Business Owners

What to Address Concerning Your Business

Aside from the hard work and long hours associated with running a business, in many cases owners have all their assets invested in their business. Additional time seems to be the most important resource they lack to properly plan for their financial future. As such, this impacts the financial/retirement well-being of their business partners, spouses, and children.

What to Address Concerning Your Business

Making random assumptions on what one’s business is valued can lead to financial shortfalls for all owners and their families. How a buy-sell agreement is set up for business owners is very important.

Estate analysis, succession planning, financial planning, ownership transition, and future leadership in the company are all important – but time-consuming – facets of business ownership. With some simple planning, critical situations can be addressed and avoided, giving you more free time and peace of mind.

Quality staff and key employees today are some of the most valuable assets in a business. An injury or disability can have a devastating impact on the current operations and future growth of the company. In most small- to mid-sized companies, key employees may be one of the owners whose absence from the company could mean a total loss for the company. Proper planning can avoid these tragic business occurrences.

Procrastination is by far the most prevalent factor found in business and in many areas of life situations. We always believe that we have all the time in the world and know that we will eventually get to plan financially for our business. Unfortunately, that usually doesn’t happen until it is too late! Failing to plan for retirement or succession is one of the main reasons family-owned or small businesses fail immediately upon the key person leaving the business. This could be a doctor, a sales executive, an architect, a lawyer, etc.

Hoping to sell your business when it comes time to retire might be your plan for financial independence. However, with expanding technology, global competition, product development, etc., your business may not be worth anything close to what was expected. That could lead to a difficult position when it comes time to retire.

As a business owner, there is never a shortage of taxes to be paid. With the ongoing changes in tax exemptions, regulations, tax laws, etc., how do you keep up? With these changes in regulations come opportunities to reduce taxes, if you know where to look.

Prosperity Through Preparation

By planning early, addressing your business and financial future directly, and not procrastinating, your business – along with your partner(s), staff, spouse, and children – can avoid these critical and very costly mistakes that many business owners make.

Understanding the proper financial products that are best suited for your needs is also key. Simply owning an insurance product, for instance, or investing in a retirement plan or annuity may not be the best solution. One must understand the up-front costs, ongoing fees, risk, and net performance of the product(s) before identifying if the product makes best sense for the business and its owners/staff.

At Valenzuela Financial Management Group, and along with our long-standing business partnership and marketing consultants, we have the resources to analyze your business, and come up with the necessary financial vehicles that are best suited for your business. We represent a large array of insurance companies, annuity firms, living trust, and risk managed advisory firms and investment platforms to address the investment, financial, and retirement goals for the business, its owners, and employees.

How can we help you and your business?

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