How can a financial planner help small business owners?
A financial planner for small business owners should understand that the business is often closely connected to the owner’s personal wealth and retirement plans.
Planning may include deciding what money should remain in the corporation, how much should be taken out personally, how retained earnings can be used effectively, how to reduce unnecessary tax and how to build retirement wealth outside the business.
It can also include preparing for an eventual sale or succession well before the owner is ready to leave.