BC FOR LATER READ
Saved by @CodyyyGardner

I'm in the later stages of purchasing a niche sub-contractor in the SE US. I'm now working with the sellers on the nitty gritty handover items that need to be transitioned. Here is a summary of my working list:

 Insurance: (Staying with current provider)
- auto coverage on fleet of 40+ vehicles.
- General liability policy.
- Workers Comp policy.
- Bonding, done on a job by job basis, for a minority of their work. (I got a backup quote from another bonding agent for a fall back).
Benefits:
- I'm doing an asset purchase, so retirement benefits will likely have to start fresh under new entity. Will keep the same provider.
- Health Insurance will remain with incumbent, but have to migrate and re-enroll everyone under new LLC.
- Exhaustive list of emp perks.
Payroll:
- Currently done in-house, and paid weekly. Will keep the same, but need to get everything lined up based on timing of close and bank account. (See below).
Bank Accounts:
- Goal is to keep the same bank account for now, to reduce number of changes- less to go wrong. Built in a true-up with sellers for any payments post-close that shouldn't have carried over. MAKE SURE to change authorized signers.
Vehicle Titles:
- This is a bitch, but has to be done with an asset purchase. Manually have to fill out a transfer of title form for each vehicle (40+), and go take them to the DMV. $350/vehicle transfer fee. That's $14,000 of closing related costs. Sellers never want to pay it.
Phones:
- Cell phones shouldn't be hard, but it usually is. Migrating to the new LLC and keeping active service without hiccups. $4k/month in cell service doesn't get you to the front of customer service line.
- Same with landline, usually easier.
Equipment Leases:
- Most of the equipment is owned free and clear, but some stuff has leases that need to be assigned. This can come up with computer or speciality equipment (Fork-lifts, printers/copiers, cleaning service, etc.)
Software/Subscriptions:
- Can be a good time to reset things, but don't risk cutting too much too soon and disrupting ops.
- CRM, Payroll, Estimating/Invoicing, office supplies, fleet management, service contracts, memberships to trade assoc's- the list goes on. Varies by company
Licensure:
- At the very least City/County business license.
- (If applicable) Make sure sales tax has been paid properly by seller, and that you set it up right for yourself.
- Speciality licenses, you'd be amazed what is and isn't regulated. Stories for another thread.
Intellectual Property:
- If this is important for the company, then it will be a big deal as part of the purchase agreement.
- BUT, I've seen some crazy stuff- like a seller trying to continue to use the company logo after he sold the company.
Employee Roster:
- I have bits and pieces of this information from DD, but I need a master document that's more up to date and exhaustive.
- Names, positions, tenure, current comp and any changes forthcoming. Details about perks- cell phone, vehicles, cash, vacations, etc.
Facility Lease:
- I'm leasing back from my sellers with an option to buy and ROFR.
- If leasing from a 3rd party, make sure new lease is a counterpart to purchase, or assignment of current lease.
- Make sure any TIA, additional options, rent escalation are clear to all parties.
Facility Lease (Con't)
- Just because the seller tells you that the landlord is going to extend the lease, or pay for the parking lot to be repaved, doesn't mean that he will.
Any other detailed transfer items that are on your list that I'm missing?

@girdley
@BillDA
@darylbstarr
@StrongpointRich
@tsludwig
@timhanso

More from For later read

Mason Currey
Mason Currey
@masoncurrey
The Creative Process in 43 Hayao Miyazaki Screengrabs

(Context: https://t.co/nqjmAtLAND)
FOR LATER READ
Sahil Bloom
Sahil Bloom
@SahilBloom
Survivorship Bias 101

History is written by the victors. But if we exclusively focus on these successes, we allow survivorship bias to distort our understanding of the world.

But what is "survivorship bias" and how does it work?

Here's Survivorship Bias 101!

👇👇👇


1/ First, a few definitions.

Survivorship bias is the logical error of concentrating on survivors (successes) and ignoring casualties (failures).

When we do so, we miss the true "base rates" of survival (the actual probability of success) and arrive at flawed conclusions.

2/ When we completely ignore failures, we lose our ability to correctly identify the differences between successes and failures.

Put simply, exclusively focusing on successes may actually inhibit our ability to identify (and replicate) the actions that led to such success.


3/ Cicero wrote on the topic over 2,000 years ago.

An atheist named Diagoras is shown portraits of people who prayed and were saved from death at sea as proof of God's existence.

Diagoras replies, "I see those who were saved, but where are those painted who were shipwrecked?"


4/ Cicero cuts right to the point - we cannot conclude that prayer led to being saved from the sea if we ignore those who prayed and then drowned.

Survivorship bias can lead to a deeply-flawed understanding of cause-and-effect relationships.

Let's look at some examples.
FOR LATER READ
Advertisement
Pasquale "Pat" Scopelliti
Pasquale "Pat" Scopell...
@ThyConsigliori
3 December 2020 #MAGAanalysis #RedoTheElection

When You Catch A Thief

The sleeping giant of America sleeps no more. We have awakened. We're nothing more than the same Common Sense Americans we were in 1776. We're feisty. Independent and self-sufficient. Hard working.
FOR LATER READ
GAVNet
GAVNet
@GAValueNetwork
Daily Bookmarks to GAVNet 02/11/2021
FOR LATER READ
Bernie
Bernie
@bealangi
This is a what I’d call a funny tale about how you never know how things are going to circle back:
(Long thread warning, but I think it's worth it)
1/?

My childhood was messed up. My mother was an abusive alcoholic and mentally ill. In 1995 when I was 12 years old, my parent's split. Originally the courts stated I had to stay with my mother, which I believe was the court's default decision at that point. 2/?

