Business Planning


You want the confidence that your life’s work can fund your retirement. Your business is your obsession. The line between you and it is a blur. It’s impossible to separate the two. Why should the financial standing of each be any different? Your business has provided you an amazing life and now you want to put a plan in place for the day you decide to walk away.

Sernett Wealth Management employs a four-phase process that helps you sift through the complexities that come with being a business owner. They integrate your business and personal goals and provide the clarity to implement strategies and solutions to accomplish them.

Phase 1: Set the Stage

By being strategic now, you can set yourself up when your income isn’t as flexible. While you are still working, you want to have confidence that your business can sufficiently fund your retirement and protect your family, your business, and your partners so they are able to thrive no matter the circumstances.

Phase 2: Strengthen the Infrastructure

A multi-faceted strategy of incentivizing employees and protecting your business from the loss of key employees is part of long-term sustainability and growth. Only 30% of family businesses pass successfully to the second generation. And only 10% to the third generation.* Successful businesses attract and retain key employees through benefits and incentivization strategies. Your goal is to pass the business onto those who have worked so hard for you, put a plan in place to ensure that happens.

*Statistics from Harvard Business Review, January/February 2012.

Phase 3: Determine Where You Stand

Most of your net worth is tied in the business and you know that it is not wise to “have all of your eggs in one basket”. You need a team to help you diversify and to watch over your wealth outside of the business because you do not have the time to do so.

You also know that retaining your top employees is essential. High-caliber team members expect high-caliber benefits. Analyzing if your employee benefit programs are competitive and cost-effective is a good place to start. By partnering with an experienced financial planning firm you can provide financial resources to enhance the benefits you provide.

Phase 4: Design Your Exit

The exit from your business may be years away, but good planning starts now. You need to determine what your business is worth to ensure you can pass your business on to family or employees without jeopardizing your own financial security. Coincidingly, you want to make sure you can afford the exit option you want after taxes. Paint the picture of what retirement will look like now.

Scott J Sernett, CFP®, CLU®, ChFC®, AEP®
Wealth Management Advisor

Sernett Wealth Management


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