New Business Venture
As a new entrepreneur, it is important to maintain a strong personal financial position. You have many years on the Bench of Life™ ahead of you, so it is vital to keep an eye forward on your net worth. Many new entrepreneurs tend to have their liquid assets tied up in the business as they balance multiple priorities.
What gateway does
- Strengthening personal and business finances
- Having a risk management plan in place
- Managing credit, spending, and budgeting
- Benefits planning
- Retirement planning
- Establishing emergency savings
We bring them advice to keep them on top of critical financial decisions. We hope our clients never feel alone in managing their priorities and staying focused on their life journey. We are available and accessible when you need us. We enjoy our friendship with you through the years just as much as the business relationship.
GROWING YOUR BUSINESS
- Balancing personal, financial and business priorities
- Day-to-day investment management
- Managing executive and employee benefits through changing and complex environments
- Preparing for retirement
- Strategies for estate planning, business continuation and succession planning
- Efficient reporting and responses to requests
LPL Financial does not render legal advice or LPL Financial does not render tax advice.
One of our many roles in your life is to bring a different perspective on things you might not normally think of. You have many competing demands on your time, but you still want to keep an eye forward on managing personal wealth and retiring comfortably when you want to. You may have key executives on your team who are an integral part of your strategy; yet, they have the same competing priorities. We help you customize executive benefits based on your company, salaries and ages of your employees – all of which determine the types of plans that are best for you and your team. We design executive benefits and retirement plans that allow you to selectively benefit yourself and/or your chosen key employees.
In designing your benefits strategy, we are concerned with your long-term financial plan. We look at the whole picture to help make sure you are prepared for all the transitions throughout your Bench of Life™.
- Qualified retirement plans [i.e., 401(k), SIMPLE Plans, SEPs]
- Group and voluntary benefits [i.e., Health Insurance, Group Life, Group Disability Insurance, Group Long Term Care Insurance]
- Assessing and managing the costs
- Maintaining compliance and assistance with fiduciary roles
TRANSITIONING YOUR BUSINESS
Contemplating the transition or sale of your business can be an unsettling time for some business owners depending on their Bench of Life™. It could be a time of celebration to pass years of legacy on to the next generation, or it could be a necessary decision to continue the health of the business or protect the health of the owner. Some business owners may be reluctant to hand over something they spent the bulk of their lives building. They may be forced to confront internal partnership issues, sibling rivalry or other unpleasant family conversations. If the owner(s) plan to rely on the family business for retirement income, they may worry about the impact new ownership will have on the business’s success.
These decisions present complicated planning matters that require sound advice. Working in partnership with your legal and tax advisors, we help you fund a succession or business continuation strategy that allows you to realize the equity value in your business. Our firm has guided businesses throughout all steps of the financial transition process. We never want you to feel alone in managing the risks and dynamics. Working together, we help you define a path for your financial future so the next steps on your bench of life become much more clear.
- Planning an exit strategy
- Estate planning and equalization strategies for a family business
- Funding buy-sell agreements through insurance planning
- Continuation strategies in the event of a disability or death of an owner or key person