Financial Advisor For Business Owners

Why do business owners have unique financial needs?

Small and mid-size business owners are the backbone of the US economy. They spend years building up their companies and ventures. Business owners have a unique foresight that drives their pursuit of success. They invest a significant amount of personal capital and money in their companies.  Those who succeed can go public or pass their wealth to the next generation.

While focused on growing their business, entrepreneurs often ignore their personal financial planning needs and delay their retirement savings. For many entrepreneurs, the value of their business becomes their most significant asset and the only source of retirement income.

Integrate your business and personal goals.

We want to be part of your success story. The most crucial step in our personal financial planning process is helping you set your personal and business goals in a way that makes sense to you. Our priority is to ensure that your business interests do not interfere with personal financial goals. Together, we want to find the right balance between your business and personal well-being.

Retirement Planning

A financial advisor For business owners, we know that robust retirement planning is a cornerstone to achieving your success.  For some business owners, selling their business is their only retirement option. As your trusted partner, we want to give you more options. We see your retirement savings as an essential buffer from the locked-in value of your business. By growing your retirement savings, you will have a diversified and independent source of future income.

401k plan

For business owners with multiple employees, the 401k plan is an excellent way to save for retirement. A 401k defined contribution plan can boost your employee’s loyalty, increase retention rate, and lower your taxes. As a 401k plan sponsor, you can design a retirement plan that meets your business and personal goals at the same time.

As fiduciary advisors, we can help you navigate smoothly through the complex regulatory, fiduciary, and tax rules of opening and maintaining an employer 401k plan.

We partner with Vanguard Retirement Services to provide you with a cost-effective 401k plan tailored to your specific business needs. Our 401k plans offer the full range of Vanguard low-cost index funds and ETFs.

Solo 401k plan

Solo 401k plan is an ideal retirement saving option for solo entrepreneurs, self-employed proprietors, and business owners employing seasonal and temp workers. Solo entrepreneurs can save aggressively for your retirement through your solo 401k plan.  The single-member plan allows you to contribute s both an employer and an employee. The solo 401k plan has many of the advantages of the traditional 401k plan but with a lot more flexibility and less regulatory scrutiny.

Defined Benefit Plan

A defined benefit plan can be an appealing option to save for retirement for many high earning business owners at higher tax brackets.  Defined Benefit Plans work best for business owners who are at least 35 years old and want to make retirement contributions beyond the current limits of their 401k plan or SEP IRA.

Tax planning

Strategic tax planning is essential for high earning business owners. Partnering with a trusted tax expert will help you make well-informed decisions that can optimize and reduce your personal and business taxes in the long run.

Tax Cuts and Jobs Act of 2017 made significant changes in the tax law allowing qualified pass-through business owners to deduct up to 20% of their net business income from their income taxes. Eligible businesses can effectively reduce their income tax rate by nearly 20%.

Estate planning

Estate planning is the process of arranging the disposal of your assets in case of unforeseen life events. It further involves your family members, corporate partners, and employees. Estate planning starts with setting up a family trust and personal will and will also affect financial, tax, medical and business planning. Additionally, you can use estate planning to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses. The goal of estate planning can be determined by your specific goals and may be as simple or complex as your needs dictate.

Secure financing

Every new business idea requires capital to start. The success of your idea may depend on your ability to secure funding. Sometimes, the funding comes from your personal savings. Other times, you will need to seek external financing within your social circle or a financial institution. You can even offer an equity stake in your business in exchange for financing. As your partner, we can help you minimize the overall cost of capital by exploring multiple financing channels.

Plan for business succession

The complexity of your succession plan will depend on the size, industry, and legal status of your business. A successful business venture will have a high impact on multiple corporate stakeholders at the same time. Key stakeholders are all business owners, employees, contractors, vendors, clients, landlords, and suppliers. Creating a business succession plan will ensure that all parties’ interests are met in the event you decide to discontinue your business or pass it to another person.  Moreover, a robust plan will address numerous tax and financial issues that will result from the succession.

Exit planning

Whether you are ready to move to your next venture or simply want to spend more time with your family and loved ones, exit planning will play a key role in your business and personal success.

Business owners who are planning to sell their business must consider a wide range of tax, financial and legal implications alongside changes in lifestyle and pace.

As your trusted advisor, we want to ensure that you take full advantage of the endless years of hard work and sacrifice. We want to help you a rock-solid exit plan that can help you achieve your personal goals.