Business Owners
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Unexpected events often have bigger risks for business owners than many other people. Family members, employees, and even communities can face devastating consequences due to a business owner’s death or permanent incapacitation. Fortunately, there is…
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By Michael Torney, CFP®, J.D., LL.M. Most owners work constantly to build their businesses. They are always seeking to find new customers, increase revenues and maximize profits. Yet, many don’t know how much their business is…
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All business owners eventually exit their businesses – by choice, death, or otherwise —no matter how successful, powerful, or high growth they are. And like building a successful business, a successful exit is usually the…
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Consider this scenario: A traveler wakes up in a foreign place with three things—the clothes on their back, a map in a language they can’t interpret, and 10 coins. As they begin walking down what…
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By Wesley Sebacher, CFP® Managing healthcare and dependent care expenses can be a significant financial burden for many individuals and families. However, by leveraging the benefits of a Dependent Care Flexible Spending Account (DCFSA) or…
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“The best-laid schemes of mice and men gang aft agley.” -Robert Burns What should you do if a plan you made isn’t working? Let’s look at how exit planning can position business owners to successfully…
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Planning for a successful future can seem overwhelming. Where do you start? How do you make time? Which questions should you ask? Today, we’ll present a process that can help you organize your thoughts and…
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By Michael Torney, CFP, J.D., LL.M. Most entrepreneurs have a single focus – working to make their business successful until it is generating steady profits. To achieve that goal, they often invest 100 percent of their…
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As a business owner, is it a good idea to hire a “professional president” to keep various managers focused? Today, we’ll present some potential benefits of a professional company president. Shepherding Success Successful business owners…
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“How hard can planning my exit really be? I already made it valuable, so all I need to do is find someone to buy it for what I want, right?” If you’ve ever watched a…
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Many business owners eventually reach a crossroads where their families want them to slow down and take it easy, even if they aren’t ready. This can be even more challenging if, as one business owner…
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Hello everyone and welcome to this month’s Ask the CFP® segment. This month’s question is, “How much life insurance do I need?” As with many financial questions, the answer is unique to each and…
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For many business owners, the business is more than a means to make money—it’s a part of their identity and a link to the past. This can make the idea of leaving it, and committing…
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By Michael Torney, CFP, J.D., LL.M. Business owners considering selling their companies usually have a few options – such as selling to a local competitor, family member(s), a large chain, or a private equity firm. But…
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Business owners are used to having control. But some things are uncontrollable, and without a plan, those uncontrollable things can create negative consequences that reverberate. Consider the story of a fictional but representative business owner…
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Many business owners choose to sell their businesses to third parties for several reasons. If you’re thinking about pursuing a third-party sale as your business exit strategy, consider these four steps to prepare yourself for…
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Keeping the business in the family or among trusted employees is a point of pride for many business owners. And some heirs apparent truly can’t wait to run the business. Today, we’ll raise some important…
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Business owners deserve to get full value for their businesses when they decide to retire. But who determines what “full value” is, and how do you create it? Let’s look at three strategies you can…
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Running a successful business that generates wealth is incredibly satisfying. If there’s a downside, it’s that much of that wealth is generally illiquid, unless you sell the business or invest outside of your business. Today,…
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A big part of being a successful business owner is your ability to ask questions. This innate curiosity allows your business to thrive, adjust, and evolve. It’s also a good way to begin planning for…
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When you co-own a business, you likely don’t go into it thinking, “One day, we may loathe each other.” But over time, goals, ambitions, and the economy itself can change, creating strife among co-owners. And…
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Planning for a successful future can seem like an event—a thing you do in the course of business. However, in many cases, this planning is much more like a relationship: with your loved ones who…
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One of the biggest changes your business will inevitably experience is a transfer of responsibilities. Transferring important responsibilities to someone else can be exciting and nerve-wracking. Whether you’re transferring ownership to a family member, or…
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Many successful business owners are successful because they think about things differently than most people. Others may recognize your personal brilliance and say to themselves, “I wish I could understand how she does it.” This…