Ready or Not, Your Future is Coming
I have worked with incredibly successful business owners worth tens and hundreds of millions of dollars. Early in my career as a financial advisor, it was easy to assume these business owners planned for their financial future. One client described how his son-in-law, a leading law professor at an Ivy League university, advised him that all of his ducks were in a row. Upon closer examination, it became apparent that essential planning had not been executed. He only had a basic will in place for ...
What does the Tax Reform do to your Ownership Conversion Plan™?
When the Tax Cuts and Jobs Act passed, I told you about some of the business wins and advantages. Now you may be asking yourself what that means for your Ownership Conversion Plan™. The answer, for most small businesses, is more money to put back into your business, buy new equipment, hire new workers or expand operations. That, in turn, helps your businesses become more successful and help you reach your Designed Destinations.
Sole proprietorships, partnerships and S corporations are what ...
Lasting Relationship Advice for a Family Business
I grew up in a family business. My father began a small nursery which eventually grew into a successful and highly profitable business. However, he never had a business plan. I nagged him for years about it until he finally understood how important a succession plan would be for the business, the employees and our family. He died suddenly just a week after we met to discuss what would happen when he was ready to transfer the business. Unfortunately, none of the ideas we discussed had a chance ...
Planning for Your Business in the New Year
Many people use the start of the new year to set goals personally and professionally. As a business owner, you should also take advantage of this time to plan for your business.
Here are 5 tips to help you get started:
Take Stock -
In my book, Designed Destinations, I talk about “The Size of the Pot” which urges business owners to know the actual current value of their businesses. Do you know the value of your business today in cash? What other income do you have outside of your ...
How Will the New Tax Reform Affect Your Business?
Business is the big winner in the newly approved Tax Cuts and Jobs Act, which was passed recently by the U.S. Senate and signed into law by President Trump.
The Tax Cuts and Jobs Act states, “For taxable years beginning after December 31, 2017 and before January 1, 2026, an individual taxpayer generally may deduct 23 percent of qualified business income from a partnership, S corporation, or sole proprietorship, as well as 23 percent of aggregate qualified REIT (Real Estate Investment ...
Financial Adviser Lawrence Ganim authors book on retirement planning for entrepreneurs
This article was published on WestfairOnline.com on November 3, 2017 by Phil Hall. To view the original article, please click here.
To financial adviser and wealth management planner Lawrence Ganim, the greatest challenge faced by entrepreneurs is not getting their businesses up and running, but what to do when the time comes to step away from the controls.
"I've been working for entrepreneurs for over 30 years and I've never had an occasion where I met a successful entrepreneur who had ...