Besides helping with Business Succession planning, how else can your Financial Planner help? Welcome back everyone to Finance Friday. Our question of the week comes from A.B.
“Besides Succession Planning, what other things can my advisor help me with for my business?”
This is a great question A.B. In a perfect world, Financial Planners and Advisors can help you from the get-go as they say. In the beginning stages of starting or purchasing a business, planners can help you prepare or review your business plan, help set up insurance policies for Buy Sell agreements, and help you prepare for any lending that you may need.
As your business continues to grow, planners can help to identify strategies that can maximize your earnings and minimize your taxes and expenses. If retaining talent is part of that growth, they can present different benefit strategies, like setting up a 401K or group insurance for employees.
Finally, as we’ve spoken here in the last 2 weeks, planners can help you once you are starting to wind down and want to do something different. They can help you through the emotional part of separating from the company that you built.
The main takeaway is that your Financial Planner should be there from the start. They will be there with strategies to implement to make sure they fulfill your requests, as long as you have constant communication about what you are wanting to do with your company of course.
Now it’s your turn. If you’re a business owner or would like to be one, what would you like for your advisor to help you on? Remember to submit your questions and thoughts on our discussion to hector@hrcfin.com. Don’t forget to follow HRC Financial on Facebook and LinkedIn for more Finance Friday Tips and Insights.
Thank you for your time this morning and have a wonderful Memorial Day weekend!