Where do you begin?

Where do you begin?

Planning for a successful future can seem overwhelming. Where do you start? How do you make time? Which questions should you ask? Today, we’ll present a process that can help you organize your thoughts and put you on a path toward a successful planning process. 

Don’t armchair quarterback your exit

Don’t armchair quarterback your exit

“How hard can planning my exit really be? I already made it valuable, so all I need to do is find someone to buy it for what I want, right?” If you’ve ever watched a professional football game, you might be familiar with the armchair quarterback—someone who says, “How did he miss that throw? I could do that!”

Taking care of your business family

Taking care of your business family

Many business owners eventually reach a crossroads where their families want them to slow down and take it easy, even if they aren’t ready to. This can be even more challenging if, as one business owner put it, you “feel more appreciated at the office than at the dinner table.”  

Saying goodbye without leaving

Saying goodbye without leaving

For many business owners, the business is more than a means to make money—it’s a part of their identity and a link to the past. This can make the idea of leaving it, and committing to the planning required to leave it successfully, very challenging.

Reducing taxes via exit planning

Reducing taxes via exit planning

Selling your business comes with major tax implications. You likely don’t want to pay any more than the minimum in taxes when you sell. With planning, it’s possible to reduce your tax burden and reap the most out of a business sale.

Can the next generation run your business?

Can the next generation run your business?

Keeping the business in the family or among trusted employees is a point of pride for many business owners. And some heirs apparent truly can’t wait to run the business. Today, we’ll raise some important considerations if you intend to keep the business in the hands of insiders. 

Four good questions to ask yourself

Four good questions to ask yourself

A big part of being a successful business owner is your ability to ask questions. This innate curiosity allows your business to thrive, adjust, and evolve. It’s also a good way to begin planning for a successful future outside the business.  

Controlling the uncontrollable parts of ownership

Controlling the uncontrollable parts of ownership

A common tragedy for business owners is facing a life-changing event, such as a sudden death or illness that devastates the business, without a plan. While these events may seem uncontrollable in the moment, the good news is that with foresight and planning, you can regain control over what seems uncontrollable. 

Should I Sell My Business Now?

Should I Sell My Business Now?

If you simply are not emotionally ready to sell, if there is still fire in your belly — enough fire to fuel your continued investment in the company — or if you ultimately want to leave the business to family members or employees, then you may not be in a position to sell your business — yet.

What’s the Fate of Your Estate?

What’s the Fate of Your Estate?

Most construction business owners will spend a lifetime making sure their businesses succeed. After all of your hard work, do you really want to leave the fate of your business in someone else’s hands? As it is likely your largest asset, you’ll want to ensure your business is protected through a detailed estate plan. This plan should focus on minimizing estate and gift taxes as well as protecting your wealth for your family.

Succession Planning = Peace of Mind

Succession Planning = Peace of Mind

Statistics indicate baby boomers account for more than 50% of the construction industry. That means half of owners, along with their skills and knowledge, are headed towards retirement. Even more alarming is only half of those owners have a succession plan. If your company faces a disruption or change in ownership it reduces its chance of survival to only a small percentage. Even owners who don’t have an immediate retirement on the horizon need to have a plan.

Will Your Business Survive Without You?

Will Your Business Survive Without You?

Less than a year. That’s how long it took a successful construction company to permanently close after the owner unexpectedly passed away. Before his death, the company was thriving. But without a business continuity plan in place, the business didn’t survive a year.

Anita Hamilton

Anita Hamilton

Anita specializes in business planning, succession planning and estate planning for closely held businesses and high net worth families. By guiding clients through estate and gift, retirement and tax strategies, we help them meet business goals and plan for near term and future needs.