One of the most common concerns I hear about retirement is the fear of being bored. Given the weeks, months, and years ahead that need to be filled with something other than your job, it’s understandable. To make matters worse, many of us know a relative or friend who was aimless and miserable in retirement….
Just because you run a successful business doesn’t necessarily mean that you will exit from it successfully. Planning can increase the odds that you will transfer your business on terms you’re comfortable with. Yet very few business owners engage in proactive exit planning, failing to establish arrangements for a thoughtful transfer of ownership that protects…
It seems intuitive: a deal requires compromise. Sellers and buyers each have their own goals (some more realistic than others) and should come together, but each often begins the process oblivious to the other’s needs. Suppose you’ve owned an auto service station for 30 years. You are tired of all the hassles and have made…
Pre-retirement coaching is designed to help late career professionals and business owners sort through the head and heart side of the retirement transition. For those who have never availed themselves of coaching, the process might seem like a black box. How does coaching help a person get from point A to point B? This chart…
Throughout my career as a psychologist, I treated many people who found themselves dissatisfied with their life in retirement. They had given little thought to the magnitude of this transition and their aimlessness was palpable. It struck me that a handful of preparatory discussions before they retired might have saved them from significant discomfort not…
For many of us, work is a primary source of accomplishment and pride. Throughout the course of our career, we point to projects completed, problems solved, and people helped. If you’re contemplating retirement, it’s easy to imagine you will find yourself missing the satisfaction that comes from a job well done, not to mention dwelling…
There is something I’ve noticed when people tell me about their first year of retirement. Occasionally they will mention adjusting to living on a fixed income, but more often it’s the non-financial side of things that occupies their mind. In some instances they sound pleased. For example, they’re eager to talk about new hobbies, interests,…
Program produced by XPX South Florida. Please join XPX South Florida for the third installment of our 2022 exciting, in-depth seven-part “Lunch and Learn” series, where our Chapter’s professional advisers will discuss the exit planning strategies to be employed by a model middle market software development company with $50 million in annual revenues. In this…
This XPX New York program discusses savings vehicles and gift giving strategies to reduce state income tax burdens including: i) Non-Grantor Incomplete Gift Trusts, ii) Spousal Lifetime Access Trusts, iii) Business Interest Discounts, and much more. Our Speaker: Steven HoltPartnerMandelbaum Barrett Steven A. Holt is Chair of the Firm’s Taxation, Trusts and Estates and Charitable…
Great news! Your CPA has informed you, “you will make a lot of money through your real estate portfolio…the bad news, you will have to cut a fat check to the IRS; you’re getting killed on Capital Gains Taxes and Depreciation Recapture.” Sure, you’re familiar with the 1031 Exchange Tax Code. You are at the…
It’s the start of a new year, and the perfect time to plan ahead for this year’s gifts. Annual gifts are not only a great way to benefit your children or grandchildren, but also an opportunity to teach them smart financial management. When we last wrote about this topic five years ago, we discussed teaching…
After a powerful advance last year, the stock market has started 2022 on a down note. Between elevated inflation, heightened volatility and the Federal Reserve’s more hawkish stance, where could markets go from here? If we can’t expect another 20%-plus gain, what can we look forward to? And what kinds of businesses have the right…
We’re welcoming in a New Year and a New Look!
In this book I focus on the often used exit plan for mid-sized companies that because of their size and sophistication or the owner’s personal preferences, are not good candidates for an outside third party sale. This path is called the “insider Transfer”, where the buyers are the key employees of the business. If planned…
On November 4, 2021, the IRS announced cost of living adjustments affecting qualified retirement plans for 2022. Almost all of the limits increased from 2021 to 2022, some by greater amounts than we have seen in some time. Click here read the entire article.
“I should demote myself!” joked the head of sales. “It looks like I am better at selling than at managing a sales team.” We were looking at his team’s individual sales numbers. He was selling more when he was a regular salesperson than his whole team today. We too often promote the wrong person into…
Effective March 12, 2024, New York Labor Law prohibits employers from requiring employees and job applicants to provide information about their personal accounts. If you think this sounds familiar, you are right. This idea has been in place in various states for years; now New York is joining in! Under the new legislation, “personal accounts”…
Unlocking Retirement Savings to Fund a New Business Many people have dreams of starting a business but lack the capital or funding needed to launch their new business ideas. It’s true: It costs money to start a business. The US Small Business Administration (SBA) says that how to fund a business is one of the…
In order for your family business to outlive its founder, careful succession planning is a must. That means finding the most frictionless way to pass both leadership and ownership from one generation to the next. While some family business dynamics lend themselves to smooth and simple succession, others hit bumps in the road. One of…
Accurate Asset Assessment for Fair Distribution: When planning an estate, one of the primary concerns is ensuring a fair and equitable distribution of assets among beneficiaries. A professional valuation provides an accurate and unbiased assessment of the true value of all assets, including real estate, investments, businesses, and personal property. This is essential to avoid disputes…
Onboarding isn’t just about shaking hands on day one or drowning your new hires in an ocean of paperwork and procedural manuals. Take it from us, onboarding is about igniting the spark from the moment your new team members step through the door. In this blog, we correct 4 common misconceptions about team member onboarding to…
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