Integrated financial planning for business owners January 30, 2014
|
|
- Silvester Armstrong
- 8 years ago
- Views:
Transcription
1 Integrated financial planning for business owners January 30, 2014 Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member of Baker Tilly International.
2 Presentation topics > Global business succession survey results > Integrated financial planning for businesses and business owners > Preparing your business for transition 3
3 Global business succession survey results
4 Global business succession survey results Eight principles of succession > Derived from the nearly 2,400 responses received from the Baker Tilly International Global Business Succession Survey, conducted across 55 countries in nine languages > Supported by analysis and narrative quotes from respondents 5
5 Global business succession survey results: Eight principles of succession Principle 1: Succession is not retirement > Instead focus on growth and opportunities available to you today > Explore options for ensuring your business s continuity and evolution Principle 2: Start with readiness > The succession process takes time, commitment, and motivation 6
6 Global business succession survey results: Eight principles of succession Principle 3: Set your goals before the journey > Establish clear, measurable, and compelling goals to energize and engage those involved in the process > Before, during, and after the process, respondents goals changed (e.g., during the process, respondents main outcome they achieved was a goal giving family members a better understanding of the demands of the business that wasn t even in the top five of outcomes they set out to achieve). 7
7 Global business succession survey results: Eight principles of succession Principle 3: Set your goals before the journey Before 30% 15% 15% Succeeding generation feel trusted and empowered Secure suitable retirement arrangement for relinquishing generation Identify the best person for the job Strategic positioning of the business for sale 12% 14% Equitable inheritance for all family members 14% Other outcomes* *Comprises five remaining outcomes 8
8 Global business succession survey results: Eight principles of succession Principle 3: Set your goals before the journey During 15% Give family members a better understanding of the demands of the business Identify the best person for the job 38% 13% Formal documentation of a succession plan Strategic positioning of the business for sale 11% 11% 12% Equitable inheritance for all family members Other outcomes* *Comprises five remaining outcomes 9
9 Global business succession survey results: Eight principles of succession Principle 3: Set your goals before the journey After Formal documentation of a succession plan 34% 15% 13% Succeeding generation felt trusted and empowered Equitable inheritance for all family members 12% 13% 13% Secured suitable retirement arrangements for relinquishing generation Identified the best person for the job Other outcomes* *Comprises five remaining outcomes 10
10 Global business succession survey results: Eight principles of succession Principle 4: Harmony is a must > Creating, sustaining, and enhancing family harmony throughout the process is important for not only supporting and delivering your goals, but also for weakening and removing barriers that might exist in achieving those goals. > Respondents said the importance of keeping family harmony never wavered throughout the planning process. 11
11 Global business succession survey results: Eight principles of succession Principle 5: Price is not first Key considerations > Continuity of the business and ongoing jobs for employees are the biggest concerns during planning no matter whether the owner is planning to sell, retain, or transfer the business but getting the best sale price is an outcome of the focus on continuity and jobs. > Before the process started, getting the best price for the business was considered an important factor, but its importance lessened significantly throughout the process. 12
12 Global business succession survey results: Eight principles of succession Principle 6: Plan early, start earlier > Because succession is about business continuity, ongoing jobs, and building capital value, you cannot start planning for succession too early. Principle 7: Equality is not equal Challenges > When family is involved, one of the key challenges is finding a balance of participation, ownership, and distribution of wealth. > You must be fair, rather than equal, and base your decisions on historical and future contributions of family members. > Achieving a fair distribution of assets among family members was one of the greatest challenges listed by respondents. 13
13 Global business succession survey results: Eight principles of succession Principle 8: Ask before you get lost > The succession process can be complex. Work with professional advisors who can help you achieve the best plan for your family and business. 14
14 Integrated financial planning for businesses and business owners
15 Life cycle of a business and business owner Business owners view their business and personal needs in tandem Business owners develop in stages over their business and personal lives Transitioning your business Expanding your business Growing your business Starting your business Transferring wealth Preserving wealth Building wealth Becoming established 17
16 Integrated financial planning > Smart planning is integral to building and retaining value. > Your entire financial picture must be considered and advice should be applied holistically. > A comprehensive approach leverages the similarities and differences between your business and personal planning goals. > This type of approach requires dedicated, ongoing oversight in order to review, monitor, and adjust the plan as needed. 18
17 Integrated advisory team > Comprises a head of finance, business managers, attorneys, CPAs, bankers, investment advisors, insurance specialists, etc. > Key objective: Apply similar business planning expertise and discipline to the personal sphere; communication and coordination is critical. > Advisors with the ability to handle business and personal financial matters should be able to preserve and build your capital, protect your family and business, and maximize tax efficiencies. 19
18 Integrated advisory team Your financial planning goals Business Family Philanthropic Personal You/Personal CFO CPA Attorney Banker Insurance advisor Investment advisor Other advisors 20
19 Building the blueprint Picturing the integrated financial situation > The same comprehensive financial analysis (using and reviewing balance sheets, income statements, tax projections, budgets, etc.) used to manage successful businesses should be applied to your personal sphere. > Integrated financial statements will clarify how changes in economic conditions and tax laws as well as family status and business decisions can affect your ability to sustain your lifestyle. > Having that framework will also make you better equipped to meet business and personal objectives and respond to unforeseen events. 21
20 Business and personal integrated financial statements 22
21 Essential components of the balance sheet > Taxable investment assets, such as cash, marketable securities, restricted stock, and hedge funds > Lifestyle assets, such as tangible property and personal residences > Business assets, such as the value of your company, property, and private equity investments > Tax-deferred assets, such as 401(k)s and IRAs > Insurance, such as life insurance cash value and death benefits > Liabilities, such as mortgages, private equity capital commitments, and income and estate tax 24
22 Family balance sheet Snapshot of total financial situation > Assesses your family s overall holdings and sources of income as well as how different types of assets impact your liquidity, tax burden, and cash flow. > Allows you to more easily shift components based on your planning objectives. > Helps you identify how potential problem areas, such as concentration risk, tax liabilities, or debt-to-equity ratios, can affect personal goals and business objectives. 25
23 Family balance sheet Included in estate Non-Includible Business owner Business owner's Spouse Joint Total Includible Family Trust Charitable Trust ILIT for Business owner ILIT for Business owner's Spouse Joint ILIT Total Non- Includible Total Non-Qualified Assets Taxable Investments - - 2,500,000 2,500, ,500,000 Total Non-Qualified Assets - - 2,500,000 2,500, ,500,000 Lifestyle Assets Tangible Property Personal Residences - - 1,500,000 1,500, ,500,000 Total Lifestyle Assets - - 1,500,000 1,500, ,500,000 Business Assets (C corp, S corp, LLC, LP, etc.) Business Assets 10,000, ,000, ,000,000 Total Business Assets 10,000, ,000, ,000,000 Qualified Assets Tax-deferred investments 500, , ,000 Total Qualified Assets 500, , ,000 Death Benefit of Life Insurance 1,000, ,000, ,000,000 Total Assets 11,500,000-4,000,000 15,500, ,500,000 Liabilities Mortgage and home equity Total Liabilities Total Net Worth 11,500,000-4,000,000 15,500, ,500,000 26
24 Preparing your business for transition
25 Preparing for transition > Step 1 Define your transition goals > Step 2 Develop your transition strategy > Step 3 Determine your company s worth in the current environment > Step 4 Prepare the business for transition > Step 5 Make the appropriate changes > Step 6 Monitor the results > Step 7 Make adjustments > Step 8 Execute your transition strategy 28
26 Define your transition goals What would you want to accomplish in a transition? > Legacy Family still in control Create a family office > Keep the business intact > Maximize proceeds > Provide an opportunity to loyal employees/management > Combination? 29
27 Develop a transition strategy How will you transition your business? > Gift to children/grandchildren > Sale to children/grandchildren > Sale to management > Employee stock ownership plan > Sale to third party Strategic Private equity > Leveraged recapitalization/dividend > Other reorganization 31
28 Develop your transition strategy Common errors entrepreneurs/family businesses make in a transition > Waiting too long to prepare: The business The management The family > Not addressing tax issues or using an overly aggressive strategy Corporate (federal, state, local, international) Personal Estate > Neglecting the company s capital structure and accounting and operational systems > Losing sight of the risk profile of the company 32
29 Develop your transition strategy Common errors entrepreneurs/family businesses make in a transition (cont.) > Failing to understand how a third party will view: The industry The company s position within the industry Operations The company s ability to generate economic earnings The company s growth prospects The risk profile of the company 33
30 Determine your company s worth It is critical for sellers to have a firm grasp of what their company is worth taking into consideration the current state of the company, the industry in which it operates, and general economic conditions. 34
31 Determine your company s worth Gordon model V = cash flow risk - growth 35
32 Determine your company s worth Maximize value = cash flow risk growth 36
33 Determine your company s worth Defining cash flows > EBIT Earnings before interest and tax > EBITDA Earnings before interest, tax, depreciation, and amortization > EBITDAOC Earnings before interest, tax, depreciation, amortization, and owners compensation > Recast EBITDA Discretionary expenses Unusual or one-time expenses > Free cash flows 37
34 Determine your company s worth Free cash flows = EBIT (1- t) + d ± WC - I t = marginal tax rate d = depreciation WC = change in working capital I = normal, recurring replacement of fixed assets 38
35 Determine your company s worth > Assessing risk General economics Industry specific Company risks Weighted average cost of capital: o Cost of equity reflecting systematic and unsystematic risks o After-tax cost of debt > Growth: The sustainable rate of growth in cash flows 39
36 Prepare the business for transition If you know the enemy and know yourself, you need not fear the results of a hundred battles. Sun Tzu, The Art of War 40
