If a business is successful, its owner has undoubtedly invested time and attention in customers, professional development and people. What about financial health of the business? That’s usually placed in the hands of other people (the office staff, the lawyer, the accountant, the payroll processor, the health and retirement plan administrator, etc.).
In most cases, the business owner maintains a separate relationship with each advisor. Generally, none of these experts talk to each other until there’s a problem. At Porter Powers we consult all of a business’ advisors using the following techniques and products to maximize the amount of revenue the business owners keep:
WE PROVIDE A VARIETY OF SPECIALIZED ADVISORY AND STRATEGIC SERVICES FOR OUR CLIENTS:
Small businesses face numerous threats. Those threats can originate in your personal life or from within the business itself. In the case of a dispute, your business may suffer even if you eventually win: for example, a tax lien could severely impact your cash flow and business continuity.
When a small business is launched, “exit strategy” is the furthest thing from the owner’s mind. The immediate focus is on building the business – attracting clients, generating profits, developing as a professional and assembling a team. Bit it pays – and pays big – to begin exit planning as soon as possible.
Are doctors “bad business people”? The stereotype has some truth – many doctors even revel in this image. When physicians and dentist operate their own practices (rather than working for hospitals or clinics), they need to be proactive about their financial lives. Those who don’t risk their standard of living, have the ability to build wealth and the legacy they leave their children. Unfortunately, most independent physicians and dentists are on autopilot.
Many of our clients live and breathe their businesses. Personal financial planning involves an additional set of considerations. It can be challenging to keep personal taxes to a minimum, fund day-to-day living, and finance the family's future.
You may be concerned with: