Personal Finance Planning for Business Owners: Part 2

Special Considerations for Business Owners

For business owners, there are many factors to consider and plan for. The following questions can help you organize your thoughts and prioritize your current needs in preparation for meeting with your financial planner.

Read: Personal Finance Planning for Business Owners: Part 1

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Questions to consider:

• Does anything in particular worry you about your finances or about the business’s finances?

• Are taxes a big concern?

• Do you know how much income you will need when you exit the business in retirement or before?

• What are your biggest concerns for the business? For your family?

• What are your personal goals for yourself and your family? What are your goals for the business?

• How is your business helping you build wealth and provide for your family? Do you expect it to continue indefinitely, or do you anticipate changes?

• What challenges are impacting your business or personal goals now and potentially in the future?

• What tax planning strategies have you implemented so far to reduce your personal tax liability?

• How are you helping yourself, along with any partners or employees (if applicable), in saving for retirement?

• How have you funded the growth of your company? Do you have outstanding business-related personal loans or guarantees?

• Do you have a key-person and a key customer contingency plan in place? What would happen with your business if something happened to you or a key member of your team, or if you lose a significant customer?

• Regarding your liability protection, what types and coverage amounts do you have in place personally and for your business?

• What strategic planning recommendations have you received regarding future ownership of your business?

• In terms of succession planning, what is your plan for your ownership interest in your business: do you plan to pass ownership to family members or partners or arrange for a sale?

• What method(s) have you used to assess the value of your business and how confident are you in the valuation?

• Is your business insurance still sufficient to ensure the business can continue to thrive after your death or disability?