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Michael A. Milazzo, CLU, ChFC
Registered Principal
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: meridian@ae.cadaretgrant.com
Website: www.merfinco.com
January/February 2018
Prepare for Change
When you anticipate and prepare for industry, regulatory and other changes that could affect your business, you increase the likelihood that your business will survive and prosper over the long term. Similarly, you’ll want to pay attention to changes in your business that could affect your personal financial or estate strategies.
Adjusting your financial and estate strategies when necessary can help ensure that they will continue to achieve what they are intended to achieve. Here are some events that should trigger a review. Changes in personnel
Since your business may very well be your largest asset, you want to preserve and enhance its value. That’s a critical goal whether you want to sell your business eventually or pass it on to the next generation. Although it may be difficult to contemplate, the loss of a key person, especially a co-owner, could have a dramatic impact on the viability of your business and is a possibility you need to address in advance. If you haven’t already, consider the potential need for a buy-sell agreement and look into securing life insurance on your business’s key people. Changes in financial status
Has your business grown to the point where you can consider establishing a retirement plan? A retirement plan can be an attractive employee benefit and could also benefit you personally. Moreover, employer contributions to a qualified retirement plan are tax deductible (within limits). Your financial professional can help you explore retirement plan options for your company.Changes in business structure
When you change how your business is structured — for example, electing or terminating its
S corporation status or forming a limited liability company — you should also review your estate strategy. You want to be certain that changes in your business’s structure do not negate parts of your strategy.
It isn’t necessary to wait for a significant change in your business to revisit and review your financial situation. Consider an annual review with your financial professional to help keep you on track with your goals.
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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
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