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What smart people are saying about Apple's lawsuit accusing OpenAI of stealing trade secrets Business InsiderApple sues OpenAI alleging trade secret theft, says scheme was 'at every level' CNBCOpenAI Engineer's ‘LOL' Moment Set Stage for Legal Fight With Apple Bloomberg.comSam Altman Says Elon Musk Is ‘Obsessed' With Him In Boast About Latest GPT Model Forbes
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Most solopreneurs aren't failing because they need more AI tools —they're failing because they're using AI to patch outdated systems instead of rebuilding their business around an AI-first workflow that scales.
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There's no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law's unforeseen consequences could increase their operating expenses in two ways. Here's what to expect — and how to prepare.
SEE MORE Audit-Proof Your Small Business
The Inflation Reduction Act is essentially a climate change law with some health care benefits. While the new legislation doesn't include any direct tax increases on small and midsize businesses, some of its provisions have the potential to raise costs for these companies significantly.
First Reason Why Cost of Business Could Be Going Up
For one, your chances of being audited may be going up. The new bill substantially expands the Internal Revenue Service's budget: More than half of the $80 billion increase in the IRS budget over 10 years will be used to beef up enforcement through new technology and new hires. That means more audits for companies that are the least able to financially manage them. I worry for businesses that gross $5 million or less since they usually don't have excess funds to pay a lawyer $50,000 to fight the IRS if their matter proceeds to court.
In a letter to the Senate, the agency's commissioner said, "These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans." Even so, with the hire of new auditors, it's likely that people with little or
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The construction industry is booming, and there doesn't appear to be an end in sight. That's great news if selling your small business is anywhere on your radar.
As someone who has built a successful business, maybe you have started to think about the next phase of your life. That could be pivoting into a new career or getting ready for retirement. Either way, selling a small business is an exciting step but it takes intention and preparation.
SEE MORE 3 Ways to Increase the Enterprise Value of Your Family Business
If you're considering selling your business to employees or a family member, then you have one of the key components of the sale in place. You've got a potential buyer! Having a buyer already in mind changes the process. You probably won't have to hire (or pay) a business broker, and you won't have to go through the process of marketing your business or vetting interested parties.
It's still important to ensure you're mentally prepared for the transition and that you've gotten everything to navigate the sales process successfully.
Selling a Small Business to Employees or Loved Ones
For contractors and other small-business owners, selling what you've worked so hard to build can be bittersweet. It's exciting to move to the next phase of your life, but you want to know that your business is going to end up in the right hands.
Selling to a key employee or family member can be a very fulfilling experience. They already understand what you do, and in the case of key employees, they know the ins and outs of your busi
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