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Starting and managing a small business can be one of the most richly rewarding experiences in life. But, it can also be extremely stressful and fraught with legal and financial peril. TAM Financial works with small business owners to allow them to focus on their core operating mission. TAM helps to develop and refine business plans, to locate manufacturing facilities, to identify the retirement program that meets the needs of the business owners, and more.
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Business Plans
Research has continually shown that success rates for small businesses are substantially higher for those that have a business plan. Turning a dream into an entrepreneurial success requires hard work and focus. Just as with personal finances, developing a sound business plan is a critical element for success. As business owners know, creating, operating and then selling a business are three separate phases—each of which must be given careful consideration.
Nobody should go through this process alone. TAM Financial works with business owners to identify structural or organizational issues to be aware of, to set short- and long-term goals and to help think about issues that are outside the primary focus of the business. Small business owners must deal with a variety of issues. Some of these issues are particular to that company and industry, but others are common to any small business, whether brand-new or generations old. |
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Retirement Programs
There is a dizzying array of retirement programs available for business owners. Finding the right one requires a good understanding of the business—not just today, but what the business wants to look like in the future. TAM Financial can work with owners help choose the right program from the beginning. In addition, TAM Financial can work with retirement plan administrators on a regular basis to ensure the plan meets the changing needs of any business.
TAM Financial continues to monitor the many changes that occur in retirement program rules and regulations. For example, the 2001 Economic Growth and Tax Relief Reconciliation Act (EGTRRA) made fundamental | |
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| changes in Defined Benefit (more traditional pensions) and Defined Contribution (IRAs, 401(k)s, 403(b)s and more) plans. One of the more interesting developments in recent years has been the creation of so-called “813” plans that may substantially increase the tax-deferred benefits for owners of businesses (including sole practitioners and professional service providers such as physicians, dentists, accountants and consultants). Creating an 813 plan for a small business that has a strong cash flow can reduce or defer taxes by tens of thousands of dollars per year. | |
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