Plan Your Future with Confidence
For Businesses
Financial Planning for Business Owners
Whether your financial goal is selling your business and retiring, distributing your assets to the next generation in a tax-efficient method, or protecting your assets from potential creditors, the first step is a sound plan. A well-planned goal can make the difference between an excellent outcome and a mediocre one.
Thinks About These Questions:
Do you have a financial plan and a succession plan for your business and your family?
When you sell your business what kind of lifestyle will that afford you?
If you own your business, what percentage of your net worth does that business represent?
Let’s start planning for your financial future today.
Succession Planning
According to Gallup News, less than 50% of Americans have a will. “Someday” is when most of us plan to get around to formalizing what we want to happen when we are gone. But “Someday” as Dr. Phillip C. McGraw (“Dr. Phil”) points out, is not a day. “Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, and Sunday are on my calendar. But Someday? No.”
We refer our clients to estate planning attorneys and carefully monitor and engage in the process.
Thinks About These Questions:
Do you know what will happen to your business and your family when you die?
Do you have a succession plan for your business? How will you pass the business on?
Do you know what will happen to them if you die intestate (i.e. without a will or trust)?
Let’s plan your legacy together.
Key Man Insurance
Life insurance is a very important tool, but it is one that is frequently misused. Think of this analogy… If life insurance is a crowbar, but we need to drive a nail into a board, then we are using the wrong tool. However, that crowbar can still be very useful in other ways; and like a crowbar, life insurance offers leverage.
Without proper planning, lack of liquidity is common at the death of a business owner. Life insurance creates immediate capital: (a) capital to buy out your partner’s interest in your company in the event of their death; (b) capital to fund your family’s everyday expenses when you are gone; and (c) capital to pay estate taxes.
Here is Something to Think About:
When was the last time you reviewed your life insurance with someone other than the person who sold it to you?
Let’s review your life insurance strategy together.
Risk Management
Business owners and entrepreneurs manage risk and strive to mitigate it. You need a comprehensive risk management plan, which can reduce or eliminate your financial exposure. Risks you face include but are not limited to general liabilities, employer liabilities, fraud and abuse, your loss or the loss of a key employee through disability or death.
Thinks About These Questions:
If you are on a Board of Directors, does that Board have Directors and Officers Liability Insurance?
We live in a litigious society. Do you need creditor protection? Are your assets properly insured?
What is your contingency plan if you can not run your business?
Let's Build a Secure Future Together.
Income Tax Planning for Owners
Whether you are a business owner or an employee, funding a retirement plan can help you defer taxes. For many business owners the choice is obvious: give the money to the IRS or fund a retirement plan for you and your employees. Let us start up a corporate retirement plan for you or take care of your existing one.
It’s not what you make; It’s what you keep. That’s what links financial planning and income tax planning. We work closely with CPAs to help determine what makes sense for you.
Thinks About These Questions:
Are you investing in tax-advantaged or tax-deferred investments?
Asset location is important. For example, taxable bonds may best be located in a tax-deferred account.
Should you consider tax-free investments?
Let’s build a tax efficient strategy together.
Corporate Retirement Plans
As a Certified Plan Fiduciary Advisor (CPFA), Mike Lambrechts brings specialized expertise in managing corporate retirement plans. Our goal is to ensure your plan design is optimized to benefit both the business owner(s) and their employees. We take the time to meet with your entire team, providing clear guidance on the plan’s benefits and functionality to ensure everyone understands how to maximize its value. Every plan participant is provided with direct access to the plan advisor for personalized assistance and to address any questions they may have.