37 Prepare the business for transition Once the objectives and method of transition is determined > Determine the time line or transition target date > Make an objective assessment of family/management > Select your team will depend upon the nature of the transition Legal Management Tax Accounting/systems Investment banker and appraisers 41
38 Prepare the business for transition Have you communicated to family and management? > Family: Are they prepared to step into your shoes? Is there an obvious family successor? Are their goals consistent with your goals? > Management: Is the management team complete? Is there someone on the existing team that can or is willing to lead the company? 42
39 The third-party s perspective > Being committed to the transition process have you emotionally come to terms that you are ready? > Knowing your transition objective will the transaction accomplish your goal? > Timely and thoughtful responses everything is being observed. > Appropriate expectations of the outcome. > Appropriate representation. > Management team responsible, seasoned, diversified skill sets, and incentivized for a smooth transition. > Projections and forecasts eloquent and complete presentation of the growth plan. > Sound financial reporting completed audit and robust information systems. > Recasted earnings do they make sense and are they balanced? > Are you willing to participate in the transaction? communicates confidence in the growth plan and remaining management s ability. 43
40 The third-party s perspective Competition pricing strategy Product technology management efficiency EBIT margin Asset turnover Investment analysis and valuation process Credit conditions financial strategy Financial leverage (Assets/equity) Interest burden (EBT/EBIT) Return on equity (R) Government policy Tax burden (1-tax rate) Growth rate g=r(1-k) Free cash flows Accounting policy Earnings forecast Dividend policy Payout ratio (K) Stock value P=(KE)/(r-g) Financial market analysis Interest rates Equity risk premiums Company risk Sales volatility Operating leverage Financial leverage Liquidity of stock Beta Discount rate (r) Note: Adapted from Stalla Seminars 44
41 The third-party s perspective Operations > Collect operating metrics weekly, monthly, annually > Understand how the company compares to peers industry data > Know what data might be requested (varies by industry) Capacity utilization Production rates and through put Sales ($ and units, by SKU) Cost of goods ($ and units, by SKU, by type of cost) o Raw materials o Outsourced services o Labor o Overhead o Scrap or waste rates Quality metrics Supplier/vendor concentrations Condition of equipment 45
42 The third-party s perspective Quality of earnings > Revenue recognition > Monthly financials > Proof cash > Pricing strategy > Revenue and gross profit/contribution margin By SKU By division By customer By channel By key relationship manager By volume Seasonality Historical (10 years) 46
43 The third-party s perspective Quality of earnings > Cost accounting methods > Cost structure fixed vs. variable > Adjustments to earnings not-recurring and pro forma > Debt, debt-like items, related-party transactions 47
44 The third-party s perspective Summary income statement X1 X2 Sales $10,000 $11,500 Costs of goods sold 6,000 7,500 Gross profit 4,000 4,000 Sales, general, and administrative 2,000 2,500 Income from operations 2,000 1,500 48
45 The third-party s perspective Sales analysis X1 X2 Price variance Volume variance Change Product A $3,000 $4,000 $2,000 ($1,000) $1,000 Product B 1,500 3,000 1, ,500 Product C 1,500 2,000 (500) 1, Product D 2,000 2, Product E 2, (500) (1,000) (1,500) $10,000 $11,500 $2,500 ($1,000) $1,500 49
46 Make changes > A self-assessment will usually point the way for the critical next steps > Make changes that are only appropriate given the time line > Monitor the results of your operational changes > Make adjustments as necessary > Execute your transition strategy 50
47 Conclusion > Preparation is key start early > Understand your objectives and timing > Assemble a team of advisors Develop a process that is right for you and for the market Create a realistic time line 51
48 Disclosure The content in this presentation is a resource for Baker Tilly Virchow Krause, LLP clients and prospective clients. Nothing contained in this presentation shall be construed as legal advice, opinion, or as an offer to buy or sell any property or services. In conformity with U.S. Treasury Department Circular 230, tax advice contained in this communication and any attachments is not intended to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code, nor may any such tax advice be used to promote, market or recommend to any person any transaction or matter that is the subject of this communication and any attachments. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.
Succession Planning. Succession Planning. James F. Weber, CPA, CGMA Managing Member
James F. Weber, CPA, CGMA Managing Member This session is eligible for 1 Continuing Education Hour and 1 Contact Hour. To earn these hours you must: Have your badge scanned at the door Attend 90% of this
More informationWealth Structuring and Estate Planning. Your vision and your legacy. Life s better when we re connected
Wealth Structuring and Estate Planning Your vision and your legacy Life s better when we re connected Inside 1 Helping you shape the future 2 The elements of wealth structuring 4 The power and flexibility
More informationPlease contact us for more information and/or for additional white paper titles or copies.
Harris Private Bank has helped affluent families grow and preserve their wealth for more than 100 years. We work closely with your existing advisors to make sure all aspects of your wealth strategy fit
More informationBusiness Executive Services. Making Wealth Work for the Business Executive
Business Executive Services Making Wealth Work for the Business Executive Work Business Executive Services (BES) was created to help unleash the full power of your company s benefits and compensation programs.
More informationPNC is a registered mark of The PNC Financial Services Group, Inc.( PNC ) 2013 The PNC Financial Services Group, Inc. All rights reserved.
