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Are you a business owner? While you may find a great financial advisor to work with through the referral of an acquaintance or whose office you drive by on your daily commute, it’s important to consider several factors to improve your odds of hiring the best financial advisor for your individual needs.
As a business owner, you may decide the best financial advisor for you is one who specializes in understanding the unique financial planning challenges and opportunities commonly faced by entrepreneurs. These specialist financial advisors may hold credentials that demonstrate their expertise along with considerable experience working with business owners that could benefit your own financial planning needs.
But where can you find financial advisors who specialize in working with business owners? Fortunately, you’ve come to the right place. You’ll find financial advisors featured on Wealthtender who work with business owners every day. And because many financial advisors offer virtual services, you can meet online no matter where you (or they) live. Which means you can choose to hire a financial advisor who lives hundreds of miles away if you decide their experience working with business owners is right for you.
👩💼 Smart Money Insights for Business Owners
This page is organized into sections to help you quickly find the information you need and get answers to your questions:
- Q&A with Financial Advisors Who Specialize in Helping Business Owners
- Get Answers to Your Questions about Financial Planning for Business Owners
- Browse Related Articles
Q&A with Financial Advisors for Business Owners
We asked financial advisors who specialize in serving business owners to answer questions they often hear from entrepreneurs about their personal finances. Expand to view their answers.
Deb Meyer, CFP®, CPA/PFS, CEPA
Areas of Focus
- Estate Planning
- Family and Money
- Financial Life Planning
- Investment Management
Q: My business is doing well and I’ve been approached by potential buyers. I’m thinking about retiring soon and considering selling. What should I be thinking about now and where can I turn for help? (Expand to view answer.)
Deb: Selling a business that you built from the ground-up isn’t cut and dry. You have many options as a business owner, and it’s wise to get strong counsel from an experienced advisor who can help you navigate the complexities of a business sale. In fact, between 70% and 80% of privately held businesses that are offered for sale each year do not ultimately sell.
A Certified Exit Planning Advisor (CEPA) is specially trained to help you maximize the value of your business as you prepare to sell. Some CEPAs are focused on optimizing business operations, but a financial advisor who is also a CEPA can help you figure out an optimal sales price to ensure your personal cash flow and legacy goals are met during retirement. And if you’re charitably inclined, there are advanced strategies you can take as the business owner to give the most to charities of your choice.
Q: I’m excited my business is growing, but worried its finances are becoming increasingly complex. What options should I consider and where can I turn for guidance? (Expand to view answer.)
Ryan: When you’re a business owner there are two very important things you need to stay on top of: 1.) your company’s finances; and 2). complying with tax reporting and other regulatory filing requirements.
Getting your books in order will help you in numerous ways: from running your business better, to obtaining financing for your business, to, ultimately, exiting the business. If your books are in bad shape (or even worse, nonexistent), it might behoove you to outsource bookkeeping and payroll functions to a third-party. Although it will cost you money (which should be tax deductible), it will save you time and allow you to focus on continuing to grow your business.
Staying on top of your company’s books and records should help make tax time go smoothly, which brings us to point number two. Again, if you find that your time would be better spent running your business rather than handling tax compliance matters, then consider hiring help to take care of your company’s tax filing obligations.
A Certified Public Accountant (CPA) is a licensed professional who can help you with your company’s bookkeeping and tax needs. To find a CPA, you could ask business acquaintances for recommendations, or reach out to your state or local CPA society for several names. Ideally, you’ll want to work with a professional who is familiar with your company’s industry, but it’s not necessarily a deal breaker. Ultimately, what you’re looking for is a trusted advisor who will help you take your business to the next level, which is exactly what a CPA can do for you.
Are you a financial advisor who specializes in helping business owners?
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👨💼 Have a Question About Financial Planning as a Business Owner?
📰 Browse Related Articles
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About the Author
Founder and CEO, Wealthtender
Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.
With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.
Disclaimer: The information in this article is not intended to encourage any lifestyle changes without careful consideration and consultation with a qualified professional. This article is for reference purposes only, is generic in nature, is not intended as individual advice and is not financial or legal advice.