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Guidance for Business Owners

As a small business owner, you likely wear many hats and carry many job descriptions. You have a vision for your business. You have probably been involved in the day-to-day activities and decisions related to the business from the beginning. And if you are a second or third generation in this business, then you surely know the blood, sweat and tears that have poured to reach this point. Now you work diligently to engineer processes that will enable you to achieve your mission and vision. You are teaching and training your team on a daily basis, while you yourself are a pupil of the industry, focused on growing and learning to improve your own skill set. You are involved in the ins and outs of the business and work hard to craft your product or service to be the best it can be. You believe in your business and promote it through every appropriate channel possible. You pay bills, sign paychecks and some days even take out the trash. You do it all. Gaskin Asset Management is a family-owned small business. We understand the multiple hats analogy all too well. It’s been cited that family businesses generate over 50% of the US Gross National Product, and that less than one-third will survive into the second generation (FORBES). Privately held and family-owned businesses are fundamental to the growth and entrepreneurial character of the American economy. Assisting business owners with financial planning strategies is something very near and dear to our hearts as we live and breathe the importance of this type of planning every day.

 

As a business owner you spend the vast majority of your time pouring your resources and energy back into your vibrant and growing business. Chances are that most of your net worth is also invested in your business. Not only does it provide for your family and other families today, but it may likely play a significant role in funding your retirement one day. We work with you to help you achieve your dreams for the business while also shedding light on the importance of personal financial planning and setting aside resources for your family, outside of the business. Alongside other industry professionals, we work with our business owner clients to find strategies to some of the most important questions such as: “How am I going to exit the business?” or “Who will run the business in the event I’m disabled?” or “What’s the true value of my business in case I want to sell at retirement?”

  • We assist business owners with implementing retirement strategies that allow owners to retain talent by giving back to their employees while also allowing the owner and employees to save on a pre-tax and tax deferred basis.
  • We help protect our business owners and the company that they’ve worked hard to build by putting proper insurance and risk management strategies in place.
  • We bring to light the importance of business succession planning. By partnering with business owners and their team of legal and tax advisors, we assist in developing a workable succession or transition plan.

We do not pretend to know very much about your particular business. However, we do know what it means to own a business. We know what it means to serve customers in a highly competitive and challenging market. We also know what it means to meet a payroll during tough economic times. We know that it is sometimes hard to separate the business owner from the business, as they are forever entwined.

We welcome the opportunity to serve you as you seek to serve others.

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