All About Business

Entrepreneur. Executive. Leader. Spouse. Philanthropist. Mentor. Parent. Donor. Manager. As a business owner, you play multiple roles in both your financial and family life. And these various roles can present unique challenges and rewards. To navigate these complexities it helps to consider the challenges you face, along with the possible solutions – solutions that will keep your business interests in mind, while also protecting your personal assets.

Common Challenges Business Owners Face – and How to Address Them

Challenge: To keep my business in the family, what steps do I need to take?

Solution: There are several benefits to keeping the business in the family, including the satisfaction that comes from knowing your work is being passed on to the next generation. Successfully transitioning a family business requires early planning and a well-thought-out strategy. In the end, for the transfer and control of a business from parent to child to be considered successful, three components should be in place: a strategic vision, a continuity plan and a tax-efficient wealth transition plan.

Challenge: How do I maximize my personal wealth when selling a business?

Solution: Selling your business is a life-changing event for any business owner, with profound financial and estate planning implications. Developing a strategy to meet your personal financial goals before the sale of the business allows you to maximize the value of the deal and secure a more lucrative financial future. Once you have your financial goals from the sale in mind, you can develop a wealth management plan around your liquidity, one that will likely include both tax-efficient strategies and philanthropic giving.

Challenge: How do I protect myself from frivolous lawsuits?

Solution: Make asset protection planning a priority. Asset protection planning involves a diverse set of strategies you can put in place in advance of any potential lawsuits or legal claims. This framework may include liability insurance, estate planning, Domestic Asset Protection Trusts (DAPTs) and other arrangements based on your individual needs.

Challenge: How do I ensure my loved ones will be taken care of in the event of my disability or death?

Solution: That’s a difficult but important question – and the answer will vary depending on your circumstances. In general, you need to account for all the various funds needed if you were unable to contribute – items like your mortgage payoff, funeral expenses and living expenses for your surviving spouse and/or loved ones. Life and disability insurance can be part of your solution, along with an estate or trust plan.

Managing Your Business

Retirement planning for business owners beyond the qualified plan.

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Your Plan

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KeyBank does not give legal advice. Since laws are always subject to interpretation and possible changes, KeyBank strongly recommends that you seek the counsel of an attorney and/or other qualified tax advisor as to the specific legal and tax consequences of all planning concepts as they apply to the facts of your particular situation.

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