Business Owners

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Specialized Financial Planning for Business Owners at Every Step

Business owners face a unique set of circumstances when it comes to investing and financial planning. Here at BWM we work with many business owners and are keenly aware of the pain points and needs of business owners. Whether an owner is in the growth stages of a business or looking for a way to exit, we help.

During the growth phase of running a business, owners spent 100% of their time and energy on their business. Even though they are constantly planning for their business needs, they rarely have a spare minute to look after their personal planning needs. It is incredibly important during this time that business owners lay the groundwork of a solid financial plan that they can build on for years to come.
During the last stages of their business career business owners will start to look to transition leadership or sell their business. This is perhaps the most crucial decision-making time for a business owner. Selling your business is likely a primary source of funding for your retirement. A well-thought-out plan ensures that the proceeds from the sale provide sufficient financial security to support your desired lifestyle during retirement. It involves assessing your retirement income needs, evaluating the potential sale proceeds, considering tax implications, and developing a post-sale investment strategy.

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A Comprehensive Plan for Business Owners

A business owner needs a comprehensive plan that ties all aspects of their life together. Setting up proper legal frameworks, tax strategies, and investment options can pay major dividends down the road.

Legal

Different structures, such as sole proprietorship, partnership, limited liability company (LLC), or corporation, offer various benefits and tax treatments. For example, forming an LLC or corporation may provide liability protection, and certain entities can offer tax advantages like pass-through taxation or opportunities for deductions. Additionally, proper succession planning should be put in place to ensure your business can continue in your absence. This may include key man life insurance and buy-sell agreements.

Tax

Understanding and utilizing tax strategies, as well as available deductions and credits can help reduce your business’s taxable income. By strategically deferring or accelerating income and expenses, you can potentially lower your overall tax liability. For example, deferring the receipt of income to the following year or prepaying deductible expenses at the end of the current year can help reduce your taxable income. Additionally, certain tax credits, like the Research and Development (R&D) tax credit or the Small Business Health Care Tax Credit, can provide further tax savings. Working with a knowledgeable tax advisor can ensure that you take advantage of all applicable deductions and credits specific to your business.

Investments

There are many tax-advantaged investment options for business owners. Setting up a SEP IRA, SIMPLE IRA, or 401k can more than pay for itself through the taxes saved. But the right choice will be based on many factors, like the number of employees, the life stage of the business, and the cash flow consistency of the business.

Ready to work with us?

Schedule an introduction meeting today and find out how we can help you navigate through wealth management, retirement planning, estate planning, and tax planning.

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