The seminar and/or webinar and materials that you will view were prepared for general information purposes only by Baker Tilly and are not intended as legal, tax or accounting advice or as recommendations
More informationBUSINESS SUCCESSION: PLAN NOW FOR SUCCESS
BUSINESS SUCCESSION: PLAN NOW FOR SUCCESS 6 STEPS TO ACHIEVE YOUR VISION As a business owner, you ve invested time and effort to build a business that supports your family and many others, including employees,
More informationRetirement Planning and Wealth Management
Retirement Planning and Wealth Management Kurt Rohrs Principal Advisor, Inc. www.swretire.com About, Inc. Principal Advisor Kurt Rohrs is the Principal Financial Advisor with, Inc. specializing in Financial
More information2 Personal wealth questionnaire
P E R S O N A L W E A LT H Q U E S T I O N N A I R E The Personal Wealth Analysis represents a comprehensive picture of your current wealth planning circumstances and provides suggestions for improvement.
More informationFinancial Planning in a Low Interest Rate Environment: The Good, the Bad and the Potentially Ugly
Financial Planning in a Low Interest Rate Environment: The Good, the Bad and the Potentially Ugly In June of 2012, the 10 year Treasury note hit its lowest rate level in history when it fell to 1.62%.
More informationCharitable remainder trusts
Charitable remainder trusts An estate planning strategy for charitably inclined investors This strategy may be a good fit when: You want to make a significant gift to charity You have assets that you want
More informationProtect your business and preserve your legacy. The 10 questions every business owner should consider.
Protect your business and preserve your legacy. The 10 questions every business owner should consider. Our top ten questions and answers While there are many Top Ten Questions lists published in the financial
More informationPlanning for business transition:
Planning for business transition: The importance of working on why not and setting personal goals Inside: Understanding your own why not How to think about transition Exploring your options for the business
More informationMoss Adams Introduction to ESOPs
Moss Adams Introduction to ESOPs Looking for an exit strategy Have you considered an ESOP? Since 1984, we have performed over 2,000 Employee Stock Ownership Plan (ESOP) valuations for companies with as
More informationGuide To Wealth Management
Guide To Wealth Management There are many financial issues that impact our lives. Many people never formally address important concerns with their advisors because the conversations may be difficult to
More informationWELCOME TO STA Wealth Management
WELCOME TO STA Wealth Management Since the founding of STA Wealth Management in 2002 by experienced financial industry executives in Houston, Texas, we have focused on delivering comprehensive portfolio
More informationSuccession Planning: Buying or Selling a Practice
Succession Planning: Buying or Selling a Practice Jessica M. Jensen Jerrie L. Paine Carmen R. Rowe 2604 12 th Court SW, Suite B Olympia, Washington 98502 360-705-1335 www.jessicajensenlaw.com Succession
More informationUnderstanding Roth IRA Conversions in 2010
2010 Understanding Roth IRA s in 2010 Presented by: Robert S. Keebler, CPA, MST, AEP 2201 E. Enterprise Ave., Suite 100, Appleton, WI Phone: (920) 739-3345 E-Mail: Robert.Keebler@bakertilly.com Circular
More informationAdvanced Markets Combining Estate Planning Techniques A Powerful Strategy
Life insurance can help meet many wealth transfer goals. The death benefit could cover estate taxes, for instance, avoiding liquidation of much of the estate to meet the estate tax bill. Even though a
More informationESOP CONNECT MANAGING THE ESOP REPURCHASE OBLIGATION. A company sponsoring an ESOP must make a market for vested plan participants.
ESOP CONNECT MANAGING THE ESOP To ensure the success of an Employee Stock Ownership Plan (ESOP) as an employee motivational tool and as a means of corporate finance and succession planning, a company sponsoring
More informationLife Insurance as an Asset Class: A Predictable Asset for Unpredictable Times
Life Insurance as an Asset Class: A Predictable Asset for Unpredictable Times This material is not intended to be used to avoid tax penalties. It was prepared to support the promotion or marketing of the
More informationBusiness Valuation and Exit Planning. Aaron J. Pryor, CFA, ASA
Business Valuation and Exit Planning Aaron J. Pryor, CFA, ASA Phases of a Business Valuation Assignment Define the valuation assignment What exactly is the subject of the valuation What is the purpose
More informationMapping Financial Planning to Exit Strategies
Bank of America Merrill Lynch White Paper Mapping Financial Planning to Exit Strategies As your business changes, your exit strategy should change with it. And planning should start now. Executive summary
More informationLPL INSURANCE ASSOCIATES. Taking Care of Business. Insurance Strategies to Help You Protect Your Business
LPL INSURANCE ASSOCIATES Taking Care of Business Insurance Strategies to Help You Protect Your Business Opportunities, Rewards and Responsibilities Not many business owners want to think about the time
More informationBUYING OR SELLING A BUSINESS: A CHECKLIST FOR SUCCESSFULLY NEGOTIATING PRICE
BUYING OR SELLING A BUSINESS: A CHECKLIST FOR SUCCESSFULLY NEGOTIATING PRICE Phil Thompson Business Lawyer, Corporate Counsel www.thompsonlaw.ca A COMMON GOAL AND COMMON UNDERSTANDINGS Agreed: Our common
More informationBusiness Valuation of Sample Industries, Inc. As of June 30, 2008
Business Valuation of Sample Industries, Inc. As of June 30, 2008 Prepared for: Timothy Jones, CEO ABC Actuarial, Inc. Prepared by: John Smith, CPA ACME Valuation Services, LLP 500 North Michigan Ave.
