Financial Planning for Business Owners

When you are working on starting a new business your passion and focus is on the product or service you are working to offer your customer. The thought of turning your vision into a reality is exciting but can also be overwhelming. It may be challenging to know all the questions to ask from a holistic point of view. One of the biggest questions to evaluate is “Does the business model make sense financially”? While passion is a key to turning a vision into a functional business, prudent financial planning is essential as you work to bring your dreams to fruition and has the ability to survive long-term.

How We Can Help

• Start-up financial planning: As you start up your new venture, there are numerous areas you will likely be juggling. Where do you turn to understand how you should structure your company? Are you the only employee? Do you have a business partner sharing costs/risk with you? Do you have any employees? Are you going to process payroll yourself or should you hire a bookkeeper? Should you consider setting your business up as a Sole Proprietorship, an S-Corp, an LLC, etc? We can help connect you with business attorneys, bookkeepers and tax professionals to help evaluate your options.
   
• Contingency planning: Emergencies and unforeseen situations can arise anytime during the life of the business. Are you the only employee, or do you have a business partner? Are you the sole income provider for your loved ones? If you have a business partner, are they in the same situation?  If something unexpectedly happened to either of you, do you have the financial resources to buy out your business partner to ensure their loved ones are provided for and vice versa? Do you have key employees with unique knowledge or skills that would put the business at risk if you lost them? We can help walk you through various options to address these scenarios.
   
• Debt management: Most of us have heard the phrase “it takes money to make money”. Many businesses become highly leveraged in the beginning, or during uncertain economic times. How does a business prepare for the unexpected? What are the pros and cons of each option? Should you bank locally? Should you use a large financial institution? Whether you are the only employee of your company, or there are others relying on you to lead through financially challenging times, we will work with you on how to minimize your risks when it comes to borrowing money, renting / leasing items vs. owning items or not having business debt.
   
• Employee retention: No business ever succeeds without satisfied employees. Some candidates will compare your compensation package to others to determine whether they will accept your offer. We have experience analyzing various employer driven retirement plans (401ks, Safe Harbors, SEP IRAs, SIMPLE IRAs, etc.) As a business owner we can also review unique investment vehicles available to you, and your highly compensated employees, which may provide attractive additional tax deferred savings. We will walk you through all the options available to you to help retain employees and attract new talent.
   
• Succession planning: What happens if something unexpected happens to you? What if you want to step down, or take a less active role in the business? Is there someone groomed to assume the mantle of leadership? Should you sell the business or maintain a behind the scenes role in the company? We will help partner with you alongside business attorneys who can help you through decisions to mitigate risk to your business, clients and brand.
   
• Retirement, Estate and Legacy planning:  When it is time for you to transition away from work, we will be right there to ensure you are able to enjoy the fruits of your hard work. Through careful planning, we will help ensure a smooth transfer of the business you worked hard to build and your legacy passes seamlessly to your next generation of successors.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.