by Daniel Kittell | Accounting News, Business Growth, News, Newsletter, Small Business
Small businesses are finally seeing signs of life after a rocky few years. Since January, average earnings have climbed by 75%. That’s an encouraging statistic, yet monthly revenues still lag behind the record highs of the past two years. This signals that progress is happening, but it’s not yet a full recovery. Read on as we go over what’s behind this upswing.
Tariffs: A Double-Edged Sword
Trump’s motive for implementing tariffs is to protect American manufacturing, but for small businesses that rely on imports, it’s been a mixed bag. Materials and products often cost more, which narrows already-slim margins. Some businesses have had to raise prices, cut expenses, and renegotiate supply agreements just to stay competitive.
How businesses are coping:
- Renegotiating contracts with suppliers
- Passing modest price increases to customers
- Narrowing focus to their most profitable products
While companies are being resourceful, uncertainty around future trade policy means small businesses are remaining cautious.
The One Big Beautiful Bill Offers Stability
The newly passed One Big Beautiful Bill provides some long-term stability by making small business tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA) permanent. Until now, uncertainty loomed over whether those tax benefits would expire, which threw a wrench into long-term planning for small businesses.
Why the permanence of the TCJA tax cuts matters:
- Owners can plan investments with more confidence
- The law simplifies the tax code, leaving fewer surprises
- The law also reduces compliance requirements, saving time and energy
These changes won’t automatically boost sales, but they do give business owners a more stable and predictable foundation to work from.
Interest Rate Cuts Predicted
Economists expect at least one rate cut this year. If that happens, borrowing could get less expensive for small businesses. Lower rates would lower the cost of financing new equipment, pursuing expansion opportunities, or even short-term cash-flow needs during slower seasons.
If rates are cut as expected, the combined benefits of cheaper financing, permanent tax relief, and the earnings growth seen since January could help propel recovery into 2026.
Balancing Optimism with Caution
The 75% jump in earnings since January is a great sign, but small businesses still face challenges, especially with high supply costs, persistent labor shortage, and unpredictable global markets. And if inflation rises or trade tensions flare up, consumers could start spending less.
Even with tariffs and ongoing uncertainty, the 75% earnings statistic indicates the resiliency of small businesses. By staying flexible, diversifying revenue sources, and preparing to adjust as needed, many small businesses are not just navigating the recovery process but also positioning themselves for growth opportunities.
by Daniel Kittell | Accounting News, Industry - Veterinary Medicine, News, Newsletter
A noticeable trend in 2025 points to a resurgence in independent veterinary ownership. In an era dominated by corporate consolidation, 2025 is shaping up to be a turning point — especially for veterinarians ready to reclaim ownership, redefine care models, and build something of their own.
Gaps in Corporate Veterinary Care Spark Entrepreneurial Momentum
Corporate veterinary chains have expanded rapidly in recent years, but many pet owners — and practitioners — are noticing what gets lost in the process. When decisions are made at the corporate level rather than within the clinic, certain areas tend to suffer: continuity of care, personalized relationships, workplace culture, and the ability for clinic managers and leaders to make key decisions.
That’s why veterinarians and private investors are beginning to recognize a major opportunity: stepping in where corporate medicine falls short. Independent practice ownership allows for greater flexibility in how care is delivered, how teams are led, and how deeply a practice becomes connected to its local community.
Pet Care Spending Signals a Demand for a Higher Level of Care
According to the American Pet Products Association (2024), pet care spending in the U.S. reached an all-time high, totaling over $147 billion in 2023 — and it doesn’t appear to be slowing down. Pet owners are looking for more than routine services. They want options. From advanced diagnostics to acupuncture, from nutritional consultations to in-home care, clients are eager to invest in personalized, preventive, and holistic care.
As more pet owners look for personalized, higher-quality care, boutique and concierge-style veterinary practices are becoming more popular, offering services like customized wellness plans, virtual check-ups, remote health tracking, and even services tailored to a pet’s breed or age. Independent practices are able to meet this demand and innovate quickly, without the red tape that can slow down corporate systems.
