Business Owners

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As fellow business owners, and experts in Financial Planning, we are well placed to help you understand the connection between your business and personal financial planning. We know that business owners have a million things on their plate and we can assist by:
 

• Helping to determine the amount of salary you need to draw from the business to meet the objectives of your ideal life. 
   

• Work alongside your accountant to analyse business performance and areas for improvement.
   

• Ensuring your business is set up and run in a manner that minimises risks and maximises your potential. This includes how it’s structured for tax, liability and eventual succession.
   

• Optimising the success of your business through investment, diversification, tax planning, structuring and much more. 
   

Common conversations we have with business owners include:
 

• Removing key person risk — what would actually happen to the business, and your income, if you or a key team member couldn’t work tomorrow?
   

• Ensure you contribute to your superannuation (even though sometimes not legally required to), since it’s easy to keep reinvesting in the business at the expense of your own retirement savings
   

• Consider buy/sell insurance for business partners, so a partner’s death or serious illness doesn’t leave you forced into a fire-sale or a new, unwanted business partner.
   

• Know your small business CGT exemptions when selling, which can significantly reduce the tax payable when you eventually sell or exit.
   

• Consider whether you should own your own business premises via a SMSF, a strategy that can build retirement wealth while your business pays rent to your own super fund rather than a landlord.