The most valuable tool for small business owners right now is a “business specific” Durable Power of Attorney (DPOA). General DPOAs are commonly found in most well-crafted estate plans. However, in our experience, a small business owner may have more specific issues that need to be addressed in their DPOA due to their unique needs…. Read More »
Posts Categorized: Business Planning
If You Own a Family Business, You Need to Understand and Implement Succession Planning
Family businesses – from mom-and-pop stores to home-based businesses – power our nation’s economy, from job creation to gross domestic product. They provide 60 percent of American jobs and nearly 80 percent of new jobs created, according to Forbes. In addition, family businesses produce 50 percent of America’s GDP. Mapping out your succession plan takes… Read More »
Helping Entrepreneurs Protect What They’ve Built
Successful entrepreneurs are great at turning their visions into vibrant, thriving businesses. They’re nimble in the marketplace and aren’t afraid to take chances. They’re good at many things – but estate planning often isn’t one of them. In a recent survey of 500 business owners by Entrepreneur, 80 percent didn’t have a power of attorney,… Read More »
Valuation Discounts Appear to Be Sticking Around
Recent developments on Capitol Hill appear to show that valuation discounts for family-owned businesses are not going away anytime soon. In April, President Donald Trump issued an executive order requiring the U.S. Treasury to identify within 60 days any regulations that impose an undue financial burden on taxpayers, add undue complexity to federal tax laws,… Read More »
Proceed with Caution: Using 401k Money for Starting a New Business
Many of our clients have always dreamed of starting a business. Times are tough, though, and despite many years of experience in the workforce, they know their chances of getting a bank or small-business loan are slim. But there’s a way to put their years of work to use, The New York Times says –… Read More »
It May Be Time To Add Members To Your Single Member LLC
I’ve written on this blog before about how useful a Limited Liability Company (LLC) can be when protecting your assets as well as Single Member LLCs. A single member LLC is simply an LLC with only one member. Originally an LLC designation was for companies with 2 or more members, but states gradually amended their… Read More »
Asset Protection is Essential for Doctors, Lawyers, and Other Professionals
We all know that there are certain risks that come simply with owning property and building wealth; this is why just about everybody has some kind of insurance coverage, from simple home or auto insurance to more complicated asset protection strategies. But doctors, lawyers, accountants, and other “professionals” carry a different kind of risk; these… Read More »
How Successful CEOs Keep the Family Business in the Family
How long will your family business stay in the family? One generation? Two generations? How about 4 generations down the line? The truth is that very few family business stay in the family beyond the first generation. Statistically, Only 40% of family owned businesses survive to the second generation, 12% to the third, and 3%… Read More »
Women Rise to the Challenge in the World of Entrepreneurship
Being an entrepreneur is difficult—going out on a limb and starting your own business is always going to involve a lot of hard work and a certain amount of risk—but women entrepreneurs often have even more of a challenge than most. This article in Forbes describes some of the hurdles that face women entrepreneurs (especially… Read More »