What keeps you up at night?
Growing your business, obviously. But what else? Finding and keeping top talent? Navigating tax laws to ensure compliance? Managing risk?
We’ve outlined some major challenges that leaders at all types of organizations face. If you have some worries of your own, contact us to speak with a business expert who has probably been in your shoes – or at the very least has advised someone who has dealt with what you’re up against.
Q: I want to offer benefits to my employees, but can’t afford many of them. Are there any benefits that I could offer my employees without having my company contribute to them?
A: Yes, there are many payroll-deductible options, ranging from insurance to retirement plans, that you could offer to your employees without any financial burden to your company.
Many of these offerings will even allow your employees to benefit at group rates without your sponsorship.
Q: How often should we be reviewing our Investment Policy Statement (IPS)?
A: An Investment Policy Statement (IPS) is a document, generally between an investor and the assisting investment manager, recording the agreements the two parties come to with regards to issues relating to how the investor’s money is to be managed.
IPS review is recommended once a year at the very least. However, referring to it on a monthly and quarterly basis will ensure that it is relevant to your current state of business.
Q: What are some of the largest mistakes you see business owners make?
A: The most common mistakes we’ve seen are the lack of review of buy-sell agreements and the lack of planning for sole proprietors in the case that something unexpectedly catastrophic should happen to them.
For any type of business, buy-sell agreements should include clauses around what happens to shares, equity, and other assets in the case that something catastrophic happens to them (the owner or the buyer). This is especially important in the case of sole proprietors.
Without benefactors in place, buy-sell agreements can be extremely difficult to sort through, and the ramifications can be severe on both sides.
Q: When is the appropriate time to visit an exit strategy?
A: For anyone starting or thinking of starting a business, the exit strategy should be part of their business plan.
Q: I operate a start-up company. What areas of financial planning should I most be concerned about?
A: First, start with the end in mind. Do you plan to build a business and sell it off? Do you intent to grow the business to a profitable stage and reap the benefits and income? Do you plan to pass the business on to your children?
You might be surprised to learn how many owners of start-up companies haven’t thought about this path before starting the company. It’s critical that you (and your business partners, if you have them) determine your end goal early on.
Q: What would be the return on investment (ROI) for a business owner who meets with you?
A: Traditionally, “ROI” is associated with the term “Return on Investment.” While our goal with some clients is to help them achieve a return on their securities, the “ROI” that defines our company is associated with the term “Reliable, Objective Information.” We strive to provide educational information to business owners and key personnel so that they can make sound financial decisions for their companies.
Our goal is to add value in our very first meeting with business owners by exposing issues that they might not have been aware of previously. We understand that time is money, and our goal is to help each business owner we meet with – regardless of whether he or she becomes a client.