Get Organized: Our aim is to enhance your understanding of your business’s financial status. With our BUSINESS OWNER PROCESS, we will systematize and simplify your financial information, providing a clear reference point to evaluate your business’s current financial standing.
The Current Overview report highlights the effectiveness of your existing protection strategies for both your business and exit planning goals. This evaluation will assist you in distinguishing between crucial and pressing matters, enabling you to prioritize effectively.
Business Interruption:
Ensuring the longevity of your business involves securing a retirement for yourself, a legacy for your loved ones, and potentially for your business. At our firm, we develop plans for all possible continuation scenarios, enabling you to maximize your financial prospects, regardless of any unexpected circumstances that may arise in the future.
Risk Management:
Business owners are well acquainted with risk. Starting a business and pursuing growth requires taking risks, but the rewards can be significant. When devising business growth and exit plans, you must evaluate and monitor risks. Whether you plan to sell your business in a few years or continue working indefinitely, it's vital to have a proficient team to assist with risk management. This is crucial for maintaining your company's growth and stability, safeguarding your employees, and serving your community.
Key Employee Retention:
Employees are a crucial asset to any business. Exceptional employees can substantially boost profits, but they're rare and hard to retain. If you intend to retire or sell your business, it must function seamlessly without you. To enhance the value of your business, key employee retention plans must include innovative approaches to keep employees committed to your company for 10, 15, or 20 years.
Planning for Business Debt:
Business debt is usually taken on to increase the net worth or value of the business. There are three factors to consider when evaluating debt: why it's being used, the type of debt, and when it will be paid off. Some people think there's a universal rule for this, but it's not that simple due to various factors. Our Business Owner Process examines the essential details to help you make a well-informed decision that aligns with your personal and business goals.
Income Tax Planning:
Tax efficiency is crucial when it comes to tax planning. Proper tax planning ensures that all financial aspects are working together in the most tax-efficient way possible. Minimizing tax liability is crucial for business owners, which is why tax planning is an essential component of Balkan Business Planning's Business Owner Process.
Maximize Cash Flow:
How should your business use its cash flow most effectively? Would your answer be different if you were retiring tomorrow? Business owners typically invest most of their career earnings into their business, neglecting their personal financial well-being. Our approach examines corporate cash flow to ensure you are establishing both a robust business and personal financial plan, enabling you to retire comfortably on your own terms.
Estate Planning for Business Interests:
After dedicating your most productive career years to building a business, making wise decisions about transferring this valuable asset can significantly reduce estate taxes. Leaving the transfer of your business and its income to chance is not a viable option. This situation exemplifies the saying, "prevention is better than cure," as taking preventive measures can prevent future complications.
Owner Exit Planning:
Ultimately, every business will face the need for Exit Planning. Consequently, every business decision should be approached with an Exit Planning perspective. As the desired exit date nears, a more structured Exit Planning Process becomes critical to ensure that you leave your business when you choose, to the intended recipient, and for the amount you desire.