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  • in reply to: WMCO – Membership Inquiry – Advice on Selling Business #12349
    Michelle Holden
    Keymaster

    I used the services of David Barnett about 2 years ago when considering selling my business…..https://www.howtosellmyownbusiness.com/

    I was very impressed with his knowledge and very satisfied with the business valuation and advice he provided.  His fees were very reasonable.

    I highly recommend his services to all WMCO members considering selling their business.  Please let him know that I recommended him to you – thanks.

    in reply to: WMCO – Membership Inquiry – Advice on Selling Business #12347
    Michelle Holden
    Keymaster

    The first call should be to your accountant and then your lawyer because both will advise. First they will advise whether the company is ready to be sold. They can determine whether to do an asset sale or a share sale based on the structure of the company and the structure of the business. They may have the expertise in house to value the company, or may have a firm they work with, that will market the business to prospective clients. The business will be worth more if it can operate without the owner profitably. Is the business ready to be sold, or does the owner just want to sell will effect valuation.

    in reply to: WMCO – Membership Inquiry – Advice on Selling Business #12345
    Michelle Holden
    Keymaster

    I haven’t put a number on my business, but this is how I would break it down to create a price.

     Inventory- 90-100% of the cost of the current inventory you use regularly. The stuff that has sat around for a long time isn’t really worth much maybe 10-20% of original cost.
    Machines- make a list of what you have and research what similar are going for.
    Small tools and miscellaneous- not really worth much- I would make a batch price (if they are well used and new cost is $2000 I would put in for $300 at most.)
    Office fixtures and computers- depends on how old they are. I don’t think it is worth much either.
    Computer software- I really don’t know how to put a price on it. (may be negotiated?)
    Vehicles- same as machines, see what they are selling for ( I would look on Kijiji)
    Client base- I heard that you ask either 1 year worth of profit or two years (I think 2 years)

    I think it’s very hard to put an accurate price on a business. It is always worth more to the owner because of sentiment. But depending on who you sell to or if you just want to cash out are other things that will affect the price.

    Good luck!

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12309
    Michelle Holden
    Keymaster

    Our sales person is on salary. She does have after hours meetings but has the flexibility to take off during regular hours if she needs.
    I think this is how I would handle any additional employee in sales. Or give them a one morning a week off to balance the hours.

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12308
    Michelle Holden
    Keymaster

    A. Flex the time – awesome for the staff regardless of everything else.
    B. Allow banking of hours – works as long as it is enforced during slow times, if you don’t have slow times, be prepared to pay it out.
    C. Pay overtime – be prepared to payout.
    D. Other – (Please specify) this is my fav – switch to salary + commission – work the hours to make the commission. As many as it takes if they want the sale and the money. Generally will work the same hours as now with no responsibility on you to pay overtime. Top earners are your most efficient works.

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12307
    Michelle Holden
    Keymaster

    Flex the time

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12306
    Michelle Holden
    Keymaster

    I’d like to share

    Respond with all that apply:
    A. Flex the time< B. Allow banking of hours C. Pay overtime D. Other – (Please specify) Answer ABC

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12305
    Michelle Holden
    Keymaster

    We do b only.

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12304
    Michelle Holden
    Keymaster

    I could provide a check off on the specific situation in this survey but the situation it not black and white. HR matters like these if not handled properly can cause misunderstanding and potential legal issues if a dismissal or dispute occurs. When it comes to this question, I highly recommend the company that is asking the question, speak to a professional labour lawyer for advice. Many companies do not handle this area very well with salaried staff.

    To avoid any misunderstandings during or after employment ends between the company and the Sales/Design Staff, an employment agreement is recommended. This would be signed voluntarily and agreed to by both the company and employee (the wording of the agreement should suggest the employee seek legal advice before signing or waive it). The agreement still needs to meet or exceed the Ontario Employment Standards Act.

    The company is not obligated to pay professionals such as Sales Management or Designers overtime. If the written formal agreement is stated with the following key points:
    Sales/Designer Employee hours of employment are paid a salary based upon normal hours of work that are 8:30am to 5:00pm or 40 hours per week.
    Overtime is not paid, unless approved by management.
    The employee may need to change works hours to accommodate meeting with clients or meeting project deadlines.

    At most companies, they do not pay overtime to salaried staff but may allow some flex time, with approval from the Supervisor.

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12303
    Michelle Holden
    Keymaster

    C. Pay overtime

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12302
    Michelle Holden
    Keymaster

    Respond with all that apply: See answers in Bold

    A. Flex the time Yes, our staff set their own hours
    B. Allow banking of hours Yes, our staff set their own hours
    C. Pay overtime Our staff is on salary/commission so the more they sell the more they make.

    in reply to: WMCO Membership Inquiry – Overtime for Sales Staff #12301
    Michelle Holden
    Keymaster

    This is not my department and I may not be fully aware of our practices but we don’t have a typical sales person that goes on the road and pushed our services. If our sales/estimating team members work off hours or extra hours there really is no overtime pay or banking of hours, we do more of a flex time. Most of our office staff are salaried employees and there are times we take off without pay deductions but there are also time we have to put in extra time. It balances out.

    Michelle Holden
    Keymaster

    WMCO Policies and Procedure Library

    We have cultivated a library of basic HR policy and procedure
    examples as a shared resource for all members to access.
    Access the library – Click Here!

    in reply to: Membership Inquiry – Water Based Isocyanate Paint #12168
    Michelle Holden
    Keymaster

    We sell 2-K water based polyurethanes that contain isocyanates. As a rule the levels that are emitted during spraying are usually below the threshold level that requires special protection or reporting. Unfortunately because the SDS will state that there are isocyanates present a Ministry of Labour inspector may require proof that this is true or will require the shop to proceed with the required reporting and advanced PPE typically used when working with solvent based polyurethanes commonly used in the auto refinish sector. This would mean having in place a safe handling plan for the use of the material and providing the customers with fresh air supplied respirators. In the past some of our customers have had an environmental air quality assessment done which monitors the air for isocyanates during a work day. The last test we had done in 2019 was around $7000.00 for a shop with two booths. It was determined that the level of isocyanates did not reach the LEL level to require any special handling or PPE. If the member would like I could forward them the name of the company that did the environmental assessment. We still provided assistance for our customer with creating a safe handling process to ensure that there employees are informed and aware but I think any supplier would do the same.

    Regards,

    Tony Colanardi
    General Manager

    60 Malcolm Road Guelph, Ontario, Canada N1K 1A9
    Email: tony@royalcitypaint.com
    Office: 519-837-3820
    Toll Free in Ontario: 1-800-401-7773
    Fax: 519-837-2014

    in reply to: Membership Inquiry – Water Based Isocyanate Paint #12167
    Michelle Holden
    Keymaster

    Water based paints are not only beneficial for the environment, but typically are less messy and easier to dispose of. They also should be a benefit to your property insurance rates. Keep in mind if you use a water based stain/paint and still finish with an oil based varnish/lacquer/topcoat, this will still keep your insurance rates up!

    This has already happened to the vehicle industry – they use water based paints but the topcoat is still oil based.

    Lastly, keep in mind that in an atomized state even lower volatile products become flammable – I used to demonstrate this by lighting a match to a small pile of flour (it would not ignite however if I threw it up in the air and lit the flour it would burn quite impressively).

    Isocyanate paint is still hazardous to human exposure and adequate protection still is required.

    Hopefully I’ve answered the question for you.

    Cheers!
    Alex

Viewing 15 posts - 1 through 15 (of 47 total)