Surround Yourself With Experts

Small business owners often fail because they make decisions without finding out the facts from experts. Build a small network of key contacts to have at your fingertips. For starters, you can look for a lawyer, an accountant and a tax advisor. Furthermore, always keep your business and personal finances separate, and treat them both with the same caution. – Geanette Rodriguez-Ojeda, ARRI Rental

Don’t Hold Excess Capital In Your Business

As many great investors have written, I believe diversification in your investment portfolio is critical to success. If you’re holding excess cash in your business, you may not be diversifying that capital effectively. It possesses the same risk profile as your business. You can pull it out and invest in something with a risk profile different from your business. – Chris Schwalbach, AVL Growth Partners

Stay Liquid And Plan Accordingly

Being able to weather storms is an integral part of a business’s long-term survival. As you grow your business, make sure to try and keep 6 to 12 months of your expenses in liquid reserves at all times. Also make sure you have the proper protections and plans set up, like disability and health insurance. You can have a whole life insurance policy set up as well to borrow against it in the future if need be. – Jared Weitz, United Capital Source Inc.

Take Advantage Of All Available Tax Breaks

Recent changes to the tax code have made many small businesses eligible for a 20% “pass-through” deduction. I advise you to consult with your tax professional to make sure you and your business are paying as little tax as you are required to. If you’re not already, make sure to take care of tax-advantaged retirement plans such as IRAs and self-employed 401(k)s. – Ismael Wrixen, FE International

Treat Personal Finances The Same As Business Finances

Just as you analyze your business’s income statement, cash flow projections and balance sheets, you can do the same thing for your personal finances. You can manage your expenses to increase your savings and investments in your retirement accounts and other assets to create stability in your personal life. Not properly managing your personal finances can lead to trouble in your business. – Alexander Koury, Values Quest

Pay Yourself First

Pay yourself first. Many times, small business owners want to reinvest all their money back into the business. You may be thinking you’ll make more money than in the stock market; however, that is a short-term investment strategy. Do not invest all of your money into your business. I believe you need to be saving 10–20% of your gross income for your long-term goals. – Justin Goodbread, Heritage Investors

Implement A Succession Plan

For many business owners, the biggest asset on their balance sheet is their business. Often, those same business owners have no formal succession plan. In order for a business owner to effectively manage personal wealth, I believe they should prioritize implementing a succession plan. Too often, people place an emphasis on investments when a bigger impact can be made with proper planning. – Josh Fein, AdvicePeriod


CHRISTOPHER HYNES, JD, CFPWealth Manager and Tax Advisor
As one of approximately 1,800 attorneys who are also Certified Financial Planners™, Chris Hynes’ education, training and experience furnish him with a unique perspective on complex financial structures, issues and products.
TED WALDRON, RFCFinancial Advisor
Mr. Waldron has been a member of the Diamond Achievers each of the last 12 years with Investors Capital. Mr. Waldron has been a public speaker at numerous workshops for 23 years.
Tom Wheelwright, CPA, is the creative force behind ProVision, the world’s premier strategic CPA firm. As the founder and CEO, Tom has been responsible for innovating new tax, business and wealth consulting and strategy services for premium clientele for over 30 years.

Featured Partners in Financial Services

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