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May 3, 2019
If you’ve already created your ideal budget, then you know how much money you need coming into your family. Essentially, you (personally) could bring all of that money home from your business. However, what if your spouse brought home some of that money? What if hiring your spouse offered your family and your spouse benefits you wouldn’t have otherwise? Although many of my business owner clients ask me, “Should I hire my spouse as an employee?”, what they are really asking is, “What benefit does putting my spouse on payroll provide?”.
May 2, 2019
Recently a prospective client asked me, “Justin, how will I know when is the right time to sell your business? Is it really possible to know?” Looking around right now we know the real estate market is up. Stocks are booming. This perhaps also encourages you to ponder the sell of your business. Determining your answer isn’t cut and dry. It needs to be broken down into a couple of different areas helping you answer your perfect time.
May 1, 2019
In this post, I’m going to tackle one of the most difficult areas of financial planning. This single area – this one single thing – will make or break your financial future. Today’s topic is how much should you pay yourself as a small business owner.
April 29, 2019
No matter whether you are just getting started in business or are a seasoned business owner, you need to revisit the method by which you are paying yourself. Perhaps, in the initial days of your business, you went through a period of time where you paid yourself only if there was a surplus in the business accounts. However, as your business matures and as cash flows become more predictable, you must gain control of your withdrawals. You need to plan the method and how often you pay yourself from your business.