If you own a business, your financial landscape is likely complex. At Genesis, our wealth managers are skilled at financial planning to work toward securing your financial future, no matter what happens in your business. This can help you take advantage of the benefits of business ownership while mitigating the risks.
The Need for Diversification
Many business owners have a significant amount of their net worth tied up in their companies. This unfortunately exposes you to risk when your business faces challenges. Our wealth managers will help you use your business profits to diversify your personal finances, reducing your vulnerability to business and economic ups and downs.
Risk Management
Business ownership has many risks. There is a much higher chance of getting caught up in lawsuits and liability, especially if you’re an employer, a landlord or in a litigious industry. Our wealth managers can help you use asset protection strategies to shield your wealth and make you a less attractive target.
But that’s not the only risk you face, so we’ll also review your insurance coverage, including liability insurance, business interruption insurance, and key person insurance.
Retirement Plans for Business Owners
Genesis wealth managers can help you look for ways to reduce your tax bill, now and in the future. This can often be done by maximizing your retirement plans. So, our efforts may include helping you establish (or adjust) plans that are appropriate for your business entity as well as personal needs. These plans might consist of vehicles such as a Solo 401(k), SEP IRA or a traditional 401(k). Or we might help you use a back-door Roth IRA strategy to build up a tax-free retirement income source in retirement.
Business Succession Planning
Succession planning is essential to preserving the value of your organization, both today and for your heirs. Our wealth managers can help you develop a succession plan that addresses critical considerations such as leadership transition, ownership transfer, and tax implications. We will work closely with your legal advisors to create a plan that seeks to safeguard the future of your business and helps secure its value for you and your heirs.
