EideBailly

Closely-held business owners have had success building and running businesses. They typically have an entrepreneurial spirit, putting forth tremendous effort to create wealth through the growth of their businesses. This generally leads to many issues and concerns that will arise as the owner begins to determine how to manage the wealth that he or she has created. A concern that you will generally find with a closely-held business is how to create liquidity for retirement, either through a transition or sale of the business. The following issues may affect closely-held business owners:

Cash Flow

• Managing the balance between reinvestment of profits back into business vs. meeting personal spending   needs and wants
• Projecting what is needed to meet retirement goals and objective
• Planning to meet personal cash flow goals, such as college savings or the purchase of a second home

Risk Management

• Attracting and retaining key employees
• Planning for business succession in the event of death, disability or retirement
• Planning for the personal insurance needs of the family in case of death or disability
• Ensuring estate documents are up-to-date and accurately specify the clients needs/wishes

Investment Management

• Managing the overall concerns and potential risk of having net worth highly concentrated in the business
• Managing investment and retirement accounts