More information2014 Family Wealth Conference
2014 Family Wealth Conference James Bertram William Blair & Company Sarah Mercurio William Blair & Company Business Succession: Planning the Next Step for Your Most Valuable Asset Summary of Financial
More informationSuccession Planning Case Studies
Succession Planning Case Studies Prepared by NCFC Business Consulting INTRODUCTION The following are brief descriptions of how some intergenerational business succession plans have been implemented. These
More informationFinancial Strategies for Selling a Farm or Ranch
Financial Strategies for Selling a Farm or Ranch By: Christopher Nolt, LUTCF and John Clark, CPA An Educational Resource From Solid Rock Wealth Management Selling a farm or ranch typically creates significant
More informationThe Wealth Plan For Mr. & Mrs. Sample Client
The Wealth Plan For Mr. & Mrs. Sample Client John G. Griffin, CLU Chartered Financial Consultant April 2015 - Initial April 8, 2015 Mr. and Mrs. Sample Client Big Time Productions, Inc. 123 Smart Money
More informationThe Financial. of Divorce
The Financial Aspects of Divorce What You Need to Know Before the Negotiations Begin By Elaine E. Bedel, CFP President, Bedel Financial Consulting, Inc. 1 Introduction Whether you should stay the course
More informationFamily Business Succession Planning
Concannon Wealth Management 1525 Valley Center Parkway Suite 310 Bethlehem, PA 18017 610-814-2474 www.cwm.us.com Family Business Succession Planning June 01, 2013 Page 1 of 9, see disclaimer on final page
More informationFederal Tax and Capital Gains: Rates Over Time
Preparing for a World of Higher Taxes Are You Ready? Presented by: Matt Sommer, CFP, CPWA, AIF Director and Senior Retirement Specialist, Retirement Strategy Group C-0610-114 4-30-11 Federal Tax and Capital
More informationWhat is Wealth Management?
What is Wealth Management? INVESTMENT AND INSURANCE PRODUCTS: NOT FDIC INSURED. NOT A BANK DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT BANK GUARANTEED. MAY LOSE VALUE The Wealth Management
More informationTaxes and Transitions
Taxes and Transitions THE NEW FRONTIER FOR RETIREMENT PLANNING Wealthy individuals have been hit with their first major tax increase in more than 20 years, with tax hikes on ordinary income, dividends
More informationSMALL BUSINESS DEVELOPMENT CENTER RM. 032
SMALL BUSINESS DEVELOPMENT CENTER RM. 032 FINANCING THROUGH COMMERCIAL BANKS Revised January, 2013 Adapted from: National Federation of Independent Business report Steps to Small Business Financing Jeffrey
More informationMultiple Choice Questions (45%)
Multiple Choice Questions (45%) Choose the Correct Answer 1. The following information was taken from XYZ Company s accounting records for the year ended December 31, 2014: Increase in raw materials inventory
More informationSUCCESSION PLANNING GUIDE
SUCCESSION PLANNING GUIDE FOR FOOD PROCESSING & AGRICULTURE BUSINESSES Preserve your business, and your legacy, for generations to come What Is Succession Planning? 1 It s Not Just Business It s Personal
More informationRoy Messing Program Coordinator Ohio Employee Ownership Center Kent State University
Roy Messing Program Coordinator Ohio Employee Ownership Center Kent State University Program Overview Brief Overview of Succession Planning Background & Basics Selling Options Professional Assistance Helpful
More informationValuing the Business
Valuing the Business 1. Introduction After deciding to buy or sell a business, the subject of "how much" becomes important. Determining the value of a business is one of the most difficult aspects of any
More informationYour story is unique. Your Financial Advisor will work with Wells Fargo Private Bank to build a team designed around you
Your story is unique Your Financial Advisor will work with Wells Fargo Private Bank to build a team designed around you A team of local professionals focused on your needs Your relationship with your Wells
More informationValuation of S-Corporations
Valuation of S-Corporations Prepared by: Presented by: Hugh H. Woodside, ASA, CFA Empire Valuation Consultants, LLC 777 Canal View Blvd., Suite 200 Rochester, NY 14623 Phone: (585) 475-9260 Fax: (585)
More informationBusiness Succession Planning. 2011 Morgan Stanley Smith Barney LLC. Member SIPC
2011 Morgan Stanley Smith Barney LLC. Member SIPC 2011-PS-541 Expires: February 2012 Date of First Use: February 2011 Updated/Reviewed: February 2011 Overview Why Succession Planning is Important Common
More informationBusiness Su c c e s s i o n Pl a n n i n g
Business Su c c e s s i o n Pl a n n i n g w i t h Key Pe r s o n Co v e r a g e and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business.
