Planning for Business
Business owners face a unique dilemma:
- For the majority of business owners, their corporate entity represents over half of their net worth.
- Most business owners are depending on the sale of their company to fund the bulk of their retirement.
With the potential decline in sale value of Canadian businesses, it is critical that business owners have a strategy in place to convert their business success to their personal net worth prior to the sale of their company.
We try to make this strategy as uncomplicated as possible. That’s why we created our four, easy to follow, process called, INTEGRATED PLANNING.
Our Integrated Plan is comprised of 6 interdependent yet equally important components:
- Innovative Financial Group Inc. (IFG) clarifies your present situation by collecting and assessing all relevant financial data such as lists of assets and liabilities, tax returns, records of securities transactions, insurance policies, wills, pension plans, etc.
- IFG identifies financial and personal goals and objectives as well as clarifing individual financial and personal values and attitudes. These may include providing for children’s education, supporting elderly parents or relieving immediate financial pressures which would help maintain the client’s current lifestyle and provide for retirement. These considerations are important in determining the client’s best financial planning strategy.
- The IFG Integrate Plan identifies financial problems that create barriers to achieving financial independence. Problem areas can include too little or too much insurance coverage, or a high tax burden. The client’s cash flow may be inadequate, or the current investments may not be winning the battle with changing economic times. These possible problem areas must be identified before solutions can be found
- The Integrated Plan provides written recommendations and alternative solutions. The length of the recommendations will vary with the complexity of the client’s individual situation, but they should always be structured to meet the client’s needs without undue emphasis on purchasing certain investment products.
- A financial plan is only helpful if the recommendations are put into action. Implementing the right strategy will help the client reach the desired goals and objectives. The financial planner should assist the client in either actually executing the recommendations, or in coordination their execution with other knowledgeable professionals
- The Integrated Plan provides periodic review and revision of the client’s plan to assure that the goals are achieved. A client’s financial situation should be re-assessed at least once a year to account for changes in that person’s life and current economic conditions
