Here in the states gift card laws vary by state. In some states they never expire and business may be required to issue unclaimed funds to the state after a period. Something important to look up where your doing business.
@DavidCBarnett
4 ай бұрын
I've never heard of having to pay out unredeemed balances to gov't. Wow! that would be a total game changer as the state would be 'sweeping' the 'free profits.'
@gurjitsurana2796
4 ай бұрын
Hey david if I sign up to INSIGHT ANALYSIS & GUIDANCE do i get to keep all BIA 4, systems & processes to keep looking for businesses to buy forever or is it a one time/one business use tool?
@DavidCBarnett
4 ай бұрын
You get the tool at the end of our work and it's licensed solely to you. You could certainly make a copy and use it for other businesses you look at. Many clients have certainly done this.
@victor7530
4 ай бұрын
Thanks David. An illuminating video. It's so easy to overlook gift card liabilities and so potentially damaging to the business.
@DavidCBarnett
4 ай бұрын
Yes.
@eddietrail7065
Ай бұрын
I recently sold the assets and inventory of my sole proprietorship of a retail/service operation. We had an agreement whereby the buyer was buying a scheduled list of assets plus a schedule of inventory at cost at closing. I agreed to a holdback for 30 days only to realize the buyer wants to renege on the value of some gift certificates outstanding, many of them 2 to 3 years old or significantly reduced in value ( never will be fully redeemed). These were overlooked in drafting the agreement and I feel strongly that the bulk of those I have earned to keep the cash.
@DavidCBarnett
Ай бұрын
So, then you expect the buyer to do work for the customers for free?
@ibnuali2494
4 ай бұрын
This may not be directly involved with this video. But I have got a small business that I am planning to buy. The business is valued at 35k and has got a gross profit of about 2k per week. Now, the case is that they have got about 60k worth of inventory which brings the whole deal to a figure of about 95k. What would be the best way to structure the deal if I have only got 30k to put down initially? I don’t want to go for any loans, but can go with seller financing or payment plans. Appreciate your thoughts, big fan.
@DavidCBarnett
4 ай бұрын
Start with this video: kzitem.info/news/bejne/uWyCxZiJa5mDjKg
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