Professional Woodworkers Sharing Business Strategies

When it comes time to wind down business

Written by Lloyd R. Manning Monday, 15 April 2013 00:00

lloyd_manningFor many woodworking shop owners, the enthusiasm that propelled them for many years is not what it once was. Age has taken its toll. You could be thinking that perhaps it is time to move on or sell out and gallop off into the sunset. However, often that creates a problem. Finding a buyer who is ready, willing and has the wherewithal to do so is seldom easy. Obtaining what could be considered a fair price with equitable terms could prove still more difficult.

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What do the new tax laws mean for you?

Written by Mark E. Battersby Monday, 18 March 2013 00:00

13_mark_battersbyThe so-called “fiscal cliff” tax package recently signed into law renewed more than 50 temporary tax breaks through 2013, saving individuals and businesses an estimated $76 billion. On the downside, employees are already finding less in their paychecks because the American Taxpayer Relief Act did not extend the payroll tax holiday that had reduced Social Security payroll deductions from 6.2 percent to 4.2 percent on earned income up to the Social Security wage base ($113,700 for 2013). It is a similar story for the self-employed worker.

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Joinery juxtaposition

Written by John English Monday, 18 February 2013 00:00

john_englishMortise-and-tenon, dowel and dovetail joints have been tested through the centuries and have proved their worth. In the mid-1950s, joinery departed from the traditional when Swiss woodworker Hermann Steiner invented Lamello biscuit joinery, and in 1986 it took another big step when Craig Sommerfeld came up with the Kreg pocket-hole jig. Since then we’ve seen a series of attempts at improving the way that we stick two pieces of wood together.

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Income offsets vital to staying in business

Written by Mark E. Battersby Monday, 21 January 2013 00:00

13_mark_battersbyThanks to today’s tough economy, more and more shop owners are seeking additional sources of revenue. Often it’s from hobbies and secondary activities. Not only will our tax laws partially underwrite those activities, but the almost inevitable losses can be as beneficial as extra income.

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Have you thought about an exit strategy?

Written by Lloyd R. Manning Monday, 17 December 2012 00:00

lloyd_manningLet’s accept the fact that we are all getting older. And, for many, it could be time to start planning for retirement or, at least, winding down and phasing out. This brings up a host of challenges and it is never too soon to start the process.

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