Author: CW O'Conner Wealth Advisors

We began the year with the general adage that investors would be compensated for bearing thoughtful measures of risk and this stance has in large part proven to be a rewarding posture for investors. In our view, prudent risk-taking will continue to be beneficial to investors in the second half of the year.

As you work toward implementing your succession plan, and ultimately, selling your business and retiring, it’s wise to also be considering the tax implications from the sale of your business. You will likely receive a substantial amount of money for your business or your share of it, which could result in an increased tax liability if you don’t plan ahead.

Don’t overlook the importance of life insurance and long-term care insurance in your small business’s succession plan. A little work today can mean peace of mind for your family and your business tomorrow.

You can help to ensure the continuation of your business by creating a detailed succession plan that contains a buy-sell agreement. This agreement is the heart of your succession plan and acts like a will for your business – it states what will happen to the business once your involvement ends.

Do you know the value of your business today? Here are four common business valuation methods used by industry practitioners.

Does your family-owned business have a succession plan in place? If you don’t, you aren’t alone. Despite family firms making up 90% of all business enterprises in the U.S., 47% of owners who want to retire in the next five years say they don’t have a successor.

Bitcoin, with its soaring price increases and dramatic tumbles (sometimes thanks to a tweet from Elon Musk), captivates investors and dominates financial headlines today. Just a few years ago, Bitcoin was largely relegated as an asset for day traders, but interest from other investing parties has grown, leading to many questions.

For business owners near retirement age – or contemplating their future retirements – a well-developed succession plan helps to create and preserve the value of the business after its changed hands.

Unprecedented monetary and fiscal stimulus since March 2020 has injected liquidity into the system and is, indeed, a potential catalyst for higher inflation longer term. Short-term inflation will likely trend higher as we cycle off the 2020 lows and we expect may run at a higher rate compared to subdued pre-pandemic levels. We continue to believe that all things equal, inflation is unlikely to take hold at a level that would serve to derail the recovering global economy.

Establishing a morning routine helps you to be more productive and seize the day. Trade in your unproductive morning habits for some of the best morning routines according to these four successful entrepreneurs.