Business Planning

At one time, it seemed that all it took to run a business was a good idea.  If you offered the right product or service, the public would follow. Then, when the time was right, you would either sell your business or leave it to your family. Essentially, common sense could prevail.

But while this strategy, or lack thereof, can occasionally result in success, times have become more complex. Today’s smart business owners must not only understand their product or service — they must understand the repercussions of every business decision. Common sense just doesn’t mean what it used to.

Why Business Planning is Important

As a business owner, the bulk of your time is invested in your business by necessity. Day-to-day issues pull you in all directions. Who has time to follow current economic trends… or to decide how best to pass on the business to your child... or who would take over the business if something happens to you… or what is the exit strategy when you are ready to sell?  Very important business planning issues get moved to a back burner. 

At the same time, that business is very often your primary personal retirement asset.  The future of your business, therefore, is inextricably linked to your own financial planning strategy and can often mean the difference between success and failure. Life happens, and business planning issues ultimately impact your own personal financial situation dramatically.  

What We Can Do for You

  • Tax Strategies: As a business owner, we can help you benefit from tax advantages that you might not know about.  This can help offset the costs associated with establishing and maintaining a business.
  • Transition Strategies: No one owns or runs a business forever.  Sooner or later, every business owner will leave the business to an heir or sell the business outright. We can help you formulate a plan for the smooth transition of your choice.
  • Buy-Sell Agreements: We can help you protect all partners in a business, whether they decide to leave the business or are unable to continue their role in it for some reason.  Buy-Sell agreements are generally funded by life insurance policies or by existing assets from the company. 
  • Key Person Insurance: Many closely held businesses rely to a very large degree on the knowledge and skill set of a few key employees, and the business itself would be greatly impacted in their absence. We can help you make sure that resources are in place to help the business weather that impact should something happen to them. 
  • Personal Retirement Programs for Business Owners: There are retirement programs specifically geared for business owners that not only allow for larger contribution limits, but tax-deductible contributions as well. We can help you choose the one that’s right for you.
  • Retirement Programs for Your Employees: Likewise, we can help you take good care of your employees with retirement programs that also have special advantages for you, as a business owner.  We can even help you roll the program out and educate your employees on the benefit.