Having a structured financial plan is essential for any small business. The guys at The Lifestyle protector created this great post on financial planning For Vancouver small businesses so i thought i’d share it with you.
Below are the key points but if you want to read the full article you can do so here: Financial Planning
- Separate you, your business and your assets – If you’re not already incorporated, consider incorporating. If you’re already incorporated, consider setting up a holding company to transfer your wealth to.
- Place personal savings into investment products – Segregated fund contacts offer potential creditor protection when you name a spouse, parent, child or grandchild as your beneficiary.
- Separate personal and corporate life insurance – Hold personal life insurance contracts personally rather than corporately. Again, name your spouse, parents, children or grandchildren as your beneficiary.
- Do it now – If your business is in trouble, it’s almost impossible to establish a creditor protection plan. It must be done while you and your business are healthy.
- Get professional advice – Ask legal experts, tax professionals and a private wealth advisor with experience how to assess your unique risks, then close any gaps.
Overes & Company specialize in working with small businesses, if you don’t know where to start or have started but are finding things a little overwhelming it’s important to seek financial help so as to not make any wrong moves that could seriously effect your life.
Get in touch via the contact page and let’s talk it over: Contact