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What Retirees Should Consider After Selling Their Business

Completing a successful business exit is often the result of many years of hard work and advanced planning. This process is known as business succession planning and when undertaken with the support of an experienced and qualified financial team, advisors and attorneys can allow you to close one chapter of your life, but successfully open

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How To Prepare Mentally To Sell Your Business

Maybe you’re thinking ahead about retirement or are simply no longer challenged by what’s offered in your business. Perhaps there is someone ready in waiting, ready and waiting to step into the role of leader, such as a family member, or a trusted employee. But financial considerations and simply feeling like it is the right

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Why A Financial Plan Is So Important For Addressing The Possibility Of Disability

Many people recognize that big factors in their life, such as what they want to achieve with estate planning, and their own retirement goals will influence their financial plan. But it can be a big mistake to neglect the possibility of disability. One in four US adults already lives with a disability. This presents unique

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What Retirees Should Consider After Selling Their Business

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Category: Retirement Planning

Completing a successful business exit is often the result of many years of hard work and advanced planning. This process is known as business succession planning and when undertaken with the support of an experienced and qualified financial team, advisors and attorneys can allow you to close one chapter of your life, but successfully open another.

On the one hand, a business exit is exciting. It’s the culmination of a lot of work and it opens the door to new opportunities for you. But it’s not always easy to make this transition or to find the right balance for your life.

A business exit brings about the conclusion to many issues, and cancels out plenty of questions you might have had in the past. However, it can be a big mistake to think that your planning process is over after you have dealt with exiting the business. Even if you are not working full time, having extra money can be very beneficial for allowing you to move into retirement successfully.

Make sure that you consult with qualified financial and business professionals when you find yourself thinking about making a business exit. From improving your financial situation to maintaining better overall physical and mental health, there are plenty of reasons to pick up a side hustle, or to continue with a part time business or employment situation. This also calls you to reevaluate your financial positioning and decide whether you may need to alter your current tax and estate planning considerations.

Talk to our team today about these big transitions in your life and how to protect yourself in each of them.

How To Prepare Mentally To Sell Your Business

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Category: Business Planning Uncategorized

Maybe you’re thinking ahead about retirement or are simply no longer challenged by what’s offered in your business. Perhaps there is someone ready in waiting, ready and waiting to step into the role of leader, such as a family member, or a trusted employee. But financial considerations and simply feeling like it is the right time don’t address all of the mental challenges associated with stepping away from your business. For many business owners selling their company is one of the biggest events in their life.

Without the right mental preparation to sell the company, the wholesale can feel very overwhelming, and this can represent a big change in your day-to-day schedule. Some of the best ways to approach the process of mentally preparing to sell your company include:

  • Consider the reasons that ultimately motivated you to select this transition. Think about how you can start putting pieces of those in place now. For example, if you intend to retire, what are three things you’d like to accomplish in the first 90 days of your retirement.
  • Think about the journey and appreciate some of the steps you might encounter along the way. What represents a gradual transition for you? It may be possible that fully stepping out of the business is not in your best interests, and you may wish to continue in the industry as a consultant or even in a part-time role within the company to assist with the transition purpose.
  • Think about yourself and your values.
  • Learn from other people’s experiences.
  • Have a plan for six months after the sale.

All of these strategies can help you to adjust to the possibility of selling your business and move into your new role, whatever it may be, with success. Ready to take your next steps? Contact our firm for support with the financial transition.

Why A Financial Plan Is So Important For Addressing The Possibility Of Disability

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Category: Finances

Many people recognize that big factors in their life, such as what they want to achieve with estate planning, and their own retirement goals will influence their financial plan. But it can be a big mistake to neglect the possibility of disability. One in four US adults already lives with a disability.

This presents unique financial considerations that should all be incorporated into your financial plan. One study recently completed by fidelity identified that over half of caregivers of those loved ones who had disabilities did not have any time to prepare before assuming that responsibility. This can be overwhelming for the person with a disability who may not be able to handle all of these tasks on their own, as well as family members who may have never navigated this themselves either.

Understanding what government benefits are available, and creating a safety net in terms of current and future expenses, is very important.

One of the most important steps for supporting someone who has sustained a serious disability that makes them unable to work is to pursue Supplemental Security Income or Social Security Disability Insurance. Explore any government benefits that may be available at the city, county, state and federal level, such as health care support assistance for ongoing or chronic care needs, legal services and more. To incorporate the possibility of disability into your financial plan, contact our experienced team today.

What Happens in a Financial Plan Review?

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Category: Finances Uncategorized

You know you should take a deeper look at your financial plan every so often, but you also have some questions. Questions like:

  • How often do I go through this process?
  • Do I need a financial expert to help me?
  • What things should I be looking at in my review?

At least once a year is a good chance to sit down and review and update your financial plan. This is important because your goals or even your lifestyle might have changed since you last checked in on your financial plan. You can also check in more frequently based on those major life changes. 

As you sit down to review your financial plan, you’ll want to look at

  • Your current financial situation
  • Your financial goals
  • What steps you’ve taken to achieve those goals since your last check in. 

You should have short, medium length and long term goals. For example, saving for a vacation is a short term goal, while saving to buy a new car in a few years is a medium term goal, and ultimately funding your retirement or your child’s college education in 15 years is a long term goal. You’ll need to have specific dollar amounts attached to each of these goals in order to maximize your chances of achieving them.

Checking in regularly helps you adjust and account for things like inflation or changes in your perception of what you need set aside in these funds. Don’t forget estate plans and life insurance policies in your financial plan review as well. It is possible that you may need to purchase more life insurance coverage if the dynamics of your family have shifted, or if you wish to provide more resources for your loved ones after you pass away. We like to look at all of these issues from a broad lens and help you to determine what is most appropriate in your financial plan.

New Study Looks at Underrepresented Voices in the Investing World

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Category: Investment

What did your parents teach you about investing? Whether you got an education at home about the power of saving and investing or you got it elsewhere or not at all, it’s important to think about how your personal goals connect to your opinions and habits related to regular investing.

A new study from JP Morgan Wealth Management asked over 2000 Americans across different wealth, gender, and race levels to share their thoughts about making investments. The study found significant differences based on demographic profiles for how people feel about choosing to or the ability to invest. 

For example, survey respondents who identified as Hispanic or Black cared more about the social impact of the companies they chose to invest in and also wanted to have more control over their investment than other respondents. The biggest concerns for nearly 90% of survey respondents were current interest rates and rising inflation. 

When exploring investment perceptions on gender, women tend to be more cautious with their investments than men, although many women have improved their feelings of financial security when compared with five years ago.

Understanding your personal goals and your sentiments towards investing overall can help you to craft a financial strategy aligned with your individual needs. We sit down with each of our clients to discuss their specific concerns and goals for the future to align this with strategies, documents, plans, and regular check-ins to ensure that you are on track to achieve your goals. For more information, schedule a consultation with us today.