Technology for Modern Practices
Thanks to new tools like telemedicine, AI-powered diagnostics, digital health records, and remote testing systems, veterinarians today have greater flexibility in delivering top-notch care. These technologies help cut down on costs, boost efficiency, and make it easier to reach more patients—especially in rural or underserved areas. For vets with an entrepreneurial spirit, technology isn’t a hurdle; it’s a way to run a smarter, more flexible practice and deliver better care.
Financing and Mentorship Are More Accessible
Getting started is often the biggest hurdle, but that hurdle is lower than ever. Veterinary-specific lenders and Small Business Administration (SBA) loans are making financing more attainable for first-time owners. Alternative funding models, such as investor partnerships and shared ownership agreements, also offer flexible options for getting started.
Additionally, there is a growing support system for veterinarians ready to take the leap. In veterinary schools, the Veterinary Business Management Association (VBMA) is equipping students with the business knowledge they need to run a practice. Meanwhile, mentoring programs like MentorVet and Ready, Vet, Go provide real-world guidance from experienced professionals.
Owning a Practice Can Be the Antidote to Burnout
Burnout, staff shortages, and work-life imbalance have plagued the veterinary profession in recent years. Independent ownership allows veterinarians to redefine how care is delivered and how teams are supported. Owners can implement staffing models that prioritize well-being, compensation plans that reward performance, and cultures that encourage collaboration and care.
By designing a clinic that supports both its team and its patients, practice owners build better businesses that help lead the industry toward a more sustainable future. For those ready to invest in care, community, and innovation, there’s never been a better time to start or buy a veterinary practice.
by Daniel Kittell | Accounting News, News, Newsletter, Small Business
Transferring an SBA loan isn’t a straightforward process. Whether you’re selling your company or planning for a family succession, understanding how to transfer an SBA loan and what’s legally allowed is critical for staying compliant and protecting your finances. In this article, we discuss what you should know about SBA loan transfers, including key rules, approval requirements, and potential pitfalls.
Can You Transfer an SBA Loan?
SBA loans are tied to both the borrower and the business. This means you can’t freely transfer an SBA loan to someone else without meeting specific conditions and obtaining approval from both the SBA and the lender. That said, a buyer or successor can assume the loan and take over responsibility for repayment under certain circumstances. This often comes up during the sale of a small business, a family succession plan, or an internal ownership transition.
Why Transfer an SBA Loan?
Transferring an SBA loan can make financial sense in a few scenarios:
- Business Sale: The buyer of your business may prefer to assume your existing SBA loan rather than apply for a new one, especially if the current loan has a low interest rate.
- Avoid Prepayment Penalties: Keeping the loan in place can help both the buyer and seller sidestep prepayment fees that might apply if the loan were paid off early.
- Family Succession or Ownership Change: In cases where the business stays in the family or shifts to a co-owner, transferring the loan can ensure continuity and reduce the need for new financing.
- Preserve Cash Flow: Assuming an SBA loan allows the new owner to avoid upfront loan origination costs, which helps to preserve more working capital during the transition.
How to Transfer an SBA Loan
- Contact the Lender First
Your first step is to speak with your lender to determine if the loan is eligible for transfer to a new owner. If you have a 504 loan, you’ll contact the Certified Development Company (CDC).
- Submit a Formal Request
If your lender determines that the loan is eligible, both you and the prospective borrower will need to submit a written request that outlines the terms of the proposed transaction. It should also include an explanation of why the loan should be assumed; an analysis of the business’s current financial standing; and details about the new borrower, who must meet SBA eligibility requirements, including the financial ability to repay the loan (they should be prepared to submit personal financial statements, tax returns, a business plan, and other documents that may be requested).
- Get Lender or SBA Approval
For SBA 7(a) loans, the lender often has delegated authority to approve assumptions, which means they can approve it internally. However, larger or more complex transactions could still be submitted to the SBA for approval. For SBA 504 loans, the process is more restrictive and typically involves both the CDC and SBA.
Why a Buyer Might Want to Assume an SBA Loan
From the buyer’s perspective, assuming an existing SBA loan offers several benefits:
- Quicker Access to Financing: Assuming an existing SBA loan can speed up the purchase process by bypassing the lengthy loan approval timeline.
- Potentially Better Loan Terms: The current loan may have lower interest rates or more favorable terms than what’s available in the market today.
- No Need to Start from Scratch: The buyer avoids the hassle of compiling a new loan application, underwriting, and approval process without having to start from square one.
From the current business owner’s perspective, transferring the loan could have key benefits as well:
- Preserve favorable loan terms: If the existing SBA loan has a low interest rate or favorable repayment terms, transferring it can make the overall deal more attractive to the buyer.
- Avoid Prepayment Penalties: Some SBA loans come with prepayment penalties if paid off early, but transferring the loan would allow the seller to avoid those fees.
- Support Familial or Internal Ownership Transfer: If the business is being passed to a family member or business partner, transferring the loan can help maintain the company’s financial stability and streamline the business transfer process.
- Keep More Cash on Hand: If the loan is transferred, the seller can avoid using proceeds from the sale to pay off the remaining loan balance upfront.
Potential Drawbacks
Transferring an SBA loan can be a time-consuming and paperwork-heavy process. Keep in mind that approval isn’t guaranteed, the process can take weeks or sometimes months, SBA loans can only be assumed once (a second transfer is not permitted), and SBA 504 loan assumptions are more limited (they often require more scrutiny).
A successful SBA loan transfer can be a win-win, but it’s essential to consult your lender early and work closely with financial and legal professionals to ensure a smooth transition. Just be prepared for some red tape along the way.
by Daniel Kittell | Accounting News, Construction, Industry - Construction, News, Newsletter, Small Business
As we move through 2025, construction businesses are navigating a mix of challenges and fresh opportunities. A steady economic rebound, higher levels of government investment, and rising demand for infrastructure, housing, and commercial development are driving growth across the industry. Still, growth alone won’t guarantee long-term success. To stay competitive and protect margins, companies will need to adopt emerging trends and innovative technologies. Below, we explore the top 2025 construction trends that could directly impact your business’s bottom line.
Industry Growth Fueled by Recovery and Investment
The construction industry is on track for steady growth in 2025, fueled by ongoing economic recovery and major investments from both public and private sectors. Federal funding is ramping up for infrastructure improvements, renewable energy developments, and affordable housing initiatives. Meanwhile, demand continues to climb in key areas like healthcare, logistics, and residential construction.
- What this means for your business: More demand can open the door to new projects, but it also brings increased competition and added strain on labor and materials. Companies that focus on streamlining workflows and boosting efficiency will be better positioned to stay ahead.
Digital Transformation and Smart Construction
Technology is becoming a core part of the modern job site. Tools like drones, laser scanners, digital plans, and real-time reporting systems are helping teams work more accurately and efficiently, with fewer delays.
- How it helps your bottom line: Using digital tools can reduce costly rework, increase on-site productivity, and shorten project timelines—ultimately lowering expenses and improving your bottom line.
Robotics and Automation Techniques
Robotics are no longer just for the factory floor. In 2025, more companies are turning to automated bricklaying machines, robotic arms for demolition, and autonomous machinery for earthmoving and grading.
- Why it matters: While these technologies can be a significant upfront investment, they reduce labor costs, improve worker safety, and keep projects moving, especially in the face of ongoing worker shortages.
Prefabricated and Modular Construction
Modular and prefabricated building methods involve assembling parts of a project off-site, then delivering and installing them on-site. This trend is gaining traction due to its speed, cost efficiency, and minimal waste.
- Business benefit: Quicker build times lead to faster payments and fewer weather-related setbacks. Modular building is especially ideal for housing, healthcare, and education projects.
3D Printing in Construction
3D printing is making it possible to build entire homes and structures layer by layer using specialized concrete mixes. While still in early stages, 3D printing is proving useful for low-cost housing and custom components.
- Future potential: As the technology matures, it could lower material costs, reduce construction waste, and open doors to affordable, sustainable housing solutions.
Green Building and Sustainability
Sustainability has become a priority, not a preference. More clients are looking for contractors who can deliver energy-efficient buildings using eco-friendly materials and practices that reduce long-term costs and environmental impact.
- Takeaway: Choosing sustainable materials and pursuing green building certifications can set your business apart, especially with clients focused on value, health, and long-term performance.
Smarter Project Management Tools
Cloud-based project management platforms continue to improve communication, scheduling, budgeting, and document sharing between teams. These tools help prevent miscommunication and reduce costly delays.
- Bottom-line impact: Better organization means fewer mistakes, quicker decisions, and more successful projects—keeping profit margins intact.
