Spending time with family always reminds me of growing up in a family business. A trip to Virginia this year for my brother’s 50th birthday brought our family together including Mom, Dad, Aunts, Uncles and many cousins.
The family business was an Italian restaurant on the main drag of historic Old Town Alexandria, VA. My dad and one of his brothers, Uncle Nick bought “Geno’s” restaurant in 1962 and a few years later, the property. My parents met there, and I along with my brother and four cousins grew up together learning the importance of trust, integrity, teamwork and quality service, while watching our dads make small business decisions every day.
Small business owners are the backbone of the U.S. economy; however, many do not survive or transition. Following are a few key planning areas, and if not addressed properly can become business obstacles:
- 1. Business Value
Understanding what your business is worth by having it valued by an outside resource is important to understand where investment should be made, or the value upon transition. - 2. Buy/Sell Agreement
You may have a business or operating agreement; a buy/sell agreement
outlines next steps in the event of death, disability, divorce or departure. - 3. Benefits Plan
Does your employee benefits plan include life and disability coverage that protects you and your employees, and helps you retain good talent? - 4. 401(k), SIMPLE IRA or Pension
Have you reviewed your retirement plan to be sure it meets your goals as the owner, along with regulatory and fiduciary requirements? Does the provider offer good service to you and your team? - 5. Your Retirement Plan
Is your business your retirement plan? Outside investment vehicles can you help you diversify your assets and income streams for retirement.
As your “Personal CFO” we help you put these pieces, and more of your financial puzzle together then review your plan annually. Click on the video above to learn more about our approach.
As for “Geno’s”, it was successfully sold along with the property to a real estate investor who continues to rent it as a franchise Italian restaurant in the heart of historic Old Town, VA. Dad and Uncle Nick are happily retired.
Ready to talk about your retirement planning?
Call me at +1 (702) 263-8492.