5 tips for success as a business owner | Understand what's needed to build a profitable business | Buzz Aldrin case offers example for financial advisers
July 3, 2018
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Business Growth Strategies
5 tips for success as a business owner
Continuing to invest in your own education, having clear values and maintaining a realistic outlook are key steps for entrepreneurs, writes Neisha Hernandez, owner of Neisha's Dance & Music Academy.
Times of San Diego (6/24) 
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Understand what's needed to build a profitable business
Findings from a recent survey outline key insights for aspiring small-business owners. Eighty-four percent of entrepreneurs say the first four years are make or break for achieving profitability, while access to capital is fundamental for capitalizing on opportunities to scale a business.
Entrepreneur online (6/26) 
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Estate Planning
Buzz Aldrin case offers example for financial advisers
Buzz Aldrin case offers example for financial advisers
Aldrin (Cooper Neill/Getty Images)
The legal battle involving former astronaut Buzz Aldrin highlights the benefits of a revocable trust that includes an independent co-trustee, says estate planning attorney Michael Whitty. Aldrin took his two adult children, who say their father has dementia, and an old business manager to court to prevent them from taking over his financial affairs.
InvestmentNews (tiered subscription model) (6/25) 
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Key Employee Compensation
Companies match student-loan payments with 401(k) contributions
Some companies are matching student-loan payments with 401(k) contributions, reducing the need for employees with student debt to choose between paying off loans and saving for retirement. The Society for Human Resource Management says more than 100 companies offer funds toward their employees' student-loan debt.
Bloomberg (tiered subscription model) (6/26) 
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Managing Taxes and Risk
Commentary: Tax-law confusion could cost small businesses
Uncertainty persists regarding the new 20% deduction on pass-through income because the IRS has yet to provide guidance on the issue, writes CPA Anne Zimmerman. She discusses the issues small businesses are facing and what entrepreneurs can do to avoid trouble.
Entrepreneur online (6/20) 
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Retirement Planning
Rep. Brady: House may take up retirement-savings policy this fall
This fall, the House could take a look at retirement-savings policy, which got little attention during last year's overhaul of the federal government's tax system, said Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee. Republicans will start talking about changes they'd like to make in July and make public an outline of their ideas in August, he said.
The Wall Street Journal (tiered subscription model) (6/26),  ThinkAdvisor (free registration) (6/26) 
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Retirement-planning options for entrepreneurs
Entrepreneurs often depend on selling their businesses to fund retirement, but that can be a risky proposition. Maurie Backman discusses savings options, including Roth IRAs, SEP IRAs and Solo 401(k)s.
The Motley Fool (6/23) 
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Succession Planning
Tips for successful succession planning in family businesses
Multigenerational succession planning can be a challenge for family businesses, as heirs sometimes have goals and talents that differ from the generation before them, writes Ivan Hernandez of Omnia Family Wealth. The keys to successful succession planning are communication and starting the process while the founders still control the business, he suggests.
WealthManagement (6/27) 
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What to do before selling your small business
For those looking to sell their small agency, it is important to increase its value as much as possible, according to industry experts. They suggest that owners take several steps to make their business more attractive to prospects such as use a production-based compensation plan to motivate agents to increase their bookings and get rid of unnecessary operating expenses and low-producing staff members.
Travel Market Report (6/26) 
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Penn Mutual News
How to Manage Money Through Grief
The loss of a loved one, coupled with having to make financial decisions, can make for a very overwhelming process. The good news is there is a path forward. Read more.
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Succession Planning is a Must-Do for Every Business
Every business owner should have a succession plan in place so that the business keeps running smoothly no matter what. Read more.
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