Truth be told, is usually the best choice for a child, just not in my case.
For my own safety I eventually ran away from her to live with my dad. I left behind my dog (who was also 12), and my three cats (Rocky 8, Jewel 10, and Scamper 12 years old). 3/?

After about a year of fighting in family court, my father was given full custody of me. I never spoke to my mother again.

My dad, being an electrician, would come home from work after particularly hard days and jokingly say, "Just don't work in electrical Bernie." 4/?

As a kid I didn't fully understand he was joking, so I took it to heart. I had a natural talent for the sciences and math, so I studied Physics and Math at Dalhousie University before switching to Marketing and Statistical Analysis at Saint Mary's University.
5/?
FOR LATER READ

You May Also Like

antifa.drone
antifa.drone
@antifa_drone
Fake chats claiming to be from the Irish African community are being disseminated by the far right in order to suggest that violence is imminent from #BLM supporters. This is straight out of the QAnon and Proud Boys playbook. Spread the word. Protest safely. #georgenkencho


There is co-ordination across the far right in Ireland now to stir both left and right in the hopes of creating a race war. Think critically! Fascists see the tragic killing of #georgenkencho, the grief of his community and pending investigation as a flashpoint for action.


Across Telegram, Twitter and Facebook disinformation is being peddled on the back of these tragic events. From false photographs to the tactics ofwhite supremacy, the far right is clumsily trying to drive hate against minority groups and figureheads.


Declan Ganley’s Burkean group and the incel wing of National Party (Gearóid Murphy, Mick O’Keeffe & Co.) as well as all the usuals are concerted in their efforts to demonstrate their white supremacist cred. The quiet parts are today being said out loud.


The best thing you can do is challenge disinformation and report posts where engagement isn’t appropriate. Many of these are blatantly racist posts designed to drive recruitment to NP and other Nationalist groups. By all means protest but stay safe.
TRADING
Noah Smith
Noah Smith
@Noahpinion
Remember: Just because an idea is old doesn't mean it's good.

Knowing whether old ideas are more likely to be good requires understanding whether conditions have changed in important ways.

Horse archery was an amazing method of warfare for over a thousand years...then people invented guns, and suddenly this great idea that had stood the test of time became obsolete.

Then again, when underlying conditions don't change much, tried-and-true approaches are probably better.

"Learning the lessons of history" usually just means assuming ergodicity and stationarity in an informal time-series model...

(end)
SOCIETY
Advertisement
Sevak Sathaya
Sevak Sathaya
@Sevakofmata
Sharing one incident... After Modi's Trichy youth conference, the very next morning when police were clearing up their mini-control room, they found 5 strange boys who were roaming there with bags. When police enquired them "Sir, we are from Subramaniapuram in Trichy.

Whatever political meeting or conference is held in this ground, we come here on the same night or morning hours to collect the Liquor bottles to sell in the scrap shop for 50 paisa to 1 rupee per bottle and we used to earn Rs 200 to Rs 400 on each such event.

Even in the last DMK meeting the very next day we collected around 1500 bottles. But for Modi's BJP meeting, we could not find even a single bottle in the whole ground. We are coming around and around and not a single bottle in any corner of the G Corner ground in Trichy,

we are much disappointed, sir!". Police seem were stunned and pleasantly surprised. This is what Modi magic does in this nation. Modi is the one who can lead our nation and make everyone prosper with hardwork in right direction and proper approach.

This funny but interesting anecdote was published by a statewide local daily Dinamalar. I have just translated and posting it here for rest of the nation;
INDIA
\u0100yudhika
Āyudhika
@Satyamev1310
Dr. Anandibai Joshi

Upon her birth on 31 March 1865 she was named Yamuna, after the holy river. Her parents Gunputrao Amritaswar Joshee & Gungabai Joshee came from a long lineage of wealthy landlord family in Kalyan of Bombay Presidency, whose wealth was now waning.


Anandi was the sixth of 10 children, & had 4 brothers (only two of which survived) & five sisters. Her father was particularly fond of her, as she was a bright child with an inquisitive mind. Being an educated man himself, Ganpatrao assured that his daughter was taught Marathi.

As was common practice she was married at a tender age of 9, to Gopalrao Joshi, a 29 year old widower who worked as a postal clerk in the same city. After marriage her husband named her ‘Anandibai’ (which means ‘Joy of my heart’).

Gopalrao was man ahead of his times with reformist ideas & had married Anandibai on the condition that he would be allowed to educate his wife.

He even tried to enroll Anandi in a missionary school, but did not succeed. Despite being the supportive husband, Gopalrao had his flaws.

He was a strict teacher & would sometimes resort to beating if Anandi slacked in her studies.
ALL
Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
SRI MOOKAMBIKA DEVI, KOLLUR (KAR)

There was an Asura, Kaumasura, who was doing penance to please Shiva and get a boon. To prevent him from asking for a boon, Devi Saraswati made him dumb (hence called Mookasur)
Later, Adi Parashakti slayed him and came to be called Mookambika.


It is said that Adi Shankaracharya had a vision in which Devi agreed to follow him provided he did not look back. He kept walking and was assured of her presence due to the sound of anklets. When he reached here in Kollur, he turned back as the sound of anklets had stopped.


So Devi stayed here and merged with the lingam. The place came to be called Mookambika Kshetram.
The linga has integrated on it’s left side MahaKali, Maha Lakshmi and Maha Saraswathi and on the right side- Brahma, Vishnu and Shiva.


A swarna rekha (gold line) divides this linga into left and right portion. Adi Shakthi in this Udhbhavlinga form appears only here.
Devi sits in padmasana and has 4 hands.
Adi Shankaracharya installed the Sri Chakra in front of Devi and also composed the Soundarya Lahiri here.
ALL