small business Archives - Paces Ferry Wealth Advisors

Navigating Inter-Generational Wealth Transitions When You Run a Family Business

Written on February 24, 2021.

Guidance for Overcoming Common Challenges

Having something to pass down to future generations of your family is a dream shared by many people, especially those with family businesses. If you’re lucky enough to achieve it, however, you may face some of the common challenges of an inter-generational wealth transition. So challenging is such a transfer, in fact, that 90% of affluent families have greatly diminished wealth by the third generation. Below, we will discuss three common wealth transfer issues and provide guidance to help you navigate these potential challenges and ensure your assets move smoothly to the next generation.

Why Bankruptcy Can Sometimes Be the Right Option for Your Business

Written on January 27, 2021.

If you can get past the stigma, bankruptcy can be a vital lifeline.

Running a business is always a challenge, and it’s been made more so in recent months as stimulus aid for COVID-19 begins to run out for many struggling small business owners. If you find yourself in this boat and you are unsure of your options for survival, know that there is a way forward. If you’re unsure how to stay afloat and avoid closing your doors for good, bankruptcy may be the right option for you.

Bankruptcy may seem like a frightening concept, but it can offer a struggling small business the opportunity to reorganize, oftentimes without the need to lay off employees or even close temporarily. In this way, it can preserve your relationships with vendors and customers, too. Of course, there’s a certain stigma around bankruptcy, which makes many business owners reticent to choose this option, but it could be key to your business’ survival during this pandemic.

401(k) Plan Sponsors: 5 Reasons to Outsource Your Plan Sponsorship & Fiduciary Obligations

Written on December 8, 2020.

Our Fiduciary File Checklist and Expertise in Plan Sponsorship Can Save You Time and Money

As an employer, offering a 401(k) plan to your employees can be incredibly rewarding. However, it is also a challenging undertaking – one that requires much of you, including meeting your fiduciary obligations to plan participants each year. The basic rules outlined by the Employee Retirement Income Security Act (ERISA) offer a standard of conduct that must be followed in administering a plan and managing its assets. Since the required actions and responsibilities are manifold, many small and medium-sized business owners outsource their plan sponsorship through a third-party service provider.

At Paces Ferry Wealth Advisors, we understand your regulatory responsibilities as a 401(k)-plan sponsor and the need for proper documentation – and we know it can be a bit overwhelming. We believe that having a solid knowledge- base of plan governance, plan design, investments, participant investment behaviors, and recordkeeper services is unique, and we are proud to offer our knowledge and experience to our clients wishing to outsource their plan sponsorship. With the growing number of court cases and settlements related to the mismanagement of retirement programs, the stakes are increasing for sponsors to fully appreciate their plans’ risks and take necessary steps to meet their fiduciary obligations.

Business Loans: What You Need to Know to Get the Right One

Written on November 4, 2020.

How to make sure you’re getting the best loan for your business.

If you’re an entrepreneur looking for a business loan to start or grow your business, you have your work cut out for you. While personal loans may be readily available and easily obtained, the same is not always true with business loans. There is a lot more that lenders have to take into consideration when assessing whether they think they’ll be repaid or not. They’re going to look to see if you or your business has a solid credit history, whether the bank can manage the risk, if you as a business owner are qualified and responsible to be running your business, and, ultimately, whether or not the loan makes good business sense.

Before you get started applying for a business loan, here are some things you should know.

Small Business Checklist: How to Assess Your Financial Wellness

Written on June 29, 2020.

A Five-Step Plan for Busy Business Owners

Running your business day to day takes all of your energy and focus. Your waking hours are consumed with managing and sustaining it, and you likely spend many a sleepless night on the details no one else thinks about. This is the life of a committed small business owner.

When you’re grinding day after day to keep your business well-positioned, however, it can be easy to lose sight of the bigger picture. Specifically, it becomes difficult for many small business owners to find the time to monitor the overall health of their business in a meaningful way. The five-step guide below is designed to help you focus on five key elements of your business’ financial health.

Tag: small business