Meet Sandra. Sandra is the owner of a branding and creative design company with a team of 4 employees. At 35 years old, she has been running her business for 8 years after leaving corporate America. She has worked on contracts for established companies looking to rebrand as well as new businesses wanting to create a brand.
As expected, Sandra has poured the bulk of her time, energy, and resources into her business over the years. But now that it is extremely profitable and she has been able to hire staff to take some of her workload, she knows it is time to turn her attention to her finances.
No matter who we work with, our goal is always to help them make the most of every part of their wealth—earned, potential, and possible. This means we look at every facet of their life, seeking to optimize their assets and cast a vision for the future.
For Sandra, we conducted a thorough analysis of her business financials, finding solutions to minimize her business taxes and protect her assets. We looked at her cash situation, both personal and business, to determine the percentage she was putting into the business compared to how much she was saving. As a self-employed individual, she only had one tax-deferred retirement account from her previous employer and had been investing her savings in a Roth IRA. We helped her weigh her options in regards to retirement plan consulting and design for herself and her employees and created an ideal plan for how much to invest where.
On a personal level, Sandra was engaged and looking to purchase a home with her fiance. They wanted guidance on the best way to merge their financial lives, create wills, and get the right insurance coverage. Sandra was struggling to manage her finances and make educated decisions because her daily priority was her business. We helped her streamline her accounts, make a plan for her debt, and set goals for her finances and her life, considering her fiance’s situation as well.
While this season of life is consumed with her work, she knows that as time goes on, she simultaneously wants to build and grow her business while also pursuing personal dreams. Even though she has no plans of shutting down her business any time soon, we did discuss succession plan options for the future, offering suggestions on how to improve her company’s value and manage its financials to attract buyers and set up the company to succeed when she’s no longer managing it.
Business owners often have complicated financial planning issues and need an advisor who is familiar with the ins and outs of a business owner’s circumstances. Whether you are ready to move on from your business, need help to align your personal finances with your business finances, or taxes are getting the better of you, we are here as your coach and strategic partner to help reduce the stress of financial management so you can fully enjoy having the wealth you’ve created.
