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…
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”…
Utilizing a NING Trust as Part of a Business Exit Strategy
The commonly stated goals of exit planning for a business owner is to exit their business on their terms, for the highest possible value (Or their desired value), in the most tax efficient manner. It takes time to implement the process to accommodate those objectives. When a business owner rushes to sell their business, many things can be overlooked including how to set up the exiting transaction in a way that minimizes taxation.
Preparing for an Unexpected Fatal Illness
Alright, I could think of many other topics to discuss with you that are more positive than this one, but this subject is an important one. We all may face a serious illness at one point or another in our life, and certainly our life will end eventually.
Handling Sudden Wealth: A Guide to Protecting, Managing and Utilizing Sudden Wealth
If you are a person that has just had the experience of a “sudden wealth” event, congratulations and be careful. The experience of sudden wealth, whether it is a sizable inheritance, a legal settlement, a business-related windfall, or a lottery win, is a life changer. It can be a blessing or a curse depending on how well you prepare yourself emotionally and financially. Sudden wealth requires careful consideration and planning.
Family Legacy Development: The Anatomy and Importance of Family Meetings
The expected wealth transfer from the baby boomer generation to the millennial generation is expected to be massive. According to a 2019 article from the “Business Insider”, the Great Wealth Transfer will see an estimated $68 trillion passed down from boomers over the next 30 years.
Begin the Journey of Developing a Family Legacy with a Family Retreat
In my previous article, “Preserving Family Wealth is a Generational Effort,” I mentioned that “Wealth equals capital, which equals potential (Wealth = Capital = Potential).” In other words, a healthier way to view family wealth, is to view it as capital that can be applied in a way that maximizes the well-being, purpose, love, productivity, family unity, and the positive impact the family can have on the community and causes that are near and dear to them. These attributes are capitalized on when a Family Legacy focuses on the three forms of family wealth (or capital), which are financial capital, human capital, and intellectual capital.
Preserving Family Wealth is a Generational Effort
Wealth within a family can be a double edged sword. It can serve as an incredible resource to benefit its family members, but it can also be destructive and divisive. Destructive in the sense that if not properly tended to and respected, wealth can destroy the purpose and outcomes of individual family members, and divisive in the sense that it can damage the bond between family members and cause a splintering of the family.
Asking Powerful Questions
Asking questions is a powerful way to lead yourself to deep understanding. Asking questions helps lead to personal breakthroughs. Asking questions is an important tool for effective listening, learning, understanding, gaining clarity and a useful tool to help develop a personal vision for yourself.
Exiting Your Business Happily, Often Requires a Strong Personal Vision
Exiting a business is a very significant event for most owners. Realizing the importance and giving attention to this step in the exit planning process, and doing so well ahead of the actual exit, will help position him or her to have a healthy, meaningful, happy life, after the exit occurs.
Steven E. Zeller
Steven Zeller is a CERTIFIED FINANCIAL PLANNER™ professional, Accredited Investment Fiduciary®, Certified Exit Planner, practicing Wealth Advisor, and serves clients nationwide. He has over 24 years of experience within his profession. READ MORE
What Steve Writes About
I write about the latest thoughts and topics that impact high net worth families, individuals, and business owners. The building and sustainability of family wealth and a business is an exciting journey, and I have a passion to help them along the way to grow and thrive.
The latest book that Steve is reading. He reads, all he can, material relevant to the high net worth family and business owners, so that he may pass it onto his readers.