Small Business Owners: What Are Your Goals?

Every small business owner has a unique story to tell regarding why they decided to establish their company. For some, it’s the opportunity to be their own boss. For others, it’s to satisfy a product niche that no other local business is offering. Still others are thinking big picture and looking to offer something truly innovative that might take off on a national scale. And for some, it’s a combination of all these reasons.

Regardless, once a business has gone through the lean and mean early years and started to establish a reputation for itself—not to mention, a comfort level that it might be around for the long haul—it’s time for owners to give some thought to their long-term personal objectives.

In other words, what would you like to achieve now that the business is up and running? Twenty or thirty years down the road, what is the measure of success?

Once the day-to-day questions about business viability have been resolved, it’s important to set personal goals. This will help small business owners define exactly what they would like to achieve, both for themselves, their family, and the employees who have helped make the business what it is.

In setting these objectives, it’s important to ask the following:

• Am I working to strengthen my personal finances and build wealth? Many business owners become so engrossed in running their companies that they inadvertently end up putting their personal finances on the back burner. Although it’s easy to tie up most of your liquid assets in a business, to achieve financial independence and build personal wealth, it’s important to make personal savings a priority. By conducting regular financial reviews, and taking follow-up action as needed, you can help develop and strengthen your personal financial position.
• Am I preparing for retirement? Many tax-deferred, qualified retirement savings vehicles, such as 401(k) plans, are available to business owners and their employees. The retirement plan that is best in a given situation is often determined by the size of a company, as well as the ages and salaries of its employees. In addition, nonqualified plans allow business owners to provide selective benefits for themselves, as well as their key employees.
• Have I developed an exit strategy? Although it’s sometimes difficult to think past any given quarter, it’s important for small business owners to give some thought to whether the business will be marketable if and when the decision is made to sell it. Developing an “exit” strategy can help provide cash commensurate with the value of the business in the event you choose—or are forced (due to death or disability)—to divest.
• Are you looking to retain the company within your family? Your company, like many others, may be a closely-held business operated by more than one family member. If you wish to keep your company in your family, it’s important to learn about transfer tax issues and develop a business succession plan that will help keep your long-term goals and objectives on the right track.

Stay Focused
Unfortunately, these questions are not ones that should be asked once and then forgotten. Personal goals and priorities change and develop over time. To make sure the priorities that you established in your thirties are still the priorities you have as you grow older, it’s important to conduct a periodic review of your personal and business priorities. Annual reviews can help ensure your business activities are still consistent with your long-term personal goals and objectives.

Prepared by MetLife
Delivered courtesy of Wayne Kuykendall, Financial Services Representative
Strategic Financial Partners, an office of MetLife
For more information on the financial, risk and wealth management strategies that Wayne Kuykendall provides, please contact him at (256) 777- 4524, wayne.d.kuykendall@strategicfinancialpartners.com, 105 S. Marion Street, Suite 202, Athens, AL 35611.
About the MetLife Premier Client Group
The MetLife Premier Client Group (MPCG) provides consumers and small businesses with access to local financial professionals across the United States who can provide advice and guidance tailored to their financial needs. MPCG financial professionals stand out in the market for their holistic financial strategies, their team-oriented approach to client service and their adherence to a core financial planning philosophy that helps clients both grow and safeguard their assets. MPCG’s highly trained and credentialed representatives provide their clients with a wide range of services, including wealth management, retirement planning, estate planning and small business planning. For more information, please visit www.metlife.com/premier.

About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

The MetLife Premier Client Group is a distribution channel of Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities and investment advisory services offered through MetLife Securities, Inc. (MSI) (member FINRA/SIPC) and a registered investment adviser, 1095 Avenue of the Americas, New York, NY 10036. MLIC and MSI are MetLife companies.

Pursuant to IRS Circular 230, MetLife is providing you with the following notification: The information contained in this document is not intended to (and cannot) be used by anyone to avoid IRS penalties. This document supports the promotion and marketing of insurance products. You should seek advice based on your particular circumstances from an independent tax advisor.

MetLife, its agents and representatives may not give legal or tax advice. Any discussion of taxes herein or related to this document is for general information purposes only and does not purport to be complete or cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on the facts and circumstances. You should consult with and rely on your own independent legal and tax advisors regarding your particular set of facts and circumstances.
By: Wayne Kuykendall, Financial Services Representative with
Strategic Financial Partners, an office of MetLife.

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By: Wayne Kuykendall, Financial Services Representative with
Strategic Financial Partners, an office of MetLife.