Business Owners


What is the best structure for your business? How can business assets be organized in the most tax- efficient manner? How to maintain stability in the business?
Do such questions cross your mind? Do you own a business or planning to start one?

If it is so, then the decisions you make or are going to make, may have a far-reaching implication on your business. Business owners have more financial complexity to their affairs and having a financial plan makes it easier to conduct business.

A Financial plan helps you in identifying where you stand today and where you want to go by helping you in identifying your financial goals. A business requires a large portion of your resources, time and attention and making a financial plan for your business not only helps you in achieving business goals but also ensures your business future success.

Why do you need a Financial Plan?

  • Makes the right choice for you by organizing your finances
  • Preserve and maximize your surplus assets
  • Gain control of your money
  • Focus on the big picture

For a business owner, Personal Financial Planning and Planning for business are two sides of the same coin. Therefore both sides need to be addressed equally. A financial plan for the business will address 2 sides:

  • Growth through cash management, tax planning and retaining key talent, and
  • Preservation through Investments, Succession Planning and Insurance Planning.

Financial planning for business owners thus is to show them ways to keep their wealth by providing them with solutions for finance, tax, succession and estate planning

Business Succession Plan

Business succession planning is planning done to help business owners to transition out of their business and transferring its ownership at the time of retirement. The main aim of business succession planning is to maximize the business owner’s personal financial security. The benefits business enjoys because of a proper succession plan is

  • Improvement in financial stability as it moves through a well-planned and managed transition.
  • Helps in providing future to your family and minimizing future tax liability.

The purpose of this planning is to consider the possibilities of all the outcomes including owner’s death, major illness or any sort of disability. The planning can be done for any key person, shareholder or buy-sell arrangement made. Advanced planning before any mishap is always beneficial. Proper valuation of a business can also be useful in your retirement and any risk to your lifestyle at that time.

Business Continuation

A business continuity plan minimizes any uncertainty business can face. It is a process of developing strategies to avoid any such disruption in business. Many business owners also depend on their business to provide them with income, security and sometimes legacy for their family.

Business Continuation planning is for any key person or shareholder related to the business. The major benefits are:

  • Retaining key employees and shareholders
  • Minimizing or lowering any impact if any employees, shareholders or business owners become disabled, critically ill or die.

Customized Employee Benefits

Running a business is a tough task where you not only have to face the basic obligations but also have to satisfy your employees. Providing benefits to employees is key to retain them for a longer period of time. This also helps speed up the business progress by motivating and engaging the key people, executives, business owners and shareholders.

This can be done by providing them health benefits, tax-efficient compensation, retirement benefits, paid holidays, vacations and sick leaves. By learning and understanding the art of providing customized employee benefits, many businesses have become stable.

Personal Health Spending Plan (PHSP)

It is a part of a self-insurance plan which allows an Employer to give tax-free benefits to his/her employees which are to be used on medical expenses. It is used by thousands of business owners to provide health and dental benefits to employees. There are no premiums, hidden fees or complex policies in this plan. It is one of the best ways to attract and retain employees by an employer.

These are thus various strategies that can be used by a business owner to run his/her business successfully. Having a financial plan well in advanced brings a major impact on the future success of the business as well as on your personal lifestyle.

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