Small Business Owners
Choosing to become a small business owner typically means facing an interesting path to making that business successful, and no two models are the same. Often times, years of minimal profits or even losses, and almost certainly large capital expenditures by owners/partners can make it a very trying endeavor – both financially and emotionally.All businesses reach a point of transition along the way and are faced with a decision of whether to maintain, expand, or monetize the business. Each of these outcomes involves different challenges and a wide variety of actions a business owner can take to maximize their business value and wealth. It is at these critical points a business faces where we can be valuable advisers to help owners find the optimal solution.
Business succession planning can be one of the most critical, yet most often neglected challenges a business owner faces. In a majority of cases, a business owner hasn’t even given a thought to a succession plan until a life or financial event happens that forces it to be considered. Valuing a business is another major hurdle a business owner must face, especially in terms of monetizing the business or trying to structure an appropriate succession plan. A well designed succession plan can assure that not only is a business secure in the event of a disaster or major change with ownership, but that the business owner has positioned themselves to effectively use the business’ value to reach their own goals of financial security. We know the importance of this piece of planning for business owners and have made it a primary focus of our recommendations.