Take Five #119: 10 elements of a robust SMB financial analysis system, and more
Codely v2.0 public release is here
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What has changed in our latest release?
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All new features available for all public channel users
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Coding collaboration with over 200 users at once
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Real-time code save every 0.1 seconds
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Take Five #119: 10 elements of a robust SMB financial analysis system, and more
1. Podcast Interview: EtA couple scraps corporate rollercoaster; finds, buys refrigeration business
2. Define those post-close seller note or escrow agreement contingencies
3. Brokers agree: buyers should keep working capital separate on SBA-size deals
4. Business fraud prevention tips
Hey folks! Today’s topic: how to prevent fraud!
If you own a business and someone hasn't stolen from you…
Either you haven't owned it very long, or you haven't found the fraud yet.
It's a constant battle. But there are ways to reduce it by being smart, so I’m going to share some of the hard lessons I’ve learned over the years.
I’ve divided these into three main sections: hiring, banking, and vendors (plus a few bonus ones at the bottom).
Let’s dive in!
Fraud Prevention: Hiring / Staff
1) Have a no-excuses nepotism policy.
Do not hire immediate family members. Exclude them from being service providers. No exceptions.
2) Watch closely for weird behavior.
Red flags might be things like regular gambling trips, fancy purchases, or insisting on owning a vendor relationship.
I also watch closely when employees refuse promotions. At one of my companies, a person refused a promotion (with a raise!) and asked to stay in their current job. Turned out she was running fraud that would have been discovered sooner if she'd taken that new job.
Find the rest of Michael Girdley’s post here.
5. 10 elements of a robust SMB financial analysis system
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