Category: Business Owner

Basic, Business, Business Exit Planning, Business Owner, Family Legacy, Life, Lifestyle, ...

What’s Your Purpose in Retirement? 

Retirement can be an exciting milestone. It’s also a major lifestyle change. Oftentimes, your daily workday tasks (professionally or if you run your own business) will likely no longer exist. Transitioning into retirement for some is an easy process. Perhaps their profession is not their absolute passion, and they always had other pursuits and hobbies they are ready to explore once exiting from their day job. But for others, their profession or business is their passion. They put all their…

Business, Business Exit Planning, Business Owner, Retirement Planning, Review, Tax Planning

How a Business Owner Can Utilize an ESOP to Exit Their Business 

One of the more challenging steps for a Business Owner in planning their exit is determining the best option for selling their business, which is often based on their personal situation, goals for the company, employees, and family members. However, one of the more tax-efficient strategies and options for the sale of the business is the Owner selling to an ESOP or an Employee Stock Ownership Plan. An ESOP is a tax-qualified retirement plan (profit sharing and/or money-purchase plan) that…

Business, Business Exit Planning, Business Owner, Retirement Planning, Review, Tax Planning

How Business Owners Can Increase Value in An Economic Downturn 

Economic downturns can be stressful for business owners. It’s great riding the waves of increased business revenue and profit during economic upswings, but being prepared for downturns are just as important, if not more, for a few reasons: The first is that you want your business to be able to weather the storm and survive with minimal sacrifices and while not becoming more vulnerable to competition. The second is that during a downturn your business can become “leaner and meaner”…

Business, Business Exit Planning, Business Owner

A Methodical Way to Increase the Value of Your Business – As Part of An Exit Plan 

Let’s face it, when you reach the point of your career as a business owner and becomes time to start planning your exit, you will ultimately want to exit your business by either selling it to company insiders, family, or to a third party, for the highest possible price, in the most tax efficient manner, and on your terms.

Business, Business Exit Planning, Business Owner

When is the Right Time to Get a Valuation of Your Business in Planning Your Exit? 

As I have mentioned many times before when writing articles on business exit planning, doing a proper exit plan takes time and usually requires a methodical process. Over the years, I have developed an exit planning process that was manifested out of the knowledge of a comprehensive financial planning process, and what I have learned over many years of being a member of the Business Enterprise Institute.

Business Exit Planning, Business Owner, Tax Planning

The Business Owner Will Exit Their Business, One Way or Another 

When discussing business exit planning, there are some interesting statistics: 100% of business owners will leave their businesses, whether planned or otherwise; 79% pf business owners plan to exit their businesses in the next 10 years or less; 80% of owners believe that a successful exit will result from planning and action items they implement. But here is the catch – only 17% of owners have created a written plan… and often it takes 3 to 5 years to develop one.

Business Owner

Protect Your Business with a Solid Continuity Plan 

Protect Your Business with A Solid Continuity Plan A great characteristic of successful business owners is that they are optimistic people. They have a “can do” attitude, setting their goals high, taking risks, hiring the right people, constantly striving to improve the delivery of their service or product, with a constant drive to build their entity into one of great significance. As a result, the experience of building a successful company may give the owner great pride of their achievements,…

Business Owner

New Year Resolutions for the Business Owner : 10 Things to Consider Before the New Year 

For many business owners, the end of the year is not only a time for reflection on the events, accomplishments, challenges, etc., that occurred during the year, but also to gear up for the coming year. Although, it may be easier to take the time off and wait until the New Year to begin your business goals and resolutions, it can be very beneficial, from a business and personal standpoint, to finish the planning in December. Instead of treating January…

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