ZINSURANCE |
A blog to help you prepare for life's unexpected
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ZINSURANCE |
A blog to help you prepare for life's unexpected
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![]() In our last Zinsurance blog, we focused on ways you as a business owner can attract and retain top talent, while also protecting your business. In this blog, I asked Matt Hudack with Financial Synergistics Group to share strategies for the business owner. Too often, business owners focus on everyone else when making plans for their business’ and family’s future. I hope this blog will remind you how important it is to not forget yourself. - Lori Many business owners think about building their businesses, gaining market share, hiring, training, and keeping the right people. Yet, one day, you will wake up and start to think about how long you want to continue to build the business and be at its helm. Too often, that realization of being ready to transition the business occurs without the thought and planning necessary to realize the full financial return on your blood, sweat and tears that you desired. This blog is to encourage you to start thinking about it now, and not to wait, but to plan along the way. In most cases, the business is a business owner’s largest asset expected to fund the owner’s retirement. Is this what you are expecting? Without proper planning this could be more of a pipe dream than a tangible reality. The astute business owner should also consider other assets of value outside of the business, while also leveraging assets for greater value-building for retirement and the company as a whole. In Good Shape for the Future ![]() A husband and wife who owned a fitness studio were looking for a way to increase their savings for retirement, while wanting to offer a retirement benefit for their five instructors. Planning over the past two years, it was deemed best to move the company away from a Simple IRA to a 401k with a safe harbor match so the owners could still receive maximum benefit even if their instructors were not contributing their maximum amounts. Switching plans afforded the owners the ability to contribute up to their max for 2022 of $20,500, while offering matching to their instructor employees at 4% of their salaries. The switch to the 401k only added $1000 of costs for the employees, while increasing what the owners could contribute. Employees were also able to get free financial planning advice as a benefit of working at the studio. Additionally, the owners added keyperson insurance to protect the business and help fund things like lease payments, paying instructors salaries so they don’t leave, and meet business overhead expenses in the event something unforeseen happens to either one of the owners. These simple measures protected the owners’ lifestyle, their business, and their employees’ futures. 5 Ways Not Forgetting Yourself Pays Off Not forgetting yourself is investing in yourself. You are valuable to your business, your family and everyone’s future. Consider these ways to take care of your own needs while also everyone else’s:
Taking care of business also means taking care of yourself and your family along the way. Knowing and considering your options will help make your business one that employees truly value, along with anyone interested in acquiring it. For Your Future, Matt Matthew Hudack President Financial Synergistics Group, Inc. P.S. If you haven’t had a chance to read the Zinsurance blog, Attract, Retain, Protect, CLICK HERE. BIO: Matt Hudack is President of Financial Synergistics Group, Inc., overseeing all aspects of the firm’s operations, client relations, and strategic development. For over 35+ years, Matt has provided his expertise in personalized financial planning, business planning, employee benefit plans, estate planning, and retirement planning in partnership with attorneys’ and CPAs’ clientele. With an emphasis on providing perspective and guidance for empowering generations, Matt also recently debuted his firm’s blog, Pure Perspective.
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About the BlogHi, I’m Lori Capozza Zeind, Archives
April 2023
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