Estate planning involves all of the assets in an individual’s estate including an ownership interest in a convenience store business. Thus, succession planning should be part of an estate plan — or undertaken before that estate plan. Even more importantly, a succession plan for the business can help ensure that a closely held or family…

Congress is planning to make a number of “adjustments” to our basic income and estate taxes, changes that will purportedly impact several commonly used estate planning strategies. That means most convenience store owners, operators, franchisees and executives should get their house in order in preparation for increased federal estate taxes. After months of proposals for…

Family Limited Partnerships (FLPs) are a common estate planning strategy. However, with the threat of estate taxes minimized in this age of pandemic-impacted c-store businesses, today a FLP’s principal benefit might be income tax bills reduced by spreading income among family members. Although controversial, FLPs create a mechanism by which one generation can transfer wealth…

The COVID-19 pandemic is affecting every area of business, including real estate considerations. In fact, many new laws, programs and measures, especially the Coronavirus Aid, Relief and Economic Security (CARES) Act, have significant impacts on real estate. Convenience store operators and owners are benefiting from immediate write-offs for the expense of fixing up their stores,…

COVID-19 started to make U.S. headlines in early March, causing an upheaval for employers as state lockdowns began across the country to limit the spread of the virus and give hospitals a chance to cope. Convenience stores, considered “essential businesses,” remain open even in states with shelter-in-place restrictions, but all stores are facing a new…

Sooner or later, everyone thinks about retirement. For those who own a closely-held or family convenience store or business, retirement is more than just a matter of deciding not to go to work anymore. In addition to ensuring there will be enough money to retire, convenience store owners must decide what will happen to the…

Many convenience store retailers consider the Small Business Administration (SBA) as a cumbersome lender of last resort. However, in an attempt to shed that image, the SBA has made a number of changes. Its flagship lending program, the SBA 7(a) loan, long known for its financial assistance to franchises, as well as an excellent way…

Industry events such as September’s National Advisory Group (NAG) Conference in Minneapolis are a good way to gain know-how, find new suppliers and network with others in the industry. Best of all, Uncle Sam, in the form of our tax laws, is willing to pick up the expense of attending many events — at least…

Although convenience stores represent more than 45% of U.S. retailers participating in SNAP, they account for less than 6% of the redemptions. By Mark Battersby, Contributing Editor President Trump on Dec. 20, 2018 signed into law the Agriculture and Nutrition Act of 2018, also known as the Farm Bill. A portion of the expansive bill…

Arranging to hand over the business and establishing a sound succession plan is beneficial for most c-store business owners. By Mark Battersby, Contributing Editor For those who own a closely-held or family convenience store business, retirement can be anticipated and expected, or the unexpected result of illness or other events. In addition to ensuring there…