​GLM can provide an Opinion of Value of your business. This is based on information provided in your last three years Financial Statement, we can then estimate the Value of Your business.

There are a number of different methods that can be used to place an estimated value on a business. Different methods can yield different results. In fact, even the same method can yield varied results because different appraisers will make different assumptions.

In valuing Your business, our GLM’s Valuation used a modified version of the classic excess earnings method of valuation. We know from experience that this method offers a good estimate of value for small businesses.
In its simplest form, the method for excess earnings method of valuation makes use of the following items:

• Fair market value of the assets owned by the business less any debts owed by the business
• REAL income being earned by the owner(s) of the business (including items such as excess salary, profit, dividends, and business paid expenses that are not essential to business operations). 
• An earnings multiplier- The methods used for calculating the real owner income and for the appropriate earnings multiplier are detailed within the report.

This method, when used properly, is able to predict the range of prices at which a business is likely to be sold. 
 
GLM’s Valuation uses the following elements in arriving at our estimate:

• 2019, 2020 and 2021 (and sometimes YTD 2022) profitability
• Company assets
• Type of business
• Business longevity
• Competitive environment
• Customer concentration
• Vendor concentration
• Geographic location
• Profitability trend
• Revenue trend
• Estimated value of plant and equipment owned by Your business
• Working-capital requirements

If you are interested in learn more about how much your business is worth, Contact us:
​
Tom Gosche
630-675-8971
[email protected]
Schedule a 30 Minute Online Meeting: https://tomgosche-goglm.zohobookings.com/#/customer/30minuteonlinemeeting

Direct from the IRS: Here’s what businesses need to know about the enhanced business meal deduction
The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction.
For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal.
To qualify for the enhanced deduction:

• The business owner or an employee of the business must be present when food or beverages are provided.
• Meals must be from restaurants, which includes businesses that prepare and sell food or beverages to retail customers for immediate on-premises or off-premises consumption.
• Payment or billing for the food and beverages occurs after December 31, 2020, and before January 1, 2023.
• The expense cannot be lavish or extravagant.

Grocery stores, convenience stores and other businesses that mostly sell pre-packaged goods not for immediate consumption, do not qualify as restaurants. ¬
Employers may not treat certain employer-operated eating facilities as restaurants, even if they operate under contract by a third party.
Here’s what business owners need to know about certain costs:

• The cost of the meal can include taxes and tips.
• The cost of transportation to and from the meal isn’t part of the cost of a business meal.

Entertainment events
Business owners may be able to deduct the costs of meals and beverages provided during an entertainment event if either of these apply:

• the purchase of the food and beverages occurs separately from the entertainment
• the cost of the food and beverages is separate from the cost of the entertainment on one or more bills, invoices, or receipts.

Businesses should review the special recordkeeping rules that apply to business meals.

Direct Link to Chicago.Gov: 
https://www.chicago.gov/city/en/depts/bacp/supp_info/minimumwageinformation.html

Summary
As of July 1, 2022 the minimum wage in Chicago is $15.40 per hour for employers with 21 or more workers, and $14.50 per hour for employers with 4 to 20 workers. Tipped workers (workers who receive tips as part of their wage, like restaurant servers) have a minimum wage of $8.70 for employers with 4 to 20 workers, and $9.24 for employers with 21 or more workers. If a tipped worker’s wages plus tips do not equal at least the full minimum wage, the employer must make up the difference.

As of July 1, 2022, the Minimum Wage to be paid under City contracts or concessionaire agreements pursuant to the Order is $16.00 per hour. When applying an allowance for gratuities to the wage of City concessionaire employees in positions that customarily receive gratuities, the resulting rate is $8.20 per hour.

Every July 1, Chicago’s minimum wage increases per the Minimum Wage Ordinance. The Chicago minimum wage is tiered for large businesses with 21 or more employees, and small businesses with 4-20 employees. The minimum wage for larger employees increases annually according to the Consumer Price Index or 2.5%, whichever is lower, since reaching $15 per hour in 2021. The minimum wage for small businesses continues to increase towards $15 per hour by 2023.

​Complaint
File a Complaint by calling 311, using CHI 311, or by filling out a Complaint Form.