Section 1: Understanding your finances
As a business owner, you face a unique blend of financial considerations. Some considerations are typical of all individuals thinking about the future and others are unique to you as a business owner. This section focuses on financial objectives, inflation, taxes, income / expense statements and how your business affects your net worth.
Section 2: Understanding your business
In order to plan for the future of your business, you must have a sense of how your business is set up and what the implications of the business structure are. In this section,we will review the following business structures: sole proprietorships, partnerships, corporations and limited liability companies.
Section 3: Business valuation
In many cases, a business represents the most significant asset on a business owner's personal financial statement. Unfortunately, the value of that asset can be difficult to determine. In this course, we will examine formal vs. informal valuations and compare three of the most common methodologies to value a business: market, asset & income approaches.
Section 4: Business continuation agreements
A buy-sell agreement is sometimes referred to as a pre-nuptial agreement for a business. It is a legally binding agreement prepared by an attorney between the owners of a business that defines what will happen to each person’s ownership interest in the event of a specific life change. The most commonly addressed life changes are death, disability and retirement.
Section 5: Employee compensation and benefits
Many different forms of compensation and benefits can be provided to employees. Some are intended to be broad based and will apply to all employees. Other forms are designed for special groups of key employees, often referred to as highly compensated employees. What is the right combination of benefits for your company?
Section 6: Employer-sponsored retirement plans
Many business owners are familiar with the basic concept of an employer-sponsored retirement plan. One of the most common forms of qualified retirement plans is the traditional 401(k) plan. However, there are varieties of retirement plan types. Each type has unique rules and requirements, as well as benefits and limitations. What's the most suitable plan for you and your business?
Section 7: Key employees: Compensation and employment agreements
For many businesses, the work of specific key employees provides a measurable economic benefit to the company. These key employees become critical to a company’s ability to achieve its goals. In order to compete for and retain the highest quality employees, businesses may develop special benefits tailored for a select group of employees.
Section 8: Business succession: Understanding your options
Before you decide to sell your business, it is important to understand some basic concepts and terms regarding business succession. This section will provide an overview to acquaint you with some of the issues you may encounter as you structure a future sale of your business and help you make better decisions.
Section 9: Estate planning basics
A comprehensive estate plan is more than simply drafting a will. Estate planning minimizes potential taxes and fees, sets up contingency plans to make sure your wishes are clearly articulated and followed. For business owners, the estate planning process is
complicated by the fact that their business is likely their largest asset. That means estate planning for business owners must address questions about business succession in the face of crisis.
Section 10: Advanced estate planning issues
Individuals with substantial estates or unique assets may be unable to achieve their estate planning goals using only basic estate planning tools. For those individuals, the transfer of assets during lifetime or after death may require more advanced planning. Given the complexity of most business owner’s estates, they often find themselves in this camp. In this section, we’ll review some of the advanced estate planning tools that may help achieve lifetime and legacy goals.
