Business owners
Business ownership creates financial decisions that are different from those facing an employee.
Your business and personal finances often affect each other.
Review buy-sell arrangements, key-person coverage, executive benefits, business continuity, succession, sale planning and estate liquidity.
Coordinate protection for the business with protection for your family.
Business owners sometimes need an expert to look at the business with them to make sure it is performing to potential, with only the expenses that are truly needed, and that money is managed efficiently. This pertains not only to insurance, but other matters as well, including people. Most businesses either do their own monthly accounting, and turn it over to a CPA for tax preparation, or utilize a bookkeeping service. The information they have is historical—what went on in past years. Sometimes a trend appears, and sometimes an analysis is done, but often not.
A while back I spent a short time with a client going over a retail operation with nine stores, which consistently required an input of cash. In addition to the owner not being able to draw money, there were people issues he was uncomfortable addressing that were slowly dragging the business down. By asking the right questions, and examining the numbers, and assessing the owner’s state of mind (and his wife’s), I provided clarity as to what was going on, and what it would take to fix, including letting some long-time people go. It was an emotionally tough experience, but he concluded, correctly, that he needed to retire and sell the business for financial reasons, and mental health. He did just that over the next 6 months, and they now travel, sleep late, and look and feel a lot younger.
Your business and personal finances often affect each other.
Review buy-sell arrangements, key-person coverage, executive benefits, business continuity, succession, sale planning and estate liquidity.
Coordinate protection for the business with protection for your family.