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”…
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.
The SECURE Act: Some Planning May Be Required
Surprise! Surprise! In the month of December, 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” Act, known as the SECURE Act, and President Trump signed it into law. Although, this law does have some minor reliefs or enhancements within it, it pretty much throws out the “Stretch IRA” provision of the past. Overall, this new law can be viewed as another step to increase tax revenue by the forced acceleration of IRA or retirement plan withdrawals. Keep…
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.
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