As a small business owner, running a business can consume a tremendous amount of your time and effort. Of course, the benefits can be tremendous in delivering flexibility, autonomy and financial reward to you and your family. One important aspect that business owners often overlook is to assemble a great professional team. This would typically include a CFP®, CPA, insurance agent(s), banker, corporate attorney, estate attorney, etc.
As CFP®’s, we work hard to maintain a network of qualified professional relationships. We look for those with a proven track record in their specialty and who are enjoyable to work with. Since our role is important in helping our clients clarify their overall goals and financial plan, we are often the first contact for building out your professional team.
It is important to make sure that your professional team understand your overall goals and can work together towards achieving them. Fortunately, collaboration has become easier with upgrades to technology as well as video conferencing.
In many cases, the most essential communication should happen between your CFP® and CPA. Together, they can help you structure your compensation and taxation regime to take advantage of the many benefits that are afforded to you as a small business owner. Planning strategies may include setting up a 401k, Profit Share and potentially a Defined Benefit Plan can supercharge your retirement goals and help build your personal wealth.
Please feel free to contact us to learn more.