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Business Owners Are Unique


Business owners are a different breed. If you are in this group, you have decided to exchange the security of a steady paycheck on the belief that you could achieve more by taking the risk of building something of your own. You have been willing to make great sacrifices to succeed and demonstrate the American Dream can be a reality.

While incredibly rewarding, entrepreneurship comes with a unique set of challenges. Your financial life is likely much more complex, requiring a multifaceted approach to developing a plan for long-term success.

Planning for the Next Generation
Retirement, for example, can look quite different. Not only must you consider personal long-term retirement savings and investments but also the future of your business. You may need a plan to unlock its internal value to provide for your needs in retirement. You may wish to sell it, or transition leadership to family or a key employee. A transition plan for when you are no longer at the helm is a must.

Your estate plan may also be more intricate than that of a typical family. Passing an operating business and its assets directly to your heirs may not be a viable plan. Also, business owners’ estates tend to face more complicated tax situations.

Safeguarding Your Success
The time may come when reinvesting liquidity back into your business does not generate the value it did in years past. If so, alternative modes of investment such as diversified liquid investment portfolios may be prudent.

Protecting yourself and your family from business-related liability is critical. Should you unexpectedly pass or be unable to continue leading the business, your operation and employees could be in sudden jeopardy. Assuring your employees’ welfare is protected if you were to stop leading the business may also be a consideration. A combination of insurance and continuity planning may be key to protecting your company and those who matter most.

Building Your Team
These are but a few considerations business-owners face. The good news is there are ample resources and experts to help. It is never too early to start planning and putting together a strong team of advisors to help with the process is a great first step.

Fiduciary Wealth Management Advisor – adds tremendous value and serves as your financial quarterback. They can help identify areas of opportunity and connect you with planning resources.

  • Certified Public Accountant (CPA) – an invaluable asset who not only ensures your taxes are done correctly but also helps best plan around future tax considerations.
  • Estate Planning Attorney – a critical partner who can help you craft an estate plan to protect assets and assure heirs are cared for in alignment with your wishes.
  • Insurance Agent – an experienced and reputable agent can help identify cost-effective strategies for protecting your family, business, and assets from unforeseen risks.

The rewards of building your company are well worth the risks you have taken and the sacrifices you have made along the way. Protecting your investment and your loved ones with prudent planning is a key step to achieve peace of mind and fully enjoy the fruits of your labor.

Explore VeraBank Wealth Management Services.


Securities provided by VeraBank Wealth Management are not deposits of VeraBank, are not FDIC insured, have no financial institution guarantee, and may lose value.

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