How to Build Wealth: Comprehensive Financial Planning for Business Owners

How to Build Wealth: Comprehensive Financial Planning for Business Owners

21 Mar 2022

As a business owner, you know there aren’t enough hours in the day to create a comprehensive financial plan. Though you can myopically move forward full-speed without an overarching financial plan, doing so makes it difficult to build wealth. 

A business financial advisor in the greater Cleveland, OH, area can help grow your savings and investment portfolio with a strategic, comprehensive financial plan specifically designed for you and your business.


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Embrace the Opportunity to Plan for the Future

Transitioning to an uncertain future will prove challenging if you lack a guiding plan. A financial checklist is an excellent place to begin! We set the stage for your business to grow and improve. The best part about financial planning is you don’t have to do the work. 

Instead of searching the internet for “how to choose a fiduciary,” lean on us to spearhead the challenge that is your personalized financial plan with full-cycle investing.  

Our full-cycle approach to investing considers the economic cycles from peaks to troughs and the undulations between these economic highs and lows. We continuously monitor domestic and global economic developments so you can remain laser-focused on your business. 

The best wealth management strategies are designed and amended following inflation, stagflation, reflation, and hyperinflation, strategically positioning money based on the dynamics of economics.  Instead of trying to keep your finger on the pulse of the markets, let our financial advisors in Ohio do so on your behalf.

Financial Planning With Taxes in Mind

A small wrench has been thrown into tax planning. Alterations to taxes at the state and federal levels have complicated tax season for business owners. 

As an example, recent modifications to the tax code have made small businesses eligible for a deduction called the “20% pass-through.” Our financial analysts understand the nuances of this tax deduction in addition to other tax law changes and money-saving strategies for local business owners in Cleveland.  

We ensure your financial plan mitigates taxes, so you don’t have to pay a penny more than necessary. Our plans extend to tax-advantaged retirement plans, including self-employed 401(k) plans, pension plans, and IRAs.

A Financial Plan That Accounts for the Short-Term and Long-Term

As a business owner, you shouldn’t feel guilty about paying yourself before anyone else or even before distributing earnings to investment or savings accounts. Instead of abiding by the mantra of business reinvestment to catalyze continued growth, opt for financial planning that puts money back in your pocket.  

Let us do the math for you, ensuring you can invest in the market, save money, reinvest money into your business while earning a considerable amount to plan for a comfortable retirement. After we review your finances and your business’s financial picture, we’ll develop a solid financial plan that proves mutually beneficial to yourself and your company.

Planning for the Unexpected

Though it is impossible to plan for unexpected financial hurdles, it makes sense to budget some money for those inevitable surprises. The best financial plans budget in funds for business disruptions in the year ahead and a couple of years out.  

Accept the fact that such hurdles will arise moving forward, stick to your financial plan developed by our financial group, and you’ll sleep more soundly knowing your company will remain afloat if the worst possible scenario arises. 

Lean on our team for guidance, and we’ll do everything in our power to help you save three years’ worth of living expenses, creating a mentally beneficial financial buffer that ultimately empowers you to move forward in complete confidence.

Comprehensive Financial Planning Includes a Succession Plan

Your financial plan is incomplete without a succession component. Though no one wants to broach the idea of prematurely passing away, becoming incapacitated, or selling the business before it fulfills its true potential, it is in your interest to plan for such events. 

If you were to move forward without a succession plan, your business might disintegrate if an unexpected development occurs. Our Cleveland, OH, financial planning team helps craft a succession plan tailored to the idiosyncrasies of your business and yourself.  

Meet with our wealth management professionals, let us analyze your business as well as your personal financial picture, and we’ll develop a comprehensive financial plan including a succession plan that sets the stage for your business to transition to new ownership should the unexpected arise in the years ahead.  

We emphasize the importance of a seamless transition to new owners just as much as the nuances of financial and investment planning as your personal financial picture depends on your business’s health and operationality.


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Addressing the Challenges of Liquidity and Capital Management

A business with an excess of stagnant capital is unlikely to realize its potential. The challenge lies in figuring out how to put that capital to use. It might make sense to reinvest some of your cash into new equipment, personnel, or inventory.  

Alternatively, diversifying the capital through investments, operations, or even acquiring another business might be most prudent. Instead of sitting tight and letting inflation devalue your cash-on-hand, let our business financial advisors in the greater Cleveland, OH, area ensure your money works just as hard for you as you did to earn it.

The prudent capital allocation for continued growth doesn’t mean you can’t remain partially liquid. It is in your interest to maintain upwards of an entire year of expenses in liquid cash at all times. Our financial planning specialists will develop a plan to ensure you retain such liquidity and implement the proper protections, including life, health, and disability insurance. 

Contact us to learn more about our comprehensive financial planning services for Ohio business owners.

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More About the Author: Matthew McGervey, CFP®, MBA

As a CERTIFIED FINANCIAL PLANNER™ professional, Matthew has a broad knowledge of personal financial planning strategies and solutions.