Staying on the right track in terms of finances and financial goals will complement your business efforts and help you reach your long-term aim. Whether you are starting a new business or have a successful family-owned Auto Body Shop business, you cannot ignore the fuel that runs your multi-generational wealth machine.
In addition, staying updated on your finances and insights into the trends will be crucial for the future. Suppose you are a collision repair shop owner, then there are greater chances that you will need the following services for your family-owned business:
- Retirement Planning
- Financial Services
- Tax Planning
- Business Succession Planning
If you are new to this area and don’t know where to begin, you can contact the DiFrancesco Virtual Family Office. Schedule a free 20-minute conversation with Matt DiFrancesco to discuss your goals and vision for your business and life.
The Importance of Reviews
Annual and quarterly reviews are typical. However, most of the time, advisors focus on account performance, market performance, and other topics related to these areas; therefore, the main focus always remains on the investments in the clients’ accounts.
After analyzing the standard practices, I saw that there was a gap. At HighLift Financial, we don’t converge our focus to one particular area. Instead, we take the time to dive deeper into the roots of a family business. All family meetings and sessions help us understand the expectations and the business’s current performance. As a result, we can offer a plethora of services such as retirement, tax, estate planning. In addition to these, we also work on risk management.
There is a great deal of communication, analysis, and time that goes into doing this. Certainly, this can’t be accomplished in two reviews, as important things get lost in the shuffle. That is how I decided to create a “Three-Review Process”. These are divided by season:
- Spring Review
- Summer Review
- Fall Review
“Our three review process helps us engage in regular communication which lets us change plans according to the situation to keep the family-business secure.”
The Spring Review
We conduct a detailed spring review with all of the clients. It encompasses a three-step process that works toward ensuring clients can meet their goals and address any problem areas. These include:
- The financial roadmap
- Current year goals and action plans
- Tax strategies
The Financial Roadmap
When a new client joins our company, we help them, and their family build a vision for their business. Also, we figure out how each family member fits into the vision they crafted. From there, we begin to build a road map.
“A financial roadmap allows us to keep track of where we stand, where we want to end up, and how we’re going to get there.”
After Covid-19, we must embrace that nothing can remain static and that life will constantly challenge us. So, the question arises, how can a plan help us? Because a plan is usually based on the assumption that all factors will remain the same. It is here that these reviews make a difference. We discuss these roadmaps in detail from time to time to plan detours when necessary.
Current Year Goals and Action Plans
This area focuses on understanding if the client has any new plans or expectations. So, we begin by identifying whether any new goals or challenges need to be addressed on the roadmap and taking into consideration any new circumstances that may have arisen in our personal or professional lives.
It’s been a challenge for me to get clients to develop a financial plan early on. They would tell me they already have one, and then they would bring out a meticulously put-together, 70-page report that had sat collecting dust for 10 years. I then explained that they only need one page summarizing what they want to accomplish, and then it’s all about taking action.
Tax Strategies
Every business owner needs to stay on top of additional tax strategies. During the review, we go over what can be done to reduce the tax liability for the previous year. This kind of planning is particularly beneficial for automotive repair businesses. In addition, we explore ways to minimize taxes and fund what we call their other self-buyout vehicles.
The self-buyout plan is creating funding vehicles. This is highly beneficial in the event when you transition out of business. If the company doesn’t stay successful after passing it to the next generation, it will serve as a safety net. Just think of it as an insurance policy.
How to Reach Matt?
When looking for ways to secure your family-owned legacy, you need a vision for what you want your life and business to look like. In addition, you need to group with family members to know about their expectations. The three reviews from HighLift Financial will keep you and your family on the growth trajectory.
If you’re not a HighLift Financial client or want to learn more about this three-step process, then Schedule a private consultation strategy session with me. We can go over your financial vision and put together a roadmap.
Disclaimer
The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the opinions and views of High Lift Financial. The availability of this content only serves educational and informational purposes. It is not a substitute for tax or legal advice or professional investment.
Always make sure to consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.