Advanced Construction Materials and Innovative Methods
Innovations like self-healing concrete, carbon-storing bricks, graphene-enhanced composites, and engineered wood products are gaining attention for their durability and sustainability. While still emerging, these materials may reshape how we think about building performance.
- Why to watch this trend: Staying informed about cutting-edge materials can help future-proof your business and meet changing codes and client expectations.
From automation to sustainability, the trends of 2025 are reshaping how buildings are designed, managed, and built. By adopting the right tools and strategies, you can stay competitive and protect your bottom line.
by Daniel Kittell | Accounting News, News, Newsletter, Retirement, Retirement Savings, Tax Planning - Individual
As markets continue to experience turbulence driven by renewed tariffs, trade tensions, and global uncertainty, you might be rethinking how you save for retirement. One increasingly popular strategy is converting traditional retirement savings into Roth accounts. Although this approach isn’t suitable for everyone, periods of market decline may offer a more financially favorable window to consider such a move. Read on as we discuss this retirement strategy.
Market Volatility Is Reshaping Retirement Strategies
The stock market has been unpredictable lately. Factors like rising interest rates, inflation, and new trade tensions—especially related to tariffs between the U.S. and other countries—have caused ups and downs in investment values. This kind of economic uncertainty can generate doubt about traditional retirement savings plans.
As a result, more people are looking for ways to take advantage of the current market conditions. One popular strategy is to convert traditional retirement savings to a Roth IRA. Doing a Roth IRA conversion when the market is down can help you save on taxes in the future and make the most of a tough market situation.
What Is a Roth IRA Conversion?
A Roth IRA conversion means moving money from a tax-deferred account—like a Traditional IRA or 401(k)—into a Roth IRA. When you do this, you’ll owe regular income taxes on the converted amount for that year. Once in the Roth IRA, your investments can grow without being taxed, and you won’t pay taxes on eligible withdrawals during retirement.
Unlike traditional retirement accounts, Roth IRAs don’t require you to take minimum distributions (RMDs) each year, giving you more control over your money and tax planning later in life.
Why Market Downturns Make Roth Conversions Attractive
When the stock market drops, the value of your retirement investments often goes down too. While that might feel discouraging, it can actually be a smart time to consider a Roth IRA conversion.
Here’s why: when you move money from a Traditional IRA or 401(k) into a Roth IRA, you have to pay taxes on the amount you convert. If your investments are temporarily worth less because of the market downturn, you’ll pay taxes on a smaller amount. Then, when the market recovers, your investments can grow tax-free inside the Roth account.
For example, let’s say your retirement portfolio is worth $100,000, but a market drop brings it down to $80,000. If you convert while the account is lower, you’ll pay taxes on $80,000 instead of $100,000. Later, when the value grows back, you won’t owe taxes on that growth.
It’s a way to turn short-term losses into long-term gains—especially if you believe your investments will recover and grow over time.
Key Considerations Before Converting
While a Roth IRA conversion can be a smart move, it’s not always the right choice for everyone. Several factors should be evaluated before making a decision:
- Current vs. Future Tax Bracket
If you expect to be in a higher tax bracket later in life—either due to RMDs, Social Security benefits, or changes in tax law—converting now at a lower tax rate can be beneficial. On the other hand, if you anticipate a lower income in retirement, the upfront tax cost may outweigh the benefits. - Ability to Pay the Taxes
Ideally, you should pay the conversion taxes using funds outside of your retirement account. This lets you keep your retirement savings intact and growing tax-free. Using your IRA or 401(k) to pay taxes could reduce your future retirement income and may even result in penalties if you’re under 59½. - Long-Term Time Horizon
A Roth conversion generally works best when your money can stay invested for many years. This gives your investments time to grow without tax. Because of this, it’s usually more effective for younger savers or anyone who doesn’t need to tap into their funds for at least 10-15 years.
Is Now the Right Time?
With the current ups and downs in the market, this could be a smart time to consider moving funds into a Roth IRA. If your investments have temporarily dropped in value, converting now might reduce the taxes you’ll owe and allow more room for tax-free growth later.
That said, retirement decisions depend on your unique situation. Speaking with a financial planner or tax expert can help you weigh the pros and cons and decide if a Roth conversion supports your long-term financial strategy.
