Q&A: Why and When You Need a Financial Planner

Mar 24, 2013

I plan to sell my business sometime in the next 5 years. My CPA wants me to meet with a financial planner now. I won’t have any money to invest until I sell my business. Why meet with a financial planner now?

A financial planner will prepare a detailed analysis to determine what you need to net from the sale of your business in order to fund your post-exit lifetime goals. If there is a gap between what you will receive and what you will need, and there almost always is, you need to know that. It will take 24-36 months to make needed changes to your business to increase the net sales proceeds. Work with a financial planner who is compensated by fees for doing the necessary analysis and who is committed to helping you plan long before you have the cash to invest.

Category: Q & A

Joan M. Ridley, CBA, CEPA, CFP™

Joan RidleyPresident of Business Wealth Solutions, a business consulting firm.

"We have identified numerous opportunities to protect and maximize corporate wealth both now and in preparation for ownership transition. In this economy, human and intangible capital are major corporate assets. Absent proper planning, business owners could leave dollars on the table, and face the risk of actually losing their unprotected assets and hard-earned wealth."

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