If you ask most business owners what taxes they pay, the answer is usually the same: And while those are certainly real, they are only part of the picture. In reality, successful business owners face six different taxes that can erode their wealth over time. Some show up every year.
Most business owners worry about the wrong taxes. They spend time trying to minimize income tax.They ask their CPA about capital gains rates.They worry about estate taxes decades down the road. All of those taxes matter. But the biggest tax I see business owners pay isn’t on their tax return.
Most business owners believe their business will fund their retirement. Most are wrong. That’s not an insult. It’s math. When I ask owners what their company is worth, I usually get one of three answers: Very rarely do I get a number grounded in real market data. And that gap
If your financial plan starts with “max your 401(k),” you probably don’t have a business owner plan. You have an employee plan. And that’s the problem. There are more employees than business owners. So most financial advice is built around steady paychecks, predictable taxes, and simple retirement structures. Then that
When most business owners think about selling, they picture an outside buyer—a competitor, a private equity firm, or a strategic acquirer. But one of the most rewarding and often overlooked exit paths is right under your nose: selling your business to a key employee or a small group of employees
Saving for your child’s education is one of the most thoughtful financial gifts you can give. A 529 plan offers real advantages — tax-free growth, tax-free withdrawals for qualified education expenses, and in many states, a deduction on your state income taxes. It’s a powerful tool. At a Glance Before
When people think about estate planning, they think about trusts. Irrevocable trusts.Dynasty trusts.SLATs.GRATs. Complex structures with legal language most families don’t fully understand. Very few people think about 529 plans. And that’s a mistake. Because for high-net-worth families, a 529 plan can be far more than a college savings account.
“Generational wealth” is one of the most overused phrases in personal finance. Someone receives an inheritance from a grandparent, and suddenly it’s labeled generational wealth. But if we are being precise, most inheritances don’t qualify. The data consistently shows that the average inheritance lasts only one to two generations. That
After 13 years in finance, I’ve learned one truth that shapes how I approach every client conversation: A high net worth does not equal generational wealth. Last week, I met with a savvy business owner who’s built a thriving company and accumulated substantial assets. He could have spent our time