Business Owners

 

I want to sell my business. Where do I start?
 
A good place to start is to determine the value of the business, so as to establish a realistic sales price range.  Also, it is prudent to analyze how to minimize taxes on the sale of the business in order to maximize the income one would actually receive.
 
 
How do I groom current employees to take over my business so I can leave?
 
As a successful business owner you have acquired unique skills to operate your business profitably.  Consider setting up a mentoring process to transfer these skills by personally training key employees to think like business owners.
 
 
I am afraid my key employees will leave as I try to sell my business.        
 
Consider creating a "stay bonus" plan for key employees so as to provide them motivation to stay with the business after your departure. 
 
 
What if my key employee quits tomorrow?
 
Consider implementing an "incentive program" with a vesting schedule for the key employee(s).  You would in essence be creating a mechanism to place "golden handcuffs" on the employee(s), better ensuring long-term benefit for the employee(s) and continued growth of the company.
 
 
An employee was unexpectedly hospitalized, and we had a hard time figuring out how to do their job.
 
Consider creating and implementing a "procedures manual" that details everyone's daily work responsibilities to help enable any employee to pick up the manual and follow the step-by-step procedure of any particular job.
 
 
How do I get the most from my employees?
 
Consider incorporating a "behavioral testing" methodology to ascertain each employee's strengths and weaknesses.  Help them build on their strengths, aligning them with the goals of the organization.   
 

My family and I rely on the business for a significant part of our income.  How do I make sure they are taken care of if something were to happen to me?

Consider implementing a "wage continuation" plan designed to minimize the risks from future unforeseen events.  The plan would be based on your objectives for future revenues from the business.

 

I want to protect my personal assets from exposure to liability, but I don’t know how.

Consider removing all personal guarantees from business obligations and setting up a limited liability entity with your resident state, thereby reducing the risk to your personal assets.
 
 
How can I maximize what I take from my business while minimizing tax liability?
                                                                       
Consider coordinating all your benefits in order to better maximize your income while at the same time minimizing the impact of tax liability.  Before acting, be sure to consult with a tax or legal advisor.
 
 
How do I keep pace with inflation and grow at the same time so I can increase my spending?
 
Consider regularly "repositioning" your portfolio by keeping it well-diversified and aligned with your latest objectives and periodically rebalancing it to minimize market volatility. 
 
 
Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck