3 Reasons Why We Work with Small Business Owners

Entrepreneurs Have Unique Financial Planning Concerns – We Can Help

Small businesses have generated 12.9 million net new jobs over the last 25 years, accounting for 66% of all employment growth and 44% of economic activity nationwide. Despite the huge role that small businesses play, they also suffered widespread economic disruption during the COVID-19 pandemic and continue to face challenges in the post-pandemic economic environment. 

Approximately 49.7% of small businesses fail within the first 5 years and 65.5% fail within 10 years. Because of this, it’s up to small business owners to take proactive financial steps to grow, maintain, and adapt their businesses in a changing economic environment.

At Aviance Capital Partners, we enjoy helping small business owners navigate the financial and investment side of their business. Here are 3 reasons why we work with small business owners.

We Are Small Business Owners

We love working with small business owners because we are small business owners ourselves. Founded in 2009, our firm has a total of 10 employees. As a private, owner-managed investment management and financial planning firm, we offer a combination of expert guidance, proprietary investment platforms, and friendly personalized service.

We can help our clients navigate small business planning because we’ve had to answer all of these questions too.

Small Business Owners: Steps to Assess Your Financial Wellness

Does this sound like you? Your days are consumed with managing, sustaining, and growing your small business, and your nights are spent sleeplessly analyzing all the details no one else thinks about. Your energy and focus are spent on the day-to-day, leaving you little time to consider the big picture of your small business’ financial wellness.

Small Business Owners Have Unique Concerns

Managing your personal finances is one thing, but adding the intricate details of business planning to the mix can be overwhelming for many small business owners. You might have unique concerns that can get in the way of doing what you love—providing excellent products and services to your customer base. A few of the top considerations we hear about from our small business clients include:

1. Retirement Planning: There are many retirement plan options available to small business owners. Choosing the right plan depends on several factors including the size of the business, the number of employees, and how much you can contribute each year. Offering retirement benefits is also