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How a Certified Financial Planner™ Professional Can Help a Business Owner

At Rock House Financial, we work with a lot of small business owners, and when we first meet with some of these clients, there can be a common trend: While they are typically very successful at work and have every penny accounted for when it comes to their business, their personal financial planning could often use some help. 

It’s not uncommon for small business owners to eat, sleep and breath work. They put in a lot of hours. They’re focused. They work toward success. But they often forget about their personal finances. And not taking care of your personal finances can be dangerous. It’s important for business owners to ask themselves: 

  • Do you have a plan for retirement?
  • What will your retirement look like? 
  • What if your business has a bad year?
  • Do you have a plan you can rely on when you no longer want to run the business? 
  • Do you have an estate plan in place that delegates what should happen to your assets in the event something happens to you? 
  • Do you have the right protection plans in place? 

“Working forever,” or assuming that you will be able to sell your business for a profit and live on that is a risky retirement plan. 

Working with a financial advisor can offer small business owners the partner they need so they can continue to focus on their business. But not all advisors are the same. Make sure you find a Certified Financial Planner™ who specializes in working with small business owners like you. Working with a Certified Financial Planner™ professional in Utah can help you take advantage of local benefits you may not otherwise know about.

Have questions about your retirement? Contact Rock House Financial to see how we can help. 

Our Financial Lives Can Be Complex

Owning your own business can be very rewarding, but it can also be financially complex. There are many things to consider.

  • Your cashflow 
  • Funding your retirement (and helping your employees fund theirs)
  • Taxes 
  • A plan for after you retire

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. 

Putting the Right Financial Plan in Place 

Having the right financial plan and structure in writing to support both your business and your personal finances is crucial. This may seem like an easy step, but often times, business owners don’t find the time because of their busy schedules. Or they’re not sure how because they don’t have the financial background needed to do it right. 

That’s where a Certified Financial Planner™ professional can help. 

If the roof was leaking at your storefront, you would likely request the help of a professional, and not attempt to fix it yourself. The same is true for your finances and your future. It’s your retirement that is at stake.

What is a Certified Financial Planner™?

The Certified Financial Planner™ designation is given by the Certified Financial Planner Board of Standards, Inc. for completing specialized financial planning education, training and ethical standards, passing a comprehensive CFP® exam and committing to serving clients’ best interests today to prepare them for a more secure tomorrow.

It’s not an easy task, and not all financial advisors can carry this title. I know firsthand what it takes, since I recently acquired this designation myself. 

If you’re looking for a Certified Financial Planner™ professional in Utah, contact me directly. I specialize in working with young professionals and families and enjoy servicing 401(k) plans for small business owners. 

Making the Right Financial Moves to Maximize Results 

At Rock House Financial, we look at financial planning as a team effort. Our advisors work with our clients’ CPAs and attorneys to build the right comprehensive plan for them. We consider their goals, their concerns and their struggles and help them plan for the future. A financial advisor can also help clients stay focused on their long-term goals. 

A Certified Financial Planner™ professional should help you grow and protect your business and your personal net worth.

Making the Most of a Business Sale

It’s common for small business owners to feel comfortable when their company starts to consistently generate significant cashflow. However, this doesn’t mean they don’t need a plan for their retirement. 

We often meet with first-time clients who want to retire in the next five years, but their business is their primary asset and they have no plan for when it’s time to pass the torch. How can they recreate the same significant income they’ve become accustomed to? Can they afford their lifestyle in retirement? Are they able to leave anything for their kids and grandkids when they’re gone or is everything tied up in their business?

Blind Spots

As you can see, there are a lot of factors to consider to ensure you can retire when and how you had hoped. And this takes time. Time that many small business owners just don’t have.

Tax and estate planning are common blind spots. Yet taking advantage of tax benefits and being prepared for the future can be critical to success. With tax laws constantly changing, small business owners may not be able to write off many of the expenses they used to be able to claim.

Working with the right financial advisor is key, and a Certified Financial Planner™ professional can provide you peace of mind that your finances are being taken care of.