Mom & Pop Shops: Help Available

Josh Royeton of Edward Jones talks about the latest PPE loans from the US government and how to prepare for retirement.

And pop shops we all know and love.

You may have spent the months concerned about today more than tomorrow.

The covid-19 is still placing stress on many businesses.

Joining us is josh with the latest help from the federal government.

Hi josh.

Thanks for having me on today.

I appreciate it.

Tell us about march 29th.

Yeah.

So march 29th is mom and pop business owner day.

It's the one day you get recognition and people like to think about different ways you can help small businesses.

So, if you manage to keep your business as a mom and pop, it does contribute to your well being down if you make the right moves.

One of the moves is to apply for the right.

Yes.

So they just recent, recent legislation provided $285 billion for the program.

To start the application process, we recommend people visit the sba.gov and you can apply for that until march 31st, there's still a couple days to apply for that and catch up on things that might have happened for covid.

One of the things we don't talk about enough is transitioning from being a business retirement.

I know you guys suggest a transition strategy.

What are the questions we should be asking ourselves?

When you build up your retirement, you have to think about selling your business outright.

Or maybe even a trusted person at the business.

Maybe your kids don't want to take over the business and someone that worked for you for a numbers of years does.

If you're going to do that, what mechanism are you going to use?

A loan from the bank?

Will you gradually decrease your ownership shares and they slowly buy you out over time.

So you may want to consult both your financial, legal and tax advisor soon.

All great answers.

Thank you josh for joining us on small mom and pop shop business day.

We appreciate your time.

Absolutely.

Thank you.

We're going to take a break and