Integrated Decisions: Merging Business and Personal Finances
Do you know the #1 reason small businesses eventually fail? Up to 82% of failures directly result from owner-related cash flow problems. When you drill down into this group, a common trend emerges. It reads like this: Owner invests in growth, despite risk. Risk turns out to be riskier than thought. The owner’s personal finances…
If a picture is worth 1,000 words…
…what is a video worth? Being a part of a fully integrated wealth management team is an honor few can claim. We have built this firm one person at a time, one client at a time. Clients have been carefully selected because they are fun to be with and appreciate our integrating everything that involves…
Making Cents: Your Own Team Assessment
Just like a professional sports team, it would be a wise idea for you to review your entire team of service providers. There is no time like the present to evaluate that you have assembled the right professionals to help you keep your financial house in order. The hardest part about this evaluation is judging…
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…