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Financial Planning and the Small Business Owner

business owner and financial planning at Isakov Planning Group

It’s a common plight among small business owners: Taking on too many responsibilities, only to figure out later that others can do these tasks more efficiently.

This will also provide more time to focus on your business. This applies to your bookkeeping, your communications, your operations, and even office maintenance. Your time is much better spent on your area of expertise.

Consider the case of Mary Jane M.

Mary Jane is a 45-year-old single woman and happy owner of a graphic arts business with three employees. Having worked in a large corporation, she knows she does not want to return to that environment for the sole purpose of having a health care and retirement plan. Mary Jane is concerned about how she will be able to retire in the future.

Having weathered a recession and a pandemic, Mary Jane’s graphic arts business is doing reasonably well, and she loves the work. Even after she retires in 15 or 20 years, Mary Jane imagines she’ll continue to work as a freelancer at least part time as long as she’s able.

Disability Concerns
Being the business owner and a critical part of its operations, Mary Jane worried that the business could not continue if something prevented her from working for a long period. She realized that she needed disability insurance, but did not know where to turn for advice: How much did she need to cover herself and the business? What types of coverages are available and what exactly does it protect?

She needed the help of a financial professional to help her understand the benefits of her policy options and how she can protect her business, even if she requires disability benefits.

Current Savings
Mary Jane has been self-managing an IRA that was rolled over from her old corporate position, but she is unsure whether she can reach her financial goals using this approach. To help her decide on the best course moving forward, Mary Jane met with a financial professional at Isakov Planning Group.

At Isakov Planning Group, we explained to Mary Jane that she was missing out on certain tax benefits of being a small business owner. Ultimately, she decided that she needed a sound financial plan from a trusted financial professional.

We were able to discuss her needs for a sensible disability insurance policy, as well as setting up a 401K plan that enables her to save a good amount of money before taxes.

Each year, we meet with Mary Jane to review her financial progress and to discuss whether any changes to her retirement strategy are necessary.

Mary Jane also asks Isakov Planning Group about specific stocks she heard could be worth possible investment. She values the advice she receives from our financial professionals, and makes decisions after discussing potential risks and rewards with us.

Are you a small business owner, like Mary Jane, who is concerned about your retirement, protecting your business from disability, or need tax-planning strategies to meet your personal goals? Contact us at the Isakov Planning Group today to talk with a trusted financial planning professional.

Office Locations

671 2nd Street Pike
Southampton, PA 18966

1346 How Ln
North Brunswick, NJ 08901

500 7th Avenue, 8th floor
New York, NY 10018

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Isakov Planning Group brings industry leading resources and expertise to help our clients pursue and achieve their financial goals.