Most small business owners in Texas hold the majority of their net worth in their business. When up to 90 percent of a person’s assets are tied to one business that they own, the success of that business is crucial to the owner’s livelihood. Meeting with a business adviser is a good way for small business owners to plan for the future of their most valuable asset.
One way that a business adviser can help a small business owner is by assessing the value of their business. Understanding how much a business is worth is important for succession planning. Even if a small business owner plans to work for many years to come, they should always make sure that their business is attractive to potential buyers should they decide to put it on the market.
A business adviser can help a small business owner to save money by finding strategies to maximize tax deductions. As part of succession planning, a business adviser may look at the owner’s estate and advise on ways to avoid estate taxes. Insurance planning for potential property damage, theft, death or disability is another business planning area that advisers can assist small business owners with.
A business and commercial law attorney can advise a small business owner in the formation of a new company, running an existing one or looking to sell or transfer it. During the initial process of forming an entity, legal counsel can provide advice about the pros and cons of each type of structure that may be applicable.