More informationBusiness Succession Planning
Business Succession Planning with Key Person Coverage and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business. But are you taking the
More informationGrowing Your Practice
Growing Your Practice Presented by: Ted R. Ridlehuber President and CEO Cannon Financial Institute, Inc. tridlehuber@cannonfinancial.com Create Your Blueprint To Grow Your Business 1. Work Your Current
More informationFamily Business Succession Planning
Family Business Succession Planning Matthew S. Onstot Jason P. Wiltse Wealth Advisors 2400 86th Street, Unit 32 Urbandale, IA 50322 515-225-9500 515-537-5450 msonstot@wilonwm.com jpwiltse@wilonwm.com www.wilonwm.com
More informationEstate planning strategies using life insurance in a trust Options for handling distributions, rollovers and conversions
Estate planning strategies using life insurance in a trust Options for handling distributions, rollovers and conversions Life s better when we re connected Table of contents Find your questions review
More informationEstate Planning. Some common tools used to help meet those particular needs include:
Estate Planning The Importance of Having an Estate Plan Having an estate plan is one of the most important things you can do for your family. It's not just about planning for estate taxes; it's about developing
More informationTax Alpha. Robert S. Keebler, CPA, M.S.T., AEP. Keebler & Associates, LLP 420 South Washington Street Green Bay, WI 54301.
Tax Alpha Presented by Robert S. Keebler, CPA, M.S.T., AEP Keebler & Associates, LLP 420 South Washington Street Green Bay, WI 54301 Agenda 1. Five Dimensional Tax System Ordinary Income Rates Capital
More informationFinancial Formulas. 5/2000 Chapter 3 Financial Formulas i
Financial Formulas 3 Financial Formulas i In this chapter 1 Formulas Used in Financial Calculations 1 Statements of Changes in Financial Position (Total $) 1 Cash Flow ($ millions) 1 Statements of Changes
More informationWealth Management Essentials for Oil and Gas Professionals
Wealth Management Essentials for Oil and Gas Professionals Presented By Sean Baylis Investment Advisor Disclaimer Flow-through investments may not be suitable for all investors. Please read the prospectus
More informationPlanning Retirement in a Rising Tax Environment
Planning Retirement in a Rising Tax Environment (Based on the published article written in the 2014 semi-annual edition of Wealth Channel Magazine) By Francis J. Lojewski, MSFS, ChFC, CLU, LUTCF, AEP One-sentence
More informationComputing Liquidity Ratios Current Ratio = CA / CL 708 / 540 = 1.31 times Quick Ratio = (CA Inventory) / CL (708 422) / 540 =.53 times Cash Ratio =
1 Computing Liquidity Ratios Current Ratio = CA / CL 708 / 540 = 1.31 times Quick Ratio = (CA Inventory) / CL (708 422) / 540 =.53 times Cash Ratio = Cash / CL 98 / 540 =.18 times 2 Computing Leverage
More informationVALUED REPRESENTATION When Selling a Business
VALUED REPRESENTATION When Selling a Business VR Has Sold More Businesses In The World Than Anyone. SELLING YOUR BUSINESS The entrepreneurial boom has changed the face of business around the globe. Today,
More informationComprehensive Wealth Management. Clarity. It changes everything.
Comprehensive Wealth Management Clarity. It changes everything. WHO WE ARE Knowing that you have a plan for your personal finances and retirement frees you to pursue your passions. At Avier, we take the
More informationYear End Financial Planning for 2014
Year End Financial Planning for 2014 As we near the end of 2014 and begin preparing for 2015, it is important to reflect on the changes we have experienced over the last year. Life s milestones can range
More informationWHICH TYPE OF IRA MAKES THE MOST SENSE FOR YOU?
WHICH TYPE OF IRA MAKES THE MOST SENSE FOR YOU? In 1974, when IRAs were first created, they were rather simple and straightforward. Now, 35 years later, it s challenging to know the best way to save more
More informationVolunteering. Donor Advised Funds
Test Your Knowledge True or False It is more beneficial to give during your life. Using stock for a charitable gift is always a good idea. Once you transfer your interest in a property to a charity, you
More informationFinancial Planning and Growth. Background
Financial Planning and Growth (Text reference: Chapter 26) background detailed examples factors affecting growth AFM 271 - Financial Planning and Growth Slide 1 Background financial planning may be thought
More informationProgram outlines: Retirement Planning
Program outlines: Retirement Planning 1. Casey County Kentucky Retirement & Estate Planning Program 1997 Session 1. Saving For Your Retirement Assessing present financial status-net worth, investments,
More informationHow to Maximize the Value When Selling Your Management Company
WHITE PAPER How to Maximize the Value When Selling Your Management Company INSIDE THIS REPORT Rational for Selling Management Company Valuation Acquisition Deal Structure Tips to Optimize Your Exit Value
More informationLife Insurance in Retirement Planning
Life Insurance in Retirement Planning HOW PERMANENT LIFE INSURANCE CAN HELP MEET YOUR DEATH BENEFIT NEEDS AND ENHANCE YOUR RETIREMENT. 0251133-00002-00 Did You Know? Many high-income and high-net worth
More informationDecember 2014. Tax-Efficient Investing Through Asset Location. John Wyckoff, CPA/PFS, CFP
John Wyckoff, CPA/PFS, CFP Your investment priorities are likely to evolve over time, but one goal will remain constant: to maximize your investment returns. Not all returns are created equal, however.
