Financial Advisors for Business Owners in Long Island, NYC and FL

As a business owner, it is very difficult to separate your personal finances from that of the business; they can be intricately intertwined. The answers to such questions as those below, affect not only the business, but your personal financial situation.

  • Should you take your income in the form of salary or distributions?
  • Can/should your family members take salaries?
  • How much cash should be left in the business?
  • Is now a good time to buy new equipment?
  • If I want to leave my business to my children, but not all of them choose to be equally active in the business, what implications does that have?
  • What happens to my kids’ financial situation when I pass the business to them? Will they have to pay a lot of tax?
  • Should I consider the value of my business as part of my retirement planning?
  • Will I be able to sell my business when I retire and for how much?

This is just a sample of the types of questions we get from our business owner clients every day and they all have the same answer: IT DEPENDS!

The ability to truly answer any of those questions requires a deep understanding of many variables, calculations, and tax laws. This is not typical expertise of a financial advisor. Only someone who is a trained, experienced, and credentialed CPA and CFP® can help you effectively answer such questions…or you need two different experts working together.

At Frisch Financial Group, we have the training, expertise, and credentials to help you make informed decisions about both your business and your personal financial situation. Our Wealth Management Service and Financial Planning Process address any and all issues related to your business and personal finances to help you achieve your goals. Our focus on families also provides us with the scope to help you make these decisions not just for what’s best for today, but what is best for the legacy you want your family business to have in the future.

If you own a small business, we would love to meet with you and help you better understand how to make decisions that are best for your business and personal financial goals. We have offices in Long Island, New York City, Westchester, NY, and Tampa, FL. If you are not near these locations like some of our clients, we have the technology to teleconference with you and would be happy to schedule some time to speak with you.

 

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