Entrepreneurial Spirit
It takes a very special person to start their own business. They face a lot of unknowns and risks that people who work for an employer take for granted. However self employed people have many unique planning opportunities and advantages as well. Being self employed ourselves, we understand the necessity for one to constantly be involved with their customers, performing SWOT analyses and improving operations. At times, one has more involvement in their business than they do their spouse. A few of the situations we have added tremendous value to self employed people were:
- Retirement Plans – what’s best a SIMPLE IRA, SEP IRA or 401k plan? Are we paying too much in fees?
- Health Insurance – how does the Healthcare Exchange work and what can I do to make the monthly premiums and deductibles affordable?
- Exit Planning – how do I go about selling my business? How do I value it? What will I do once I sell it? What are the tax consequences?
- Acquisitions – I received an offer to purchase my competitor, should I do it? How should I structure the payment? Can I afford it? Does this even make sense at my stage of life/point in my career?
- Estate Planning – how do I transition my business to the next generation? When I die, my husband wants nothing to do with the business, what do I need to do to make the transition as smooth and as easy as possible? How will my business avoid probate?