Did You Start a Business?

financial planning for entrepreneurs May 30, 2023
Photo by Daria Nepriakhina πŸ‡ΊπŸ‡¦ on Unsplash

by Glenn J. Downing, MBA, CFP®

Congratulations!  You did it!  You launched a new business, worked you’re a** off, and now have a going enterprise.  It wasn’t there before – it exists because of you and your team.  A huge accomplishment, and something of which to be very very proud. 

A few years have gone by, and now you have some room to breathe.  You have others working with you, so the whole burden no longer falls on your shoulders.  In fact, your job is transitioning from entrepreneur to business manager.  Not everyone can successfully make that transition.  Some people are born entrepreneurs – they establish a business, get it going, get bored, sell it, and on to the next thing.  Others realize that they may well continue to be rainmakers but have to develop a staff to take care of the operational end of the business. 

Work ON the business, not just IN the business

At this point the entrepreneur needs to step back and work not just in the business, but on the business.  Should I incorporate?  Should I become an LLC?  Or is remaining a sole proprietor still appropriate?  What are the tax advantages of each? 

That’s where CameronDowning comes in.  If your dream is to keep your business going, and grow it to its potential, you have to put the proper underpinnings under both the enterprise and your personal finances.  You need to see an attorney to review contracts and employment agreements.  Perhaps you want to buy your office space.  You need to review your business insurance to be sure there are no gaps.  And you need to think about employee retention, so having a retirement plan in place becomes a priority. 

Where we come in

We’ve worked with many entrepreneurs over the years, and what I’ve described here is pretty much a usual pattern of the way a successful business develops.  At some point the entrepreneur realizes he can breathe!  He has the time to address all of these organizational and operational issues.  He or she needs to completely separate his own personal finances from that of the business.  That entrepreneur needs to make his or her own retirement savings a priority. 

Founders and Tech Workers financial plan

To that end we’ve developed a financial planning package focused on the needs of the entrepreneur.  Please have a look – for the fee quoted we’ll address each of the points listed.  Our advice is given with a fiduciary standard of client care – meaning your best interests first, foremost, and always.  If any conflicts of interest arise, they are fully disclosed. 

Going through the planning process may very well entail referrals to other professionals – attorneys, insurance brokers, and retirement plan administrators.  The engagement concludes after (typically) four sessions together, with delivery of a 5-6 page written set of recommendations.  These are given for each of your pain points – the main issues that brought you to us.  The recommendations will also include all the other things that maybe you didn’t see.  You’ll have an implementation plan, written in a check-off-the box format, and a final meeting a few months out to evaluate the implementation of recommendations. 

Please have a look, see if it is something that interests you, and then right there book a :30 consultation call.  We’re happy to answer your questions.  This call tells us both if we’re a good fit to work together, and determines your direction moving forward. 

Questions?  Thoughts?

Feel free to get in touch at [email protected].  Also follow me on LinkedInFacebook, and YouTube for more personal financial information relevant to you! 






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