4 financial events a small business owner should plan for

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By Emma Sturgis

Do you own a small business? If yes, you may be interested in learning about the financial aspects you should plan for as a business owner. Small and large business entities usually face the same challenges to some extent. For instance, a business should juggle financial planning responsibilities with the present business tasks. To solve such issues, it is advisable to seek the services of a financial advisor.

A professional financial advisor will be conversant with the unique needs of the business owners. After consulting a financial advisor, a business can easily diversify wealth, preserve the assets, and plan for the future.

As a business owner, some of the financial aspects that you should plan for include:

Retirement planning

A financial advisor is well versed in knowledge about retirement plans. By procuring a financial advisor’s services, you can easily address the plan design issues, cost analysis, and performance plan. Also, you will get a custom solution that will fit your personal needs as a client. Your business objectives will also be achieved in the process.

Look for an advisor who is conversant with corporate retirement plan products while also determining the most suitable solution for your business, which may be either a profit-sharing plan or a defined benefit plan.

To ensure that you can minimize the amount of work you are supposed to handle, the financial advisor can offer different plan level services that will help reduce liability, fiduciary, evaluate plan service providers, and optimize corporation retirement plan contributions. Besides assisting a client with plan benchmarking and fiduciary support, a financial advisor can also offer plan participant education. The main focus should be on reducing the deferral rates and increasing the retirement plan’s participation education. Some financial advisors are in a position to offer educational meetings revolving around retirement, investing, and financial planning.

Exit planning

As a business owner, you should make sure you have an exit plan. The exit plan may be going public, selling, or transferring the business to a family member. A financial advisor can help in such an instance. They can formulate a suitable exit plan that will also help to account for the unexpected. If you plan to sell a business, it is also wise to get the advice of an experienced business broker. Such a person can provide an unbiased valuation and will have the capability to find qualified potential buyers and make the whole process go smoothly.

Succession planning

Besides having an exit strategy, business owners should have succession plans that will ensure their business’s smooth transition. The succession plan will also entail organizing the transfer of the business ownership at some point. The financial advisor will help to formalize the succession objectives while also planning for life after retirement.

Personal wealth management

It is advisable to ensure that your personal wealth and business planning strategies are intertwined. A financial advisor can offer different services that mainly focus on addressing each of your personal financial objectives.

Owning a business comes with many different events that require careful decisions and financial planning. Remember the above events where a financial advisor might be beneficial.


Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not wri

1 comment

  1. slitherio says:

    Safe landing or retirement is a hot trend these days. Those are useful tips that businesses should know.

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