Broker Check

Life Event Checklist: Buying A Business

When life throws you a  curve ball it is good to be prepared with a plan.  With 30+ years of combined financial planning experience we have seen it all!  Please feel free to utilize the following checklist to help navigate these uncertain times in your life.

Buying a Business

  • Business Plan – Possibly the single most important item in your potential success
  • Legal Documents – As good as your relationship might be with your business partner, having the legal aspects written on paper is extremely important.
  • Business Entity – Does it make sense to make provisions for personal asset protection from potential business losses? (setting up a corporation)
  • Solidify Personal Finances – The last thing you want to do is hamper your chances for business success due to personal financial problems.
  • Develop Exit Plan – While you might just be starting out in your venture, chances are, you will be investing your resources and time into it becoming a success. At a certain point your business may have value and you’ll want your family to reap the rewards of your hard work should you decide to exit the business or in the event of your untimely passing.
  • Carefully Review Financials & Tax Records – If you are purchasing a business, carefully review financials and request copies of tax records. If the purchase price is substantial enough you might even consider engaging the services of a tax or financial professional to assist in reviewing the documents.
  • Business Deductions – Speak with your tax professional about items you plan on purchasing that may or may not be tax deductible expenses.
  • Business Retirement Plans – One advantage of owning a business is the broad array of additional retirement options available to you. Consider speaking with a financial professional for assistance in this area.
  • Group Benefits – Review what group benefits (life insurance, health insurance, etc.) are currently in place and how these will impact your personal life and the business.

For assistance navigating a Life Event please contact us:

Spencer Corzine – 888-738-7018

Will O’Donnell – 585-754-3948

Donald Burger – 585-924-3069

Kyle Wentland  585-500-6025