The Business Survey - What it is and How to Prepare

Transcription

1 The Business Survey A professional Process to Overcome the Risks to Business Success Inventory Equipment Goodwill Receivables Key People Real Estate External Risk Higher Taxes Rising Health Care Costs Economy of the U.S. Increased Competition 8 Risks To Business Survival Internal Risk Fiduciary Liability Your Business is your Retirement Complacency or Short-term Thinking Lack of a Strategic Plan Business Success Business Preservation Personal Financial Success Designed to help you to lower expenses and taxes, while increasing business profits

2 Getting started... Before we begin - just a couple of quick questions. 1. What is important about money to you? 2. What are 3 things that concern you financially that you would like to talk about today? A. B. C. Let me tell you who we are... How We Work Confidentiality Topics we discuss today and in the future will be held in confidence. Customized Strategies After reviewing the specifics of your financial situation, we mutually determine which, if any, of our services might be appropriate for you. Compensation Our compensation is contingent upon the services our clients select. Fees* Commissions Recommendations/Introductions 2 *Fees may only be charged by registered representatives of Signator Investors, Inc. who are currently enrolled in the corporate registered investment advisor program. Registered Representative/ Securities offered through Signator Investors, Inc., Member FINRA, SIPC. Offering John Hancock Insurance Products.

3 We use a 4 Step Approach Consultation Discuss your concerns Establish goals and priorities Analysis Organize data Prioritize your goals Cash Flow Analysis Solutions Review analysis Select suitable recommendations Adopt a strategy Monitor & Review Assess personal changes What this can mean to you Financial peace of mind 3

4 8 Dangerous Trends Faced by Business Owners Higher Taxes Rising Health Care Costs for Employees Economic & Stock Market Impact on Your Investments Increased Competition Increased Fiduciary Liability of your 401k Your Business is Your Retirement Complacency and Short-term Thinking Lack of a Strategic Plan Are any of these concerns of yours? Which ones? The Business Advantage has been designed to help you overcome the 6 risks to your business survival. The components are customized to fit your needs and concerns. Qualified Plan Analysis. Healthcare Analysis. An Informal Business Valuation. Succession Plan Analysis. Review of your Buy/Sell Agreements. Estate Plan Strategy. 4

5 Business Financial Survey The questions will tell you more about the areas that we work with. Your answers will tell us both if there is an area we can help. (It will take about 9 minutes to complete). Business Information Date: Business Name: Your Title: Date of Birth: Business Phone: Form of Business: Sub S Corporation C Corporation Professional Corporation Sole Proprietorship Partnership Professional Partnership Other Year Business Started: Year You Started: Percentage of Business Owned or Controlled by You: By Others: Business Valuation YES NO Do you know what your business is worth? Do you have a written succession plan? Do you have a written Buy/Sell Agreement? Is the Buy/Sell Agreement funded with Life Insurance? Does your Buy/Sell Agreement have a provision for disability? Your Business is Your Retirement YES NO Do you have retirement vehicles other than your business? Are your business assets more than 50% of your retirement plan? Do you have a plan to convert your business into retirement income? Do you have a written retirement analysis? Would you like to see a complimentary retirement cash flow analysis? Higher Taxes YES NO Do you have a team of financial advisors working for you? Do you fully utilize all available methods to minimize or avoid taxes? Will any of your sources of retirement income be tax free? Would you like a complimentary second opinion? 5

6 Rising Healthcare Costs YES Are you concerned about paying too much for group medical coverage? Are you aware of the impact of the new healthcare law? Is your company HIPPA compliant? Would you like to see how you could save 5-20% in premiums? Fiduciary Liability (Pension/401K) Has your plan ever failed a discrimination test? Is your plan top heavy? Is your plan most concerned about highly compensated employees? Are you concerned about employees not saving enough? Does your plan have adequate investment choices? Are you aware of the hidden cost of your plan? Are you satisfied with the investment performance of the plans investment choice? Are you aware of all your fiduciary requirements? Would you like a complimentary cost and investment analysis? Are you satisfied with the amount you are able to contribute for yourself? Life Insurance Do you have Life Insurance? Is your life insurance adequate? Have you had a life insurance audit performed? If you could save substantial premium would you be interested? Do you have a plan to retain key employees if something happens to you? YES YES NO NO NO Complacency/Short Term Focus YES NO I am too busy trying to survive. I have completed a succession plan review in the last two years. I have had a third party business valuation in the last two years. My attorney and CPA are proactive with tax ideas. 6

7 Future Planning Please check all applicable items In the near future I expect to: Business Borrow money Purchase property Hire key people Pay off a loan Take in a new partner Change employee benefits Purchase insurance Sell business interest Personal Have a child Adopt a child Improve home Buy a home Care for parent Change marital status Inherit assets Retire I am Interested in Discussing Please check all applicable items Tax-favored financial products Methods to reduce estate taxes and expenses Methods for the company to pay my death taxes Methods to provide income for retirement Methods to provide for my family in the event of death Methods for the company to pay for personal insurance A review of existing insurance Methods to retain key people Methods to reduce employee benefit costs Insurance on children/grandchildren Other (specify) 7

8 Designed to help you to work towards your goal of not running out of money during retirement The Business Survey All rights reserved. Registered Representative/ Securities and Investment Advisory Services are offered through Signator Investors, Inc., Member FINRA, SIPC, a Registered Investment Advisor. Offering John Hancock Insurance Products. Michigan Financial Companies is an independent firm affiliated with John Hancock Financial Network. Platinum Wealth Solutions LLC and Platinum Wealth Solutions of Texas are divisions of Michigan Financial Companies Northwestern Highway, Suite 1300, Southfield, MI (248) Neither John Hancock nor its representatives provide tax or legal advice. Please consult your tax or legal professional for guidance