By Bonnie Bates May 19, 2011
I would also put ZERO if I could. The man named Erin working for NAC was rude, condescending and disdainful, lecturing me even though I had send my check as promised and detailed in notes when I called to let them know what was going on. They had cashed it at that point! When I called back and asked to speak to a supervisor due to the rude service, they put me on hold and the rude Erin got on the phone PRETENDING to be a supervisor. So even though they were paid, I was treated as a risk and not worth any respect. I will never use this gym again, and will let corporation know that they are losing business simply over customer service. Not that they care, they just want to play games with the consumer, the ones WHO PAY YOUR PAYCHECKS NAC! Yes, without us, eventually you will go under...and you will go under sooner or later to bad business. ...read more
By M February 18, 2011
One one star because zero is not an option. These people collect money from a gym my wife went to and quit. After sending required paperwork to close account these unscrupulous people required more paperwork they knew could not be produced so kept on billing. DO NOT DO ANY BUSINESS WITH THESE PEOPLE OR ANYONE WHO USES THEY!! ...read more
By Anonomous Merchant August 23, 2010
NAC does follow the terms we provide in our contract. Many members of gyms do not realize that they are only doing what they gym asks them to do, and they do not sway from the contract terms. You should always READ your contract thoroughly before blaming the billing company. They have been the best to work with in my years as an owner. I recommend them completely! If you were charged more than once a month, it is most likely for late payments due to their inability to charge your card the previous months. Don't blame the billing company because you did not read what you were signing. Merchants, go with NAC. ...read more
Business Valuations&Strategies; PC and its sister firm NJ Business Valuations PC of Seaside Park, NJ announced the extension of their SBA Lender Program that is designed to stimulate small business lending. The program was successfully launched in 2010 by providing qualified business valuations required for certain Small Business Administration (SBA) loans for a low, fixed fee. The pilot program focused on the firms' primary territory of Pennsylvania and New Jersey, but attracted the attention of lenders as far away as California. The program offersSBA qualified valuationsexclusively to SBA lenders for a fixed, below-market rate of $1,495. The program also offers an accelerated turnaround time of one week, since valuations are often ordered late in the loan process when timing is critical. Although valuation fees must be paid directly by the lender, these fees are typically passed on to the borrower. In addition to lowering costs for the borrower, the fixed fee makes it easier for lenders to estimate loan costs. The SBA requires loans that involve a change in ownership and more than $250,000 of goodwill to get a qualified business valuation from a qualified source. A qualified source must be a CPA or have a major business valuation credential, in addition to small business valuation experience. "We realize that valuation fees are just a small piece of the lending puzzle. But we believe that cutting the costs of getting SBA loans, even by a little, helps a lot. It's our own, little small business stimulus program," says Coffman. David E. Coffman, President&CEO of both firms, is a CPA, licensed in PA & NJ, who is Accredited in Business Valuation (ABV), Certified in Financial Forensics (CFF), and a Certified Valuation Analyst (CVA). He foundedBusiness Valuations & Strategiesin 1997, specializing exclusively in small business valuations. Since then he has valued over 200 small businesses. In 2008, he expanded into New Jersey by startingNJ Business Valuations. Prior to 1997, Mr. Coffman worked in public accounting providing tax and accounting services to many small businesses. He also owned and operated a number of his own small businesses. ...read more
By Business Valuations & Strategies PC January 03, 2011
There are 3 approaches to valuing a business – market, income and asset. A thorough business valuation requires that you consider methods from all approaches. Each valuation method looks at a company from a different perspective, and sometimes the results vary widely. How do you choose the best method? Selecting Methods The asset-based method described in Part 8 produces the minimum value of a company because it assigns no value to goodwill. So your first step is to ignore any method that produces a value less than the adjusted asset method. If your company has little or no earning capacity then the adjusted asset method may produce the highest result and it is the best method. The percentage of annual sales method from Part 6 often produces the highest value of a company because it is based on top-line sales only and it ignores gross profits and operating expenses. Because it produces a high value many owners latch on to this method even though it often produces unrealistic results. Since the primary driver of business value is earning capacity, the multiple of seller's discretionary earnings (SDE) and capitalized cash flow methods tend to produce the most realistic values. On the flip-side, potential buyers and their lenders will also be looking at earnings to justify the selling price. Range of Values Typically the adjusted asset method will be the lowest, the percentage of annual sales method will be the highest, and the SDE and cash flow methods will fall somewhere in-between. This is the range of values for your company. Because valuation is based on a hypothetical sale of your company, the value of your company depends upon the most likely terms of the sale. If you had to sell fast for all cash then you would probably sell near the low end. If you had time and were willing finance a significant portion of the selling price then you are likely to sell closer to the top. Under normal