More informationWealth Planning. Wealth Planning for the Sale of a Business
Wealth Planning Wealth Planning for the Sale of a Business JULY 2014 Selling your business may be the most important financial event in your life. In some cases, the business has been family-owned for
More informationPROTECTING BUSINESS OWNERS AND PRESERVING BUSINESSES FOR FUTURE GENERATIONS
BASICS OF BUY-SELL PLANNING A buy-sell arrangement (or business continuation agreement ) is an arrangement for the disposition of a business interest upon a specific triggering event such as a business
More informationWealth and Taxes: Planning for 2014
NOVEMBER 2013 Wealth and Taxes: Planning for 2014 2013 YEAR-END TAX PLANNING GUIDE TABLE OF CONTENTS On January 1, 2013, Congress passed the American Taxpayer Relief Act (ATRA), which addressed the scheduled
More informationPreparing for Your Retirement: An IRA Review
Preparing for Your Retirement: An IRA Review How much of your earning power will be available for your use when you retire? What will happen to your standard of living when your income ceases at retirement?
More informationBUSINESS CONSULTING & EXIT PLANNING STRATEGIES
BUSINESS CONSULTING & EXIT PLANNING STRATEGIES 455 N. Cityfront Plaza Dr., Suite 2600 Chicago, Illinois 60611-5379 T: F: 312.670.8301 Next Plateau Consulting LLC is a Chicago-based consulting firm dedicated
More informationYear-End Planning: Tax Efficient Investing
Year-End Planning: Tax Efficient Investing Presented by: Robert S. Keebler, CPA, MST, AEP Keebler & Associates LLP Introduction About the PFP Section & PFS Credential The AICPA PFP Section provides information,
More informationCritical Steps for MATERIAL SUCCESS
CPA Financial Services Practice: Critical Steps for MATERIAL SUCCESS Presented by Honkamp Krueger Financial Services, Inc. The Premier Provider of Financial Services to CPAs 1 CPA Financial Services Practice:
More information234 Kinderkamack Road Oradell, NJ 07649 201.262.1040
Financial Planning Organizer 234 Kinderkamack Road Oradell, NJ 07649 201.262.1040 www.tfgllc.com Personal Data Summary Date Prepared / / Client Spouse 1. Full Name Social Security # Date of Birth / / /
More informationGETTING THE MOST OUT OF YOUR ESOP
GETTING THE MOST OUT OF YOUR ESOP Michael G. Keeley Hunton & Williams LLP 1445 Ross Avenue Suite 3700 Dallas, Texas 75202 (214) 468-3345 mkeeley@hunton.com Traditional Sources of Capital for Community
More informationPreserve, protect, and promote the value of your business. Start your business trek towards transition today.
F e d e r a l R e s e r v e B a n k o f K a n s a s C i t y O m a h a B r a n c h i n p a r t n e r s h i p w i t h Creighton University School of Law Community Economic Development Clinic Nebraska Business
More informationGifting Unique Assets: Philanthropy and Tax Planning
The following information and opinions are provided courtesy of Wells Fargo Bank N.A. Wealth Planning Update Gifting Unique Assets: Philanthropy and Tax Planning JULY 2014 Erika Mielke Senior Wealth Planning
More informationGiving Today to Guarantee Tomorrow: Charitable Gifts of Life Insurance
Giving Today to Guarantee Tomorrow: Charitable Gifts of Life Insurance A gift of life insurance can represent a substantial future gift to a favorite charity at relatively little cost to you. Table of
More informationZero Estate Tax Strategy
Zero Estate Tax Strategy AN PLANNING STRATEGY USING LIFE INSURANCE, A FOUNDATION, AND WEALTH REPLACEMENT TRUST The Prudential Insurance Company of America 0257697 0257697-00003-00 Ed. 07/2015 Exp. 01/20/2017
More informationPart I: Understanding and Interpreting Financial Statements. The Asset Side of the Balance Sheet. The Liability Side of the Balance Sheet
Financial Statement Analysis & Business Valuation for the Practical Lawyer TABLE OF CONTENTS Sidebars Preface Acknowledgments Introduction Part I: Understanding and Interpreting Financial Statements Chapter
More informationSecurities offered thru First Allied Securities, Inc. A Registered Broker /Dealer Member FINRA/SIPC
The 14 Wealth Management Issues Today individuals and families are time-squeezed and often unsure how best to achieve financial goals and preserving their wealth can be a challenge. We have compressed
More informationUnderstanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements
Understanding Financial Information for Bankruptcy Lawyers Understanding Financial Statements In the United States, businesses generally present financial information in the form of financial statements
More information2010 Actual 2011 Proposed Budget* Married [1] Single Rate Married [1] Single Rate
This article contains general information and is not intended to be a specific analysis of the tax issues that could affect an individual s specific circumstances. In 2011, changes in capital gains and
More informationYear End Gifts and Investments
Wealth Planning Year End Tax Tips The end of every year poses a critical deadline for utilizing certain tax benefits. The following covers various items to address in your annual tax, estate, retirement
