Forbes business planning

Tap here to turn on desktop notifications to get the news sent straight to you. In the event of your untimely demise, the government slaps an estate tax or death tax on your business and reduces the worth of your business by 50 percent.

Forbes business planning

Insights for Entrepreneurs October 24, Affluent business owners are at the center of a complex world in which they are responsible for the financial needs of many different groups: Myopia tends to lead many to mistakenly assume that the business will always be there, steadily growing stronger.

Unfortunately, life tends to throw us curveballs. Unexpected events, whether a serious illness or a dispute with a partner, can throw a business off course and force its owner to face a new reality.

forbes business planning

Even if your personal life remains on an even keel, unforeseen economic events can change your business in ways you never before imagined. The Value of Contingency Planning Economic downturns, for example, are a painful pill for many businesses to swallow.

Not only do the numbers take a beating—in the form of reduced sales and cash flow—but they also lead to declining asset values, less access to credit and rising uncertainty. The more uncertain things are, the harder it is to plan—so long-term planning is often the fi rst victim of a recession.

Your chances of surviving economic turbulence are greatly increased when you have a valuable partner by your side. At SunTrust, we can help businesses quickly adapt to changing conditions. For example, we can help you: Reallocate your assets Find the forbes business planning cost-effective employee benefit plan Adjust strategies for building wealth Identify new market opportunities and develop contingency plans Too Many Decisions, Too Little Time We understand the other side of fi nancial planning, too: Perhaps you need to raise capital to expand your business internationally.

Risk is also top of mind. You may worry about whether you have adequate business insurance to protect yourself should you become ill or disabled. Would a key man insurance policy be a good hedge against that risk? SunTrust has the expertise to help you with all these issues.

Advising business owners on topics like risk mitigation, working capital and benefi ts programs is what we do every day. On the personal side of the equation, we can work with you on wealth preservation, personal risk management and, of course, managing and diversifying your investment portfolio.

forbes business planning

For a long while, he had thought about doing something a little adventurous with his twilight years—maybe even buying a ranch in Argentina. But to achieve this dream, he would need to sell the business to his daughters, who had just graduated from college.

Unfortunately, time was slipping away from him and he had not yet done any formal exit planning. He was beginning to wonder if his daughters would be fi nancially able to buy him out in a decade.

He decided to call a meeting with his Client Advisor and his wealth team, including his attorney and accountant. After one session, Jack felt reassured. His advisor assessed his options and suggested a plan that made a lot of sense to him. It involved developing a buy-sell agreement that established the terms of the eventual sale, including funding mechanisms, upon his retirement, death or another event.

The agreement also served a second, more subtle purpose: He learned a lesson about the dangers of procrastination. Without a plan in place, he realized, his dream of a retirement in paradise might never happen.

And the majority have not planned for this eventuality. Consider, for example, what owners reported to SunTrust in the same survey. The reasons for these results are as complex and multifaceted as families themselves. If you dream that your children and grandchildren will run your business someday, smart planning is one of the best tools for realizing that dream.

SunTrust is uniquely qualified to help business owners with multigenerational plans. Our perspective, like our business, is for the long term. We can help you plan early and plan well—the best recipe for transition success.

To better prepare yourself for retirement: Max out your plan contributions. Make sure you have the right mix of investments in your portfolio to achieve your financial goals.

Try to enhance the value of your business and position it to be sold or transferred at a good price by developing long-term management talent and stability, reducing employee turnover and securing key employees. Explore qualified and nonqualified retirement plan options to help lock in highly compensated employees and potential successors.

You want to build a deep management bench to create the leverage you need to work longer if you wish, or walk away. Special Concerns of Multiple Ownership Having partners or co-owners greatly increases the complexity of planning.

Contingency planning is as important in multi-owner enterprises as it is in single-owner enterprises.Jun 28,  · About the Author.

Kimberlee Leonard has been helping businesses for more than 17 years with business planning, team development and sales training. importantly, what is the business case for diversity and inclusion? MethoDoloGy the information in this report is based on the results of a survey and one-on-one interviews conducted by Forbes nsights.i.

Jan 30,  · Learn how to write a business plan, from the most important question to answer to specific information to include throughout your business plan. business process based on that model. the third step is executing the business process. there’s a lot more involved than just strategy and execution.” valero follows a formal process for identifying and overcoming opera-.

How do top business leaders spend their time? Being fascinated by this topic, I collaborated with Chris Stowell, vice president of the International Center for Management and Organization. The #1 Business Planning Software Solution. + sample plans to inspire you, help and guidance every step of the way, and a money-back guarantee if you're not satisfied.

20 Quotes: The Importance of Planning | BCG Consulting - Ormond Rankin