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Financial Strategies for Business Owners and Partners

Financial Strategies for Business Owners and Partners

August 30, 2023

The life of a business owner is a busy and challenging life. Most business owners and senior executives have devoted most or all of their life’s work to developing and growing their business. Unfortunately, many business owners fail to spend enough time on their personal financial planning. It is all too common for business owners to put off personal planning “until things settle down” or “until I have the business where I want it…”

We often meet with business owners who have a business plan and a budget for their business but not for themselves or their families.  Elements of a solid financial plan for business owners and partners would include the following:

  • 3 to 5 year business plan including financial goals for sales, profits and business value
  • Long term personal financial plan which incorporates the business financial goals
  • Tax planning strategies to minimize taxes
  • Evaluating and selecting the optimal qualified or unqualified plans for accumulating savings
  • Buy/sell agreements
  • Life insurance/ risk management considerations
  • Succession and exit strategy planning
  • Estate planning which incorporates the business into the plan

For business owners, we understand that personal financial planning and business planning are inextricably linked. We strongly recommend that business owners develop a comprehensive financial plan which integrates personal financial goals and objectives with their business plans.

Feel free to contact us to learn more.


Matt Childs and Andrew Henry