business owners Archives - Paces Ferry Wealth Advisors

Succession Planning: Preparing Your Business for Retirement Transition

Written by Jeff Diamond, AIF® on March 11, 2024.

Business succession planning is about preparing for a smooth transfer of ownership and continued operations after you retire.

Tips to Plan for the Continuity of Your Company After Your Retirement

You’ve invested years into your small business – maybe even a lifetime – and yet the time will come when you may consider retirement, whether from necessity or desire. Crafting a business succession plan now may help you prepare the company for a smooth transition to new management or ownership when the time comes. Succession planning can also help you prepare for unforeseen circumstances, so developing a clear succession strategy may be an important step in keeping the business you’ve built thriving for years to come. Below, we’ll discuss some common key elements of succession planning that you might consider as you think about the future.

Small Business Tips: Exit Planning vs. Succession Planning

Written by Zachary Morris, CFP® on October 30, 2023.

Exit planning and succession planning may seem like similar processes, but the intentions and steps of both are different.

How Does a Small Business Owner Prepare for Life Beyond Work?

Succession planning and exit planning are two terms that many people use interchangeably. This is understandable, since both phrases are associated with business owners planning for retirement. However, the two concepts have slight differences, and the crux of those differences is what those planning strategies target. Succession planning centers on the continued financial health of a business after its owner or chief officer retires or dies. Alternatively, exit planning focuses on the wealth of a business owner who’s retiring and wants to transfer ownership or close a business down.

With all the complexities, finances, and emotions connected with retiring from a small business, it’s important for small business owners to understand how succession and exit planning differ. While some elements of the two concepts may be similar, the endgames are not. In this article, we take a closer look.

Saving for Retirement as a Solopreneur: Strategies to Know

Written by Jeff Diamond, AIF® on June 5, 2023.

It’s helpful to consider your long-term financial future through solopreneur retirement planning efforts.

Solopreneur retirement planning will look a bit different for each business owner, so read on to learn your options for saving for the future.

Small Business Retirement Plan Consulting: Learn the Benefits of Professional Guidance

Written by Jeff Diamond, AIF® on May 5, 2023.

Learn about the various ways that professional small business retirement plan consulting can benefit your company.

A wealth transfer plan can be a helpful tool in leaving assets to your loved ones and preparing your heirs for the practical and emotional aspects involved.

Choosing the Best Retirement Plan for Your Employees

Written by Zachary Morris, CFP® on December 6, 2021.

Review the Options to Determine the Best Employer-Sponsored Plan for Your Company

As a small business owner, you understand all the complexities that come with being responsible for not only yourself, your company, and your family – but for your employees, as well. While it’s easy to get bogged down in the day-to-day details of running your business, periodically taking stock of your company’s overall financial health is a great way to ensure that your business is in a position to thrive now – and for years to come. Consider the options, pros, and cons when trying to choose the best retirement plan for your employees.

Each day, you make decisions that affect your business. How can you be sure that you’re keeping the big picture in mind and that each decision you make is a sound choice for your bottom line and long-term business goals? Below we’ll share a simple but effective financial health checklist for your small business.

Small Business Financial Health Checklist

Written by Jeff Diamond, AIF® on November 15, 2021.

How to ensure your business remains strong now and into the future

Five Financial Tips for Small Business Owners

Written by Zachary Morris, CFP® on October 28, 2021.

Having a Firm Hold on Your Finances is Crucial to Your Company’s Success

Small businesses are vital to the U.S. economy, employing half of the private-sector workers in our country. They also create 1.6 million net new jobs annually, according to federal data. As of 2020, there are 31.7 million small businesses in America, which accounts for 99.9% of U.S. businesses.

Despite an integral part they play in the economy, small businesses often struggle to find success. In fact, the U.S. Bureau of Labor Statistics has reported that 20% of small businesses fail within the first year of opening and only one-third of businesses are able to survive the 10-year mark. The leading cause small businesses cite as the reason they were forced to shut their doors is – you guessed it – cash flow problems.

When it comes to the success of your small business, having a strong wealth management strategy in place and practicing smart money habits can play a significant role in your long-term success. Follow these five tips to help keep your business on track.

Understanding the Most Common Types of Employee Equity Compensation Plans

Written by Jeff Diamond, AIF® on October 11, 2021.

What You Need to Know About These Valuable, Complex Benefits

Equity compensation can be an incredibly valuable employee benefit, but it can also be a complex subject matter to get your arms around. Not only are there multiple types of equity compensation, but each has unique characteristics you should keep in mind in order to maximize its value.

Below, we’ll discuss the most common types of equity compensation and dig into the potential challenges and unique benefits of each one so that you can make smart decisions for your financial situation – and avoid costly mistakes, too.

Small Business Employee Compensation Packages: Choosing What’s Right for You

Written by Zachary Morris, CFP® on September 13, 2021.

A Written Compensation Plan is Vital to Your Company’s Success

If you’re a successful small business owner, you likely have a solid business plan in place. However, if you’re like many entrepreneurs, you aren’t as adept when it comes to devising employee compensation packages. It can feel a bit like an afterthought when you’re focused on launching or growing your business, but determining the right compensation package may be critical to your long-term success. After all, the right compensation can assist you in recruiting top talent and in retaining your top performers.

As you consider your options, do so with your company’s overall strategy and values in mind. You want to be able to compete for the best talent, but without overextending your resources. Below we’ll discuss a few ways you can get started.