January 22, 2022 Issue, Page 3 of 16

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January 22, 2022 3 BeckhAM co. News BeckhAM co. JAil log Virtual Valentine event being held by OSU JAil log Extension OSU Extension and OHCE strawberries. Share with your contact Kristy Spalding, Beck- FCS Extension Educator, at or 580-928-2139 for Beckham 3356 for Washita County Of- Inc. invite you to text your best BFF or keep it all to yourself. ham and Washita Counties’ [email protected] County Office or 580-832- fice. friend and join us for a virtual It’s up to you. Valentine’s party. The theme OSU Extension is also proud Commissioners for the free event is “Friend- to present an educational les- City treasurer, Jennifer Rain- She continued to go over the ship” because when you get ey gave the tax totals for up unrestricted and restricted son by OHCE member from 22 percent for the month of cash totals. right down to it, friends are Tulsa County, Dolores Wil- January, compared to last The commissioners approved truly essential to our happi- liams. Dolores will share "Get- Continued from page 1. paring sales tax from Dec. January. Overall for the fiscal her report and opened the ness. This virtual event will ting our Hearts Right - Three year, the city is up 12 percent. floor to public comments, be- take place on Thursday, Febru- 2020 to Dec. 2021, it is up 26 Keys to Better Relationships." The use tax for the month is ing none, they adjourned the ary 10, 2022, 7pm via Zoom. discuss the financial report. percent, while the use tax is up Leader Lessons, such as this She noted they are half-way about four percent. She said up 5.2 percent, and the ciga- meeting in just under an hour. The weather may be cold, but one, are staples of OHCE group rette tax is up by 16 percent The next meeting will take who cares? There’s no need to through the year and the sales this means that people are meetings and always contain tax has been very strong. Com- buying local. over the same time last year. place on Feb 7th at 7 p.m. dress up, have a date, or even unbiased, science-based infor- leave the house for this party. mation from Oklahoma State All you need is access to Zoom. Just go to your favorite app store and download Zoom to University. There are several ways to reg- Does your business have an exit strategy? your mobile device or visit ister for this virtual Valentine If you’re a business owner, Determine how to fill a re- about your own situation, you of what you’re doing, since zoom.us to download to your event. One is to find our event you’ve got so much to think tirement income gap. You could might want to assemble a team they may be affected by the page on Facebook. Search for about, and you work so hard, spend two, or even three, de- that includes your financial, outcome. You also may want to computer. “Valentine’s Day with Friends.” that it might be difficult to en- cades in retirement – so you’ll tax and legal advisors and an Donna Jung, Family and include them in any meetings This bit.ly link will take you di- vision the day when you’re in a want to be sure you’ll have expert in business valuation. Consumer Science (FCS) Ex- rectly to the registration form: different place in life. However, an adequate income stream This last position – business you have with your financial, tension Educator from Cana- that day will likely arrive, so to cover all those years. You valuation professional – will tax and legal advisors. bit.ly/OHCEfriends. Or, you dian County, will teach us how you’ll want to be prepared for may be able to draw on Social obviously be particularly bene- Selling or transferring your can find the link on the Beck- it, which means you’ll need an Security and whatever retire- ficial in estimating the value of business will be one of the to make our own bath bombs. ham and Washita Counties’ This is one of the hottest craft exit strategy. But how do you ment plan you might have es- your business for a future sale. most important financial OSU Extension FCS Program create one? tablished, such as an SEP-IRA Include the next generation trends going and what a per- moves you’ll make – so plan Facebook page. Here are some steps that can or an owner-only 401(k), but in your plans. If you’re plan- fect Valentine’s gift for your OHCE (Oklahoma Home prove helpful: these sources may still leave ning on transferring your busi- ahead, get the help you need BFF! and Community Education) Start planning early. Making you short of what you’ll need to ness to the next generation of and find the exit strategy that’s Remember how fun it was is a county-based, statewide a quick exit is probably not a vi- live on during your retirement. your family, you’ll certainly right for you. to trade Valentine’s with ev- organization with a unique able strategy for most business However, your business will need to involve them in every relationship with OSU Exten- owners. Instead, you’ll want to probably be your biggest as- step of the process. But even This article was written by Ed- eryone in your class? Connie plan far ahead for when you set, especially if you own some if you’re going to sell the busi- Wollenberg, McClain County sion. Together, OHCE mem- ward Jones provided by Robert want to leave your business real estate connected with your ness to an outsider, or liquidate Extension, will demonstrate bers and County Extension behind. This will require some operations. So, if you’re plan- it entirely, you should keep Stephens of Edward Jones Finan- techniques for handmade Val- Educators work to make local thinking about the big picture: ning to sell your business, how your grown children informed cial Advisor. entine cards. We challenge ev- communities more resilient What will the company look much will you need to get for eryone to send Valentine’s to by addressing local issues with like when you’re gone? Are it to fill any retirement income science-based information you essential to its survival? If gap you may face? Of course, at least five good friends this not, do you want to sell it to a it can be somewhat tricky to year. Take the opportunity to from Oklahoma State Univer- key employee or an outsider? place a valuation on a business tell your friends how much sity. OHCE members also have Or would you prefer to keep that may not be sold for several Edward Jones, Member SIPC they mean to you. a lot of fun learning together it in the family? After you’ve years, but with some research We need a decadent des- and serving their communities answered these types of ques- and the right forecasting tools, tions, you can then move on you should be able to develop a d Jones | 2014 W. 3rd | Elk City, OK 73644 sert for Valentine’ Day, so through various community to consider specific solutions, pretty good estimate. Dea Rash, Payne County FCS Educator will show us how to service projects. You can learn more about OHCE at their such as creating a buy-sell agreement with an employee Get professional help. Creat- ing and executing a business Robert Stephens | F (580) 225-3156 | r prepare a beautiful Valentine website: ohce.okstate.edu. or gradually transferring the exit strategy takes time – ephens and |(580) 225-3156 Financial Advisor | [email protected] Trifle featuring heart-shaped For additional information, business to family members. expertise. So, as you think Oil & Gas Report for the State of Oklahoma for Jan. 11 - 17, 2022