Business Advisory
If you’re like many successful business owners, you worked long and hard to make your business what it is today. And the day-to-day demands of running your company may have distracted you from taking the time to develop a successful strategy for your retirement.
We understand that taking all the necessary steps to protect what you built and staying ahead of the competition to continue to grow, takes time and effort. You probably work with multiple professionals such as an accountant, attorney, insurance agent, financial planner and other professionals, but they probably have never come together in one room to discuss how a decision made by one of them will affect your overall financial picture.
We are committed to become your quarterback for all your financial decisions. We will guide you in implementing the right business strategies to generate the highest possible tax deductions and increase your cash flow so you are able to concentrate on your business goals and dreams.
Our plan focuses on 7 main areas
A. Personal net worth statement: A snapshot of assets and liabilities serves as a benchmark for measuring progress towards financial goals.
B. Cash flow analysis: An income and spending plan determines how much can be set aside for debt repayment, savings and investing each month.
C. Retirement strategy: The plan should include a strategy for achieving retirement independent of other financial priorities. The plan should include a strategy for accumulating the required retirement capital and its planned lifetime distribution.
D. Comprehensive risk management plan: Identify all risk exposures and provide the necessary coverage to protect the family and its assets against financial loss. The risk management plan includes a full review of life and disability insurance, personal liability coverage, property and casualty coverage, and catastrophic coverage.
E. Long-term investment plan: Include a customized asset allocation strategy based on specific investment objectives and a risk profile. This investment plan sets guidelines for selecting, buying and selling investments and establishing benchmarks for performance review.
F. Tax reduction strategy: Identify ways to minimize taxes on personal income to the extent permissible by the tax code. The strategy should include identification of tax-favored investment vehicles that can reduce taxation of investment income.
G. Estate plan: Create arrangements for the preservation and distribution of assets with attention to minimizing settlement costs and taxes. Review and update estate panning instruments, such as wills, inter-vivos trusts, power of attorney, medical directives, and marital trusts.
Cash Flow Analysis
Without a cash flow statement, it may be difficult
to have an accurate picture of a company’s performance. The income statement will tell you how much interest you paid on a loan and the balance
sheet will tell you how much you owe, but only the cash flow statement will tell you how much cash was consumed servicing that loan.
The income statement will record sales and profits but it’s the cash flow statement that will alert you if those sales aren’t generating enough
cash to cover expenses and to help with making important future planning decisions.
Risk Management
While you grow your business and build wealth, there are factors that can create massive stumbling blocks if not anticipated and dealt with. We believe a properly structured Risk Management Plan should protect you from taxes, lawsuit, divorce, sickness and death.
A sound risk management strategy can help protect your family, business and partners from the financial consequences of those events. A strategy may include a combination of the items listed below.
A. Personal & Business insurance plans (life, disability, health, liability, business continuity)
B. Buy/ Sell agreements
C. Operating agreements
D. Wills/ Trusts
Retirement Planning
As you may know, SS will never be enough to retire on or provide for you and your family with what you have in mind and so retirement planning is important. Traditional planning involves the popular 401(K), SIMPLE IRA or SEP accounts, however, our firm understands that if not designed properly these accounts will never be sufficient for long term savings and tax efficiency.
As a result we believe it’s our job to bring you better ideas and strategies to help you reach your goals. We will design robust plans that will work for you as well as your employees while providing better tax benefits today and tomorrow.
Exit Planning
What kind of “Exit Plan” allows a business owner to leave his business in style? And, just how is one created? Of course, plans vary but, properly crafted, each Exit Plan has several common elements or is the result of a proven step-by-step process. We believe owners often best grasp these elements, or steps, when framed as questions our team will ask. Below are some of the options you may have:
1. E.S.O.P
2. E.I.A.P
3. Internal transfer
4. External transfer
5. Family transfer