501 E. 15th Street,
We’ve found that businesses are run by individuals, and the business is typically another branch of that individual. We’ve also found that the purpose of most businesses is to essentially take care of the individuals who own, run, and work in the business. With that in mind, we like to make sure the business owner’s and key people’s personal financial lives are sound and secure.
A business can and should extend beyond the founder, yet most do not. The reason is it is hard to plan an exit. An exit or retirement means different things to different people. Children may or may not be in the business. It may be appropriate to discuss the differences between equal and fair when considering heirs to a business. Some common initial questions and concerns we've seen are:
Finally, truly successful businesses generally represent something bigger than themselves. The final step of business planning is establishing a lasting plan for employees, key people, and/or owners. We know businesses care about their own people, so rewarding them properly makes everyone feel impactful. With traditional methods, rewarding employees can discriminate those who are most critical and possibly highly compensated. There are ways to reward employees and owners on a discriminatory basis.