circumstances the value of your company will fall near the middle. Limitations The methods described in this series are stripped down versions of some common valuation methods. No matter how much time and effort you put in to valuing your company, you will never be able to match the training and experience of a valuation professional. In addition to expertise, a valuation professional brings another critical factor to the process - objectivity. There are many judgment calls made during the valuation process. No matter how objective you may have been in doing your valuation, your objectivity will still be subject to reasonable doubt. Your lack of valuation experience and questionable objectivity means that your self-prepared valuation will hold little weight with outside third parties. Doing your own valuation only makes sense if you are going to use the results for your own personal or business purposes. Basing a major decision or course of action on the results of a self-prepared valuation is not a good idea. The impact of using an off-the-mark value may cost you many times the cost of hiring a valuation professional. On the other hand, your self-prepared valuation will be better than many of the free or low-cost valuation services available online. Online services often use proprietary data and methods that are not well defined with little analysis of your company. Conclusion Doing your own business valuation using the instructions from this series will produce a result that will give you a good idea of what your company is worth. During the valuation process you will learn more about your company, and what drives its value. At that point you will know more about your business than most owners, and will be able to manage it more effectively. ...read more
By Business Valuations & Strategies PC July 01, 2009
There are 3 approaches to valuing a company – market, income and asset. This article covers the asset- based approach. The asset-based approach breaks a company down in to its pieces and attempts to value each individual asset separately. For most physical and financial assets this is a fairly straight forward process. Third-party sources of market values and comparable sales data are available. A number of problems appear when dealing with intangible assets. Identifying every component of an intangible asset like goodwill is like peeling an onion. There are endless layers of factors that become increasing detached from reality. For these reasons the asset-based approach is often applied to tangible assets only. The book values of all assets that would be included in the sale of the company are adjusted to their respective market values. First, list the value of each asset as it is shown in your accounting records. The book value of inventory should come from a tax return, balance sheet, or trial balance. The book value of assets being depreciated should come from your depreciation schedule. Your CPA or tax preparer may keep this schedule for you. Only items of significant value should be listed individually. All other items should be valued as a group. Now adjust each asset using the following methods: Inventory- Adjust inventory to an estimate or actual physical count of what is currently on hand. Inventory should be valued at your cost. Only include inventory that is saleable. Vehicles- Only include vehicles that are used in the business and that would be included in a sale of the company. Market values for cars and light trucks can be obtained from Kelley Blue Book atwww.kbb.com. Search listings of commercial vehicles for sale on websites like TruckPaper.com. Equipment- For large items with significant value you should attempt to estimate value by researching used equipment sales online or checking with the equipment vendor. For most other equipment a bulk estimate is often sufficient. For items that rapidly depreciate in value, like computer hardware, book value is usually a reasonable estimate. For other items a percentage of their original cost works well. A range of 30% to 60% is common. The age and condition of the items plus the market for that type of used equipment should be considered. For example, there is typically a lot of used restaurant equipment on the market, so it generally does not have much value. Real estate- Use recent appraisals or tax assessment data to estimate value. If no recent appraisal is available and you choose not to get a new one, there are several options. Many real estate firms offer free market assessments. You can update the values from older appraisals by adjusting them for annual changes in the average sales prices of homes in your area. This information is often available from real estate agents, chambers of commerce, or websites like City-Data.com. Other– List any other assets that would be included in a sale of the company and estimate their current value as best you can. The total adjusted value of these assets is the value of your company without any goodwill.Summary The asset-based approach is most appropriate for companies with no intangible asset value – startups and companies with little or no earnings. The total adjusted tangible asset value is often used as the base value of a company since it excludes any and all intangible assets (goodwill). It is often used to determine the tangible asset portion of the value of a company using another method. ...read more
By Business Valuations & Strategies PC June 22, 2009
Payroll accountants are responsible for tracking the expenditure of money and assets through a company. Their job is to help companies track their income and maintain a timely payment record for expenses and bills. If you are interested in becoming a payroll accountant, you will have to be... ...read more
Computer files can sometimes be deleted by accident, get lost or damaged. This could be a potential nightmare, especially if these are small business accounting files. You have peace of mind by knowing how to use the "Backup and Restore" function in Microsoft Small Business Accounting. With a few keys... ...read more