We’ve met few business owners who believe they should pay more income taxes every year. Instead, most business owners are frustrated with the inability to engage in meaningful income tax planning that reduces the annual tax bite. Take Thomas Lamplighter for example.
Thomas was a second-generation owner of a brickyard. His eventual Exit Planning objective was [...]

“Why do I need to create multiple entities to protect my assets?” Steve Pierce, owner of Pierce Floral Shops, asked. “I already have all of my business interests in a Limited Liability Company. Doesn’t that protect me and my business?”
The answer provided by his lawyer was about what you would expect. “Yes. And no.”
Putting all [...]

To engage in Exit Planning, you must have a business to exit. Exit Planning assumes that the better the business, the easier and more successful the exit. Exit Planning also assumes that good businesses are not only profitable and well managed, but that they are protected from liability risks. Failing to protect your business value [...]

There may be nothing worse for a business than to have its owner suddenly die. . . especially if it’s your business.
Let’s look at what can happen when an owner dies.
Joe Carpenter was the 55-year-old sole owner of a successful construction company. Joe hoped to sell his company to a third party in the next [...]