounting uses historical information (eg last years sales and expenses) to record what happened in the businesses past. This reporting is used to determine statutory obligations like tax, workers Comp, etc. Financial account cares about your tax code.
Management Accounting… almost every country subscribed to the internsrional accounting standards Called GAAP (generally accepted accounting practice)
Management accounting uses historical information (last years sales etc, current information like bank balance and future projections like sales forecast) to make financial decisions in the future.
Example. In March 2017 You bought a hotsy for $10,000. You record it as 10,000 expense in EOY2017 accounts. You are happy because your profit is less and you paid less tax in EOY 2017. Well done.
Except, when you put your management accounting hat on…Now it looks like you just failed to hit your profit forecast by 10,000. So you’re sad.
And you have no way to record the fact that you have prepaid the next 3-5 years of hotsy equipment.
So, your books are not helpful for making financial decisions about your future
Financial accounting says… feck yeah! our tax bill is low. Have a beeer and See ya next year champ.
Management accounting will say… Jim spend 10,k today… but the value of that $10k is “consumed” at 2k per year for 5 years. Then suddenly that machine will go bang and we will need to be prepared for another 10k. Also; our liquidity ratio just dropped because we have a 10k machine and 10k less cash. Which can be bad, depends what the future plans are 
STOP!
This Is getting into an essay.
You get the drift tho? There’s a lot more to good financial management of a business than paying your tax. No on could run a business properly on what the information given to the tax man!
No that you are giving them lies… (yeah some do) but it’s a completely different type of information. Historical vs Future
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@JimLuke I better put this in context.
You’re a solo guy working part time, the value of your business is maximising the cash in your hand. Therefore, you care mostly about Financial Accoutinfnand reducing your tax.
@squidskc value will b in the sale or expansion of his business. So his accountant cares about management accounting and future options mostly
Another option that would assist in both financial and management accounting is to depreciate the purchase over the period of “x” amount of allowable time… you can purchase the $10k piece of equipment and you can claim a direct expense for the total amount that year to help offset taxable revenue/taxable profit, or you can depreciate the $10k over the course of 5 years.
Tax code is unbelievably complex… there are so many changes each year, even tax proffesionals have trouble keeping up. However, it is worth some time on everyone’s part to at least be familiar with basic business tax and speak to accountants to get a grasp on how to make your taxable income work more in your favor
Just a side note… Bookeepers and most tax preparers are NOT accountants.
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True, although there are tax accountants and tax lawyers, some of which are both… they are costly though! Another side note, some tax preparation costs are tax deductable!
Accounting expenses, auditing expenses, and bookkeeping expenses are all deductible business expenses.
Something else…a good accountant has never cost anyone a dime.
