Understand Your Social Security Retirement Benefits

For years, people have questioned the viability of the Social Security system going forward. In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. The report projects that the combined asset reserves of the Old-Age, Survivors and Disability Insurance (OASDI) Trust Funds will … Continue reading Understand Your Social Security Retirement Benefits

The President-Elect’s Tax Plan: What the Future Could Look Like

With Donald Trump as the president elect and Republicans holding a majority in the U.S. House and Senate, GOP tax reform appears likely in 2017. While campaigning, Mr. Trump promised big tax changes. Here’s a digest of his proposals, according to his website. Individual Tax Rates and Capital Gains Taxes For individuals, President-elect Trump proposes … Continue reading The President-Elect’s Tax Plan: What the Future Could Look Like

It’s Time to Review Your Financial Planning Options

Fall is a good time to pause and review your financial planning strategy. A lot can happen in a year. If your personal life, market conditions or tax laws have changed, you may need to revise your long-term financial plans. Here are some retirement and estate planning considerations that may be worthwhile. IRS Proposal Threatens … Continue reading It’s Time to Review Your Financial Planning Options

Communication: Establishing Timing and Deliverables for Your Succession Plan – Phase III

When I work with small business owners, particularly family-owned businesses in manufacturing and distribution, succession planning is stalled because of a lack of communication. Owners don’t want to face the sometimes tough conversations around who will take over the business and what that will mean for family members, employees or customer relationships. Before beginning the final … Continue reading Communication: Establishing Timing and Deliverables for Your Succession Plan – Phase III

Compensation Matters: Determining Your Own Pay

If your dealership’s new car sales are putting a smile on your face and your used car and service departments are merrily humming along, you might think now’s the time to give yourself a hefty — and perhaps overdue — pay increase. But before you compensate yourself for the amount you believe you deserve, take … Continue reading Compensation Matters: Determining Your Own Pay

Execution: Sharing Your Succession Plan – Phase II

Warning. The execution phase of succession planning requires singleness of purpose. Within the first 90 days of succession planning, you will likely find issues and gaps with your plan or personal retirement plan — items that need tending. Don’t let these issues become a distraction to your ultimate goal of developing a clear and actionable succession … Continue reading Execution: Sharing Your Succession Plan – Phase II

Assessment: Facing the Unknowns of Succession Planning – Phase I

Phase I – Assessment Because your business is probably your largest asset — and because it also is probably your largest single source of income — your decision-shaping and calendar of events for your plan are going to be built around assessing alternatives to preserve the asset, nurture the asset, monetize the asset or liquidate … Continue reading Assessment: Facing the Unknowns of Succession Planning – Phase I

Non-Compete Agreements: Finding the Right Balance

Non-compete agreements have long been a staple of executive employment contracts. Today, however, they’re becoming increasingly common even in lower-level jobs. According to the Wall Street Journal, a steady rise in litigation over non-competes “largely reflects the increased usage of non-compete arrangements among lower-level staffers, along with employees’ greater mobility and access to sensitive information.” … Continue reading Non-Compete Agreements: Finding the Right Balance

Do You Need a Succession Planning Starter Kit?

You Can “Manufacture” a Succession Plan in Months, Enjoy it for Years. As a longtime CPA in the Dallas area, I have worked with a lot of family-owned and closely held small business owners, particularly in manufacturing and distribution companies. If you are among the small and medium-sized business owners who are age 50 or … Continue reading Do You Need a Succession Planning Starter Kit?

A Strategic Plan Should Also Include a Succession Plan

Many small businesses prepare — and regularly update — a strategic plan, but many overlook this important task. Whether your business falls into the “have” or a “have-not” category, a strategic plan can be an invaluable resource to help your company accomplish its ultimate objectives. And part of this process involves having a succession or exit … Continue reading A Strategic Plan Should Also Include a Succession Plan