Category: Retirement Planning

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”…

Family Governance, Family Legacy, Retirement Planning

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.

Business, Family Governance, Family Legacy, Motivation, Retirement Planning

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.

Business, Family Governance, Family Legacy, Motivation, Retirement Planning

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.

Business, Family Legacy, Motivation, Retirement Planning

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.

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