Experts at partnering with small business owners
Owning a business can be an amazing life experience, but it also can be a minefield of financial complexity.
You need to think about your cash flow, meeting payroll, funding your retirement and helping your employees get retirement ready too. Or maybe you don’t have any employees, but instead you may have some wild swings in cash flow and a high tax burden to contend with.
Your business is likely your most important asset. It can help you grow your income and your net worth. But without the right planning, that opportunity can slip away. To ensure that won’t happen, you need to put the right financial plan and structure in place to support both your business and your personal finances. That’s not easy to do with your busy schedule, and most people don’t have the financial background needed to do it right.
At Rock House Financial, we’re experts at partnering with small business owners to help make sure you make the right financial moves to maximize your results. Our advisors work with your CPA and attorney to build a comprehensive personalized plan. This unique partnership helps you plan for the future and keep your eye on the big picture, while you focus on your business. This will help you both grow and protect your business and your personal net worth.
We’re also extremely comfortable helping you with all of your business challenges, whether its financing growth, planning employee compensation strategies or negotiating financial arrangements. We understand how busy you are, and we also understand many of your concerns. Our full-service approach helps you get in control of your money and prepare you for the most secure financial future.
Client Story: Making the Most of a Business Sale
Meet Will and Barbara. This married couple, both in their early 50s, are owners of a specialty retail company. While they use advisors and accountants for their business, they’ve never focused much on their personal finances, knowing that their business always generated significant cash flow.
But as a result, they’re not sure of their financial future. They’d like to retire in the next five years, but their business is their primary asset. How can they recreate their significant income? Can they afford their lifestyle in retirement?
They also want to make sure they can leave a legacy for their kids and grandkids, but right now, most everything is tied up in their successful business.
They also have watched their tax liability creep up. With the recent tax law changes, they’ve been unable to write off many of their expenses that used to be deductible, so they are hoping there’s some ways to bring that tax liability down.
When they first met with Rock House Financial, their advisor worked with them closely for the first six months. This time was dedicated to analyzing every part of their financial lives and getting organized. From insurance to investments, to cash flow, to estate planning, every part of their life was scrutinized. They met frequently and started working on these different areas to identify blind spots or opportunities to explore.
Their comprehensive financial plan included many strategies to diversify their personal wealth away from their business. Their Rock House Financial advisor also teamed up with their attorney to cover estate planning. They helped the couple establish a trust to save taxes now and for their heirs later, as well as shielding some of their personal assets from any potential business liability.
Ongoing review sessions helped identify other tax-saving strategies that have helped them lower their tax bill.
Finally, Will and Barbara received an unexpected offer to sell their business. They brought the offer to Rock House Financial, and our team helped them analyze the offer and their options. By helping them structure the sale in a specific way, we were able to minimize their tax liability, which represented a great opportunity for the couple to fully fund their retirement.
Now the couple is retired and traveling more, as they always wanted to. They are very pleased that they are able to continue their lifestyle in retirement. They meet with their Rock House advisor frequently, either by phone or in person, to review everything. This helps them feel confident and enjoy their hard-earned time off.
The person and personal story depicted is fictitious but is based on actual client questions and scenarios.