Helping Your Business Grow
As a business owner we keep moving and as we keep moving we start growing. As we grow, new obstacles and new opportunities present themselves and sometimes it feels like too much to handle. As you turn to your tax professional and bookkeeper, it is important that you turn to your other advisors as well. It’s impossible to manage everything on your own which is why it’s important that you have a team of advisors. We pride ourselves in communicating with your other advisors to ensure that we are doing what you are paying us for. We will focus on our professions so that you can focus on yours! And if you don’t have this team set up, give us a call, because we have many professionals that we would be glad to recommend.
Business Continuation Planning
The first question to ask is, would your business continue if you passed away, became disabled, or retired? If so…how would it continue? Many situations can be avoided with a little simply planning. Many partners find themselves in the unfortunate situation where a partner passes away and their child, who knows nothing about the business, becomes their new partner. Or that partners passing forces the other partners to dissolve the company. Or the money is being used to keep the company going and there isn’t enough money to hire a replacement, or pay off the family in order to split the remaining interests among the remaining partners. Although much of this can be achieved with insurance, an attorney, bookkeeper, tax professional, and many other advisors are essential in this planning. Make sure that any advisors you bring in are more than happy to work with the others. If an advisor tells you they work alone, then leave them alone and don’t hire them.
As a business owner sometimes you need someone to remind you to start saving towards retirement. We sometimes get so focused on building the business that we don’t think to build our retirement. We say, “my business is my retirement”, but we don’t really do what’s necessary to prepare it for sale when we retire, and in many cases we never retire… As we know, a plan is necessary to make any goal a reality, so if you want to retire, make it a goal. Although it may seem like you have no time for anything other than your business, if you don’t “Make” time to plan, you will burn out and only have time to be “tired” of not having time. Whether it’s starting a retirement account or preparing your business to pass on to the next generation with a buy/sell agreement, you need a plan to move from “tired”, to “retired”. So start gathering your team and start moving towards retirement.
There are many risks that you manage as a business owner because you know your business. You know the ups and downs and you know what happened to others in your industry. But some of the risks are not exactly related to your business, but they do happen. Whether it’s a long term disability, a unexpected death, or even a significant change in your company, you likely will need help. Don’t go out at it alone, let your team of advisors help. It’s surprising how easy life is when you plan to succeed, and how hard life is when you fail to plan.
With all the changes in the government right now it’s important to have an advisor you trust. Whether it’s getting group policies that the company pays for, or a plan that allows the employees to pay their part, there are plans for every company. And with the new deadline looming on March 31st for individuals, your employees may be praying that you offer a group plan, because if they don’t buy health insurance by 3/31/14, then aside from special circumstances, they will not be able to get health insurance coverage until 1/1/15, unless businesses like you offer it to them. Just another reason that it’s important to have a team of advisors to make sure every decision you make is a thought out one.