Making Decisions About Your 401K After Switching Jobs or Retiring
For those who have changed jobs or retired, you have learned that you have options regarding your 401K plan post-employment. In short, you can; take the balance and spend it, keep it in the former employers 401K plan if permitted, roll it to an IRA and self-manage or roll it to an IRA for an…
Succession Plans for Privately Held Businesses – Part III
In the last two weeks, we’ve talked about the different parts of planning for business succession. In our first article, we talked about the operational preparations that must be made (read the article here). Then last week, we started discussing the financial implications of business succession, including valuations of the business and any real estate…
Succession Planning for Privately Held Businesses Part II
Last time, we wrote about the operational side of succession planning. In case you missed it, you can read it here. Continuing with our series, we’re moving on to the financial side of succession. There are a few key ingredients: who will become the new owners of the deceased shares, and what are the financial…
Making Cents : Game Changing Life Transitions that need Attention
Most people approach their financial planning on a piecemeal basis. They look at their portfolio every now and then. They talk to an estate planner every 10 or 20 years, even though it should be more frequent. They buy their life insurance in a vacuum and never look at it again. They buy and sell…
Succession Plans for Privately Held Businesses – Part 1
The Operational Side of Succession Planning As an owner of a private business, you know that nothing lasts forever. And that includes you, your management team, and other key players in your business eco system. I’d like to start the conversation as if the majority, if not all, of this privately owned business is…
Making Cents: How do you know when it is Time to Sell your Business
If there’s one big mistake that business owners make, it’s failing to exit their business on their terms and within a proper time frame. Simply put, too many owners stay in the saddle too long and miss the opportunities to time their exit well. They miss it for a myriad of reasons. Some don’t make…
Making Cents: Family Business Succession – Enhancing the Odds of Success
The odds of successfully transitioning a business from one generation to the next are extremely low. In fact, as each generation grows to the point of needing a successor, it is even less likely that a transition to the next generation can be successfully accomplished. Succession is something that should always be on the minds…
MAKING CENTS: Clever Terms to Investigate
Financial services marketers are quite clever at getting you to see their point of view. In their creative genius, they use words that sound quite appealing to most people and utilize those words to fit your situation making what they’ve got to sell sound like your only solution. The first such word is guaranteed. You…
Making Cents: Where Entrepreneurs Go Wrong
The lives of many entrepreneurs frequently get defined by their business. Business owners are typically smart, hard driving people with their eye on one thing only – SUCCESS. Entrepreneurs take on an alter ego that makes it very difficult to separate their lives from their business lives. There are six common missteps that, if avoided,…
Making Cents: Where Entrepreneurs Go Wrong In Their Own Wealth Planning
Entrepreneur’s lives are frequently defined by their business. Business owners are typically smart, hard driven people with their eye on one thing only-SUCCESS. This can make it tough to separate their personal lives from their business lives. There are six common missteps, which if avoided, can make wealth planning more effective. It can take 24/7…