As business owners, you face unique challenges and opportunities in financial planning. You’ve worked hard to develop your ideas into a successful business; perhaps you’re considering moving into self-employment. Whatever your situation, we can help you choose a financial planning strategy that fits your unique circumstances.Working together, we can help you transition from employment with benefits into a self-employment situation, or we can help you explore options to effectively fund your start-up expenses.
Many entrepreneurs spend years of focused effort building up a business, but don’t plan how to make the transition to retirement. We can offer expert advice in how to plan an effective business succession strategy.
Preparing for succession after death might be a difficult issue to discuss, but it is also an important part of any comprehensive financial plan.The death of a partner or major stockholder in a business can have devastating effects on both the business and the deceased partner’s surviving family. While the business is concerned with gaining control of the deceased partner’s interest at a fair price so that it can continue operations, the family members may be most concerned with receiving as much money as possible for their interest in the business and for capital that may be needed for estate settlement purposes. If you don’t have a written agreement, the competing interests of the business and the family members could lead to major conflicts and possibly force the liquidation of the business. A buy-sell agreement can ensure that the business interest of the deceased partner will transfer in an orderly manner to the benefit and satisfaction of everyone involved.Because business succession planning involves legal, tax and personal financial issues, guidance from a qualified attorney or tax professional can protect everyone’s interests without adding unnecessary anxiety.We can help you with your business succession planning.