Entrepreneurs need a financial process, not a package
When your business is successful, you want to enjoy the rewards. Why else would you go through everything you have to get where you are today?
You’ve got capital in your company, and you have to figure out what to do with it so you can reduce your taxes, while continuing to enjoy your lifestyle, build wealth, create security, and plan legacy.
It’s not standard planning, and an RSP just isn’t going to cut it.
There are five elements that are essential to any entrepreneur’s financial plan.
1 Tax Efficiency
The tax problems of entrepreneurs, are unique to entrepreneurs.
Without proper tax planning, as you make more money, you’ll get pushed up into higher tax brackets. This creates the dilemma of how can you enjoy a better lifestyle while minimizing your taxes?
The good news is, there is a solution to almost every tax problem.
2 Access to cash
Entrepreneurs love a great opportunity, whether it’s in business, investment, or the chance to fulfill a personal dream.
Lack of access to cash can force to you to have to say no, when you really want to be saying yes.
You need a financial structure that allows you the flexibility to jump when the time is right.
3 Risk Management From
Illness and Injury
Would your business cease or slow down if you couldn’t work?
Many entrepreneurs with growth businesses still wear many hats and don’t have the planning in place should they suddenly not be around.
This is a risky position for your business and family, in the case of your death, disability, or critical illness.
To reduce this risk we ensure you:
- Protect yourself and your family in the case of your death, disability, or critical illness.
- Protect your business in the case of one of your business partner’s death, disability, or critical illness.
- Have access to cash in the case of an emergency.
4 Happy Employees
How your company treats its employees impacts your bottom line. To reach your wealth, lifestyle, and business goals, you need great employees who are engaged.
To attract and retain the best employees a business needs to offer a benefits package that matches, or even beats your competitors.
It’s essential to have a plan that adjusts with the market, at competitive rates.
5 Succession And Estate Planning
There will come a time when you want to transfer or sell your business.
Pre-planning is required to sell a business to ensure you get the highest sale price, while minimizing your taxes owed once you’ve sold it.
Estate tax planning is the next step to transfer your assets to your family and charities instead of to the government in the form of taxes.
A well designed estate plan allows you to retire comfortably while maintaining your lifestyle. The bonus is you don’t have to reduce the amount of your legacy to your family and charities from your retirement spending.
At Elementus Wealth, we only work with entrepreneurs
Our Private Wealth and Estate Team advises some of the most successful entrepreneurs in Canada. We are at the forefront of innovative planning techniques, tax minimization solutions, and estate planning strategies.
Our process to create unique plans for entrepreneurs includes:
- Getting clear on goals and dreams. Once we know the big picture, we can design a plan to achieve it.
- Creating the structure. By assessing all the goals, and the challenges they pose, we investigate all the options on how best to structure the plan.
- Assessing assets owned. Working with the assets that are already in place and how they fit into the overall plan.
- Assets required. If you don’t have what is needed, we’ll go out and get it.
- Ongoing reviews and updates. We make sure your planning is as current as your dreams.
It’s important to work with people who "get" entrepreneurs
Your team of advisors need to live and breathe business so they understand your vision, and how to make it a reality.
As part of your team, we bring collaboration and unique strategies that few planners can match.
We’d love the opportunity to have a conversation to see how we can help complement your wealth planning to allow you to enjoy more of your life today, while protecting your retirement and your family when you pass.