As business owners ourselves, we understand the challenge of managing personal finances while growing or operating a business.
Let our group of knowledgeable and experienced financial advisors guide you toward achieving your financial goals.
What are the benefits of having a Wealth Plan as a business owner?
Business owners constantly face the difficult challenge of balancing the needs of the business with the needs of the family. There are trade-offs in time and financial commitments required on the journey to reliable business earnings and growth that will help business owners achieve their financial goals.
Our Wealth Plan allows you to make the most of your assets by protecting them and ensuring that your wealth ends up in the right hands. An effective wealth plan employs tax-efficient strategies in every area of your financial dealings, plans for a comfortable retirement, factors in the unexpected and takes care of loved ones – now and in the future.
Wealth planning involves planning for the business as well as personal financial planning.. Although these aspects are often intertwined, business and personal financial plans have very different focuses. It’s important the plans are in sync to optimize the wealth building potential for the business owner.
I’m too busy managing my business to manage my investments too. Can you monitor the market for me and help make educated decisions?
Yes, we help you and your business throughout the various stages so you can move forward knowing that your goals are on track. We collaborate with your advisory team, including accountants and lawyers, to ensure the seamless execution of your wealth plan.
When should I start retirement and succession planning?
Business succession planning involves two priorities: 1) the transfer of ownership involving legal and tax structures and 2) the transition of management involving risk management and business continuity. The former involves technical or procedural items while the latter involves potentially emotional issues which are often initially overlooked but require time and attention.
Effective communication is fundamental to ensure a successful transition and to maintain long-term family harmony. It ensures understanding of the different perspectives and expectations of individuals in the three inter-related systems that make up a family enterprise: Family, Management and Ownership.
Succession planning should start as early as ten years before the planned exit in order for the transition to be most successful.
My tax bill is too high. Are there ways to pay less?
Business owners benefit most when personal and business taxes are considered in combination. It’s important to consider the right structure for your business to maximize tax efficiencies and to protect you and the assets you’ve accumulated within and outside of the business.
I know I should set up a contingency plan in case something happens to me. What does a plan look like and how much does it cost?
A contingency plan is crucial to ensure your business can persevere through challenging times. What happens if a fire breaks out in your manufacturing plant, customer data is lost or stolen, or a pandemic seriously affects your operations? A contingency plan involves accounting for potential difficulties like this, outside of the regular everyday challenges.
It involves planning for a situation where the business owner becomes critically ill, disabled, or dies. A contingency plan ensures that you, your loved ones, and your business will be covered for any of those events. Similar to protecting your business’ physical and intellectual assets, you can transfer the risk to an insurance company that will ensure your business and family are well covered if you’re faced with an unexpected illness, disability, or death.
I need to build a nest egg to provide my family with security. How can I grow wealth outside my business?
There are various ways to build your wealth and plan for the future. It’s important that your corporation is structured in a way that will allow you to help save and grow your assets more effectively.
I still have a lot of creative energy. What should I do when I sell my business? How can I leverage my ability to earn an income?
For many people, being semi-retired is preferable to full retirement. It may be that you’d like to earn supplemental income or that you just want to remain busy. Whatever the reason, you can plan to work part-time after you retire, whether it’s finding a new job, working as a consultant in your field or volunteering within your community.
As is the case in all areas of personal finance, the best strategy is always to properly plan and clearly define your goals. Going back to work in retirement can have many ramifications and discussing it with your advisor is crucial. We’ll help you make the right decisions so you can enjoy life while minimizing the effects on your finances.
