Taking care of business

With their entrepreneurial spirit and willingness to take risks to reap rewards, Small Business Owners (SBOs) are a special group of clients that require specialised financial advice. They need a partner that understands the issues to be considered and managed and that have the skills and experience to work through these issues. At Strategic Wealth, we have extensive experience in helping SBOs, working closely with your other advisers and accessing experts to address the specific key issues confronting your business.

 

Rewards Versus Risks

Rewards for SBOs come through being their own boss, the freedom to manage their work and personal time commitments and the financial security that accompanies owning a successful business. While rewards can be significantly higher than that of traditional employment, so too can the risks. These include loss of business and family assets, the breakdown of relationships between business partners, and the stress on family life associated with starting up and managing a small business. We can help to enhance your chances of success and reduce associated stress by developing a financial plan for both your business and personal lives. This will help you to deal with any adverse circumstances that may arise.

 

Build Wealth Outside the Business

While the business usually forms a key part of a SBO’s wealth, it’s essential to also build wealth outside the business in a structure that is safe and secure from potential creditors. This ensures that your family’s financial position remains protected while the business moves through the various business stages of the economic cycle.

 

Business Succession Planning

Small businesses often involve business partners who may have an equity interest in the ownership of the business. It’s essential for all equity owners that the business can survive both financially and operationally if it suffers the loss of one or more business partners. We can assist you with the careful planning and structuring of business succession arrangements with funding solutions.

 

Self Managed Superannuation Funds

Self Managed Super Funds (SMSFs) offer significant opportunities for SBOs, including the potential to own appropriate business assets. Additionally, upon the sale of the business, it may be beneficial to invest the proceeds into superannuation’s tax effective environment. We can advise you on the appropriate structure to receive and invest the proceeds, as well as the establishment and ongoing management of your SMSF.

 

Manage Your Wealth

SBOs are usually time poor and have a variety of complex issues that need to be addressed and solved, often in conjunction with expert resources. Therefore, SBOs may benefit from Strategic Wealth’s Private Wealth Management Service where we act as the project manager to provide you with a coordinated solution to your issues and manage the implementation of our recommended solutions.

 

Strategic Wealth can also assist you with:

 

To discover how we can specifically assist you, contact Strategic Wealth now on for an initial consultation.