Urgent Alert for Businesses: Avoid Penalties, Stay Compliant with New Corporate Transparency Act
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Urgent Alert for Businesses: Avoid Penalties, Stay Compliant with New Corporate Transparency Act


You Don’t Win if You Don’t Learn

Posted on February 11th, 2021

Gain insight from Business Interviews

 A while ago, one of my good friends, and amazing businessman, recommended that I read Thinking in Bets, by Annie Duke. It’s a well written story about how we all use assumptions to support the results of what happens to us in life and business. She backs up her premises through stories of playing poker at a professional level, and even at the local level in Billings.

Why am I bringing this up now? Right now is a new era in business. We can all hope that life will go back to normal in the near future, but that is not a guarantee. The way in which we do business has changed in the short term, and as far as we know, for the long term as well. Some people will say that I am trying to scare you into taking action, but the reality of what I am saying is to get you to start analyzing your business. Why are the outcomes that you are receiving happening?

Adjusting to the Times

During the shutdown, many places gave their business a facelift with new paint, carpet, bar tops, or even new tables and chairs. Some went a step further and opened up a new section of their building to expand their businesses and others built on or opened up a patio. Hopefully, if you did make an addition or alteration, you sought approval of the DOR with an Alteration Request Form (Form AltRet) and all necessary documents.

Things You Should Know

If you are one of the many business owners that took the time during shutdown to renovate your premises, can you say whether or not that has actually resulted in increased business? Would doing nothing have been better and possibly preserved your cash? These questions may not have mattered, depending on how you used the PPP and EIDL money (federal), and the Montana Sustainability and Adaptability grants (by the way, if you applied and received the Sustainability grant, the Montana Department of Commerce just released funding that will double your grant if you just follow the instructions in the email that you should have received).

The increased Sustainability funding could give you up to $20,000. Additionally, the Adaptability grant was doubled from $5,000 to $10,000. Both of these grants are easy to apply for and make happen. The PPP forgiveness portal has not opened yet, but hopefully we can all get our applications in soon for the non-taxable forgiveness of this loan. Lastly, please remember that you have to disclose to the DOR/DOJ any loans you have obtained, which includes the PPP loan.

Why Are You Getting Results? 

No matter how you spend your hard-earned cash, are you getting the results based upon what you did, or for some other reason? Duke provides comic relief in her stories of playing poker and some interesting characters she met in Billings and on the professional poker tour. I hope you pick up this book and start to wonder about the results you are seeing in your businesses and whether the results are due to what you think is the root cause, or if there is some other underlying event. I know you have heard me say this many times, but now is the time to put your thinking cap on and really analyze what is happening. The actions you take today could be what drives your financial success in the future.

Connect with Us

Learn from other business owners, restaurateurs, bar owners, and hoteliers by watching some fantastic business interviews on the Silverman Law Office YouTube channel. If you have any topics or questions to be covered in future articles, or if you would like to receive our monthly newsletter, then please email me at [email protected]. Please stay safe, and be prepared to think long-term to get through these difficult times.


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