It’s hard to believe that tax season is here already. In an effort to help our clients be...
Five Common Issues Business Owners Can Overcome!
Business Owners, We Can Help!
Not only have business owners been a large part of my clientele throughout my career as a wealth advisor, but I’m a business owner myself. Since 1974, I have been helping clients reduce the stress of managing complex financial affairs. I know firsthand that that is what owning a business can be – stressful. Exciting and very rewarding, but stressful and sometimes overwhelming.
Here are five common issues business owners can overcome:
- How to use business dollars to protect the business and the business owner(s).
- Properly addressing risk. It is easy but precarious to believe that the business would keep paying the owner if that owner becomes disabled. Even if the company keeps paying the owner, they may very well be taxed twice. Proper planning can help prevent this.
- If there are “key” people in the business in addition to the business owners, can it be expected that significant revenue would be lost should the “key” people be lost? Would it potentially cause the business to fail?
- How to keep excellent employees? What make-up of employee benefits are most effective for both the owners and employees? Is there a mix between wasteful and rewarding?
- Proper succession planning and buy-sell arrangements. How to secure the value built up after years of hard work? Who determines the value of your company, is it the owners or the IRS? Corporate stock purchase or cross purchase arrangement, which would be best for your business? How much does the owner want taxed? All of these need to be considered when succession planning.
I have partnered with business owners to assist them in resolving all of these issues and more over the years. We can help you answer these questions above, call our office to schedule an appointment with one our financial advisors today at 817-717-3812.