"Business U" Course - Financial Education for Business Owners - Take time to focus on developing a financial strategy to help your business thrive!
As offered at the University of Richmond, now available for HBAR members!
"I attended this Business U workshop at the University of Richmond and found it very beneficial. As business owners we spend almost all of our time and energies working IN the business. This workshop provided me the opportunity to work ON my business. Regardless of what stage you and your business are in (start-up, growth, mature), you will learn something that will help you make better financial decisions for your company. I'm glad that HBAR is providing this opportunity to its members. Work smarter, not harder." - Leo Lantz, HBAR Member & Past President
Financial decision making for business owners
As a business owner, your time is consumed with building a better, more profitable and hopefully more valuable business. Unfortunately, that often means deferring many important personal financial decisions to the future.
This course will help you understand the various business and personal financial decisions that you may want to incorporate into your long-term thinking. Most importantly, you will gain a better understanding about steps you can take now to help provide a more financially secure future for yourself, your family, your business and your employees.
Who should attend?
The material in this course is designed for successful and busy business owners to help you see the big picture relative to the future of your business. This course is for educational purposes only and is intended to provide you with the stepping stones to move forward with actionable items. All attendees will be offered a complimentary business valuation to ensure you are aware of the approximate value of your business.
Section 1: Understanding your finances
As a business owner, you face a unique blend of financial considerations. Some considerations are typical of all individuals thinking about the future and others are unique to you as a business owner. This section focuses on financial objectives, inflation, taxes, income and expense statements, and how your business affects your net worth.
Section 2: Understanding your business
In order to plan for the future of your business, you must have a sense of how your business is set up and the implications of the business structure. In this section, we will review the following business structures: sole proprietorships, partnerships, corporations and limited liability companies.
Section 3: Business valuation
In many cases, a business represents the most significant asset on a business owner’s personal financial statement. Unfortunately, the value of that asset can be difficult to determine. In this course, we will examine formal vs. informal valuations and compare three of the most common methodologies to value a business: market, asset and income approaches.
Section 4: Business continuation agreements
A buy-sell agreement is sometimes referred to as a prenuptial agreement for a business. It is a legally binding agreement prepared by an attorney between the owners of a business that defines what will happen to each person’s ownership interest in the event of a specific life change. The most commonly addressed life changes are death, disability and retirement.
Section 5: Employee compensation and benefits
Many different forms of compensation and benefits can be provided to employees. Some are intended to be broad based and will apply to all employees. Other forms are designed for special groups of key employees, often referred to as highly compensated employees. What is the right combination of benefits for your company?
Section 6: Employer-sponsored retirement plans
Many business owners are familiar with the basic concept of an employer-sponsored retirement plan. One of the most common forms of qualified retirement plans is the traditional 401(k) plan. However, there are varieties of retirement plan types. Each type has unique rules and requirements, as well as benefits and limitations. What’s the most suitable plan for you and your business?
Section 7: Key employees: Compensation and employment agreements
For many businesses, the work of specific key employees provides a measurable economic benefit to the company. These key employees become critical to a company’s ability to achieve its goals. In order to compete for and retain the highest quality employees, businesses may develop special benefits tailored for a select group of employees.
Section 8: Business succession: Understanding your options
Before you decide to sell your business, it is important to understand some basic concepts and terms regarding business succession. This section will provide an overview to acquaint you with some of the issues you may encounter as you structure a future sale of your business and help you make better decisions.
Section 9: Estate planning basics
A comprehensive estate plan is more than simply drafting a will. Estate planning minimizes potential taxes and fees, and sets up contingency plans to make sure your wishes are clearly articulated and followed. For business owners, the estate planning process is complicated by the fact that their business is likely their largest asset. That means estate planning for business owners must address questions about business succession in the face of crisis.
Section 10: Advanced estate planning issues
Individuals with substantial estates or unique assets may be unable to achieve their estate planning goals using only basic estate planning tools. For those individuals, the transfer of assets during lifetime or after death may require more advanced planning. Given the complexity of most business owner’s estates, they often find themselves in this camp. In this section, we’ll review some of the advanced estate planning tools that may help achieve lifetime and legacy goals.
About your instructors*
Michael R. White, CLU®, ChFC®, CLTC®
As President/CEO of Virginia Asset Management, Mike founded the firm in 1986 and specializes in financial, estate, and investment planning for owners of closely held businesses. Being the owner of a privately owned company himself, Mike is passionate about sharing his knowledge and first-hand experiences with other business owners in the community. He knows the value of taking time away from your business to learn and plan for success. Mike received his Bachelor of Science in Business Management and Administration from Virginia Commonwealth University.
Steve Fisher CLU®, ChFC®, CFP®, CBEC®
Steve is a partner with Virginia Asset Management. For 30+ years he has helped business owners develop efficient succession planning strategies that align with their personal financial goals. He works closely with business owners on creating sound personal financial strategies and utilizing their business as a tool to accomplish those goals in a tax efficient manner. Steve also assists business owners and partners with qualified retirement plans, employee benefits, and executive compensation strategies for key employees. Steve received his Bachelor of Science in Business Administration from the University of Richmond.
Register Now! Make sure you understand the tools you can use to ensure the continuation and growth of your business, which may ultimately be your greatest asset.
*Mike White and Steve Fisher are registered representatives and investment advisor representatives of Securian Financial Services, Inc. Securities and Investment Advisory Services offered through Securian Financial Services, Inc. member FINRA/SIPC. Virginia Asset Management is independently owned and operated. 130 Wylderose Drive, Midlothian, VA 23113