More informationTransferring Business Assets
Transferring Business Assets In the future, you may either want to transfer your business to heirs or sell your business to employees, competitors, or others. Planning for transfer of a family business
More informationChapter 5: Business Valuation (Market Approach)
Chapter 5: Business Valuation (Market Approach) This methodology values larger companies based upon the value of similar publicly traded For smaller companies, otherwise known as micro businesses (e.g.,
More informationFormulating Your Business Succession Plan
february 2013 2 Who Should Serve on Your Advisory Team? 4 Beginning the Planning Process 6 Finalizing Your Plan 8 Negotiations 10 After the Transaction Formulating Your Business Succession Plan Summary
More informationF I R M B R O C H U R E
Part 2A of Form ADV: F I R M B R O C H U R E Dated: 03/24/2015 Contact Information: Bob Pfeifer, Chief Compliance Officer Post Office Box 2509 San Antonio, TX 78299 2509 Phone Number: (210) 220 5070 Fax
More information2015 Savvy Year-End Tax Planning Thoughts & Ideas
2015 Savvy Year-End Tax Planning Thoughts & Ideas JONATHAN GASSMAN CFP, CPA/PFS November 11, 2015 2015 Tax Rates Ordinary Income Qualified Dividends & Long-Term Capital Gains 10% 15% 25% 28% 2015 Rates
More informationCommon Denominator Relationships: Aligning the Franchisor and Franchisee Objectives.
Common Denominator Relationships: Aligning the Franchisor and Franchisee Objectives. Prepared by: Joe Fahey, CFA, Senior Director of Planning, Business Advisory Services, Wells Fargo Bank. In this white
More informationWhite Paper Life Insurance Coverage on a Key Employee
White Paper Life Insurance Coverage on a Key Employee www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC,
More informationStonegate Wealth Management. Registered Investment Advisor 17-17 Route 208 Fair Lawn, N.J. 07410 (201) 791-0085 www.stonegatewealth.
Stonegate Wealth Management Registered Investment Advisor 17-17 Route 208 Fair Lawn, N.J. 07410 (201) 791-0085 www.stonegatewealth.com Stonegate Wealth Management $200 Million in assets under management.
More informationPlease NOTE This example report is for a manufacturing company; however, we can address a similar report for any industry sector.
Please NOTE This example report is for a manufacturing company; however, we can address a similar report for any industry sector. Performance Review For the period ended 12/31/2013 Provided By Holbrook
More informationretirement income solutions *Advisor Design guide for Life s brighter under the sun What s inside Retirement income solutions advisor guide USE ONLY
Retirement income solutions advisor guide *Advisor USE ONLY Design guide for retirement income solutions What s inside Discussing retirement needs with clients Retirement income product comparison Creating
More informationFrom Lindsey W. Duvall. Duvall Law Firm, LLC. 147 Old Solomons Island Road Suite 306 Annapolis MD 21401 410-721-1660
How to Create a Successful, Multigenerational Wealth Transfer Plan Volume 8, Issue 8 Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third.
More informationROTH IRAS: IS THERE A CONVERSION IN YOUR FUTURE? SHOULD THERE BE?
KRISTI MATHISEN, JD AND CPA Who would have imagined that one of the hottest investment questions in years for individuals, tax professionals, financial planners and investment advisors would be about the
More informationUnderstanding Annuities
Annuities, 06 5/4/05 12:43 PM Page 1 Important Information about Variable Annuities Variable annuities are offered by prospectus, which you can obtain from your financial professional or the insurance
More informationInitial Planning Questionnaire
Initial Planning Questionnaire Josh Koehnen CERTIFIED FINANCIAL PLANNER TM Registered representative of and offering securities and advisory services through Independent Financial Group, LLC (IFG) member
More informationWe respect your privacy and will not disclose this information to any outside parties without your expressed written consent.
CLIENT INTAKE FORM Date: Complete this form prior to your appointment. Please print clearly. If you are unsure of any information, leave it blank. It is okay to approximate amounts and include attachments
More informationGiving Closely Held Stock
Gift & Estate Planning Giving Closely Held Stock SM Stewarding the Giver and The Gift >> Focus on the Family, Attn: Gift & Estate Planning 8605 Explorer Drive Colorado Springs, CO 80920 800-782-8227 giftplanning@fotf.org
More informationEffective Planning with Life Insurance
Effective Planning with Life Insurance The Tax Considerations... Ken Knox, CLU, ChFC Regional Director The Penn Mutual Life Insurance Company 1304529TM_Sept17 Retirement Planning Case Scenario #1... Client
More informationESOP Repurchase Obligation Funding
FOR BUSINESS OWNERS Employee Stock Ownership Plans ESOP Repurchase Obligation Funding What is your obligation? Repurchase obligation is the liability a company incurs when vested terminated participants
More information