Managing Personal and Business Wealth

Many business owners spend so much time managing their business finances that their personal finances sometimes fall by the wayside. But the two are closely intertwined, so it’s important that your financial advisor have a complete understanding of both sides of this equation.

Think of your business as a wealth- and income-generating vehicle: One of your primary financial goals should be to devise strategies to ensure that your business is generating enough income to support your current lifestyle, and that you are taking distributions from the business in the most tax-efficient manner to improve your long-term financial success. As a business owner you likely update annually your business plan but when was the last time you have updated your personal and family wealth management plan?

Designing and Implementing a Qualified Retirement Plan

There is a wide range of different tax-advantaged retirement plans that can help you and your employees save money for retirement. These include traditional 401(k) plans, profit sharing plans, Simplified Employee Pension plans (SEPs), SIMPLE IRAs, and defined benefit or pension plans.

Or, you may opt for a non-qualified deferred compensation plan that enables you and your key executives on a discretionary basis to maximize the amount of money you can save for retirement. Together, we will discuss your goals with regard to retirement plans and structure the right plan for your business, your employees, yourself and your family.

As a plan trustee, your fiduciary requirements are being held to a higher standard than ever by the Department of Labor. The need for qualified guidance is more critical than ever to protect you and your business.

Succession Planning

After working your entire life to build and nurture a business, it’s critical to take steps to ensure that ownership and control of the business pass smoothly to others when it’s time for you to step aside. Failing to plan for business succession can result in numerous problems down the road for your company, employees, partners, family and heirs.

Conversely, having a well-thought-out succession plan in place well in advance of your planned departure can pay big dividends for all of your business stakeholders. A buy-sell agreement is the primary tool used by most businesses to ensure a smooth transfer to successor ownership, with minimal disruptions to business operations or your family should you unexpectedly die or become disabled. It is important that this legal document is not only be properly drafted but also fully funded to address areas of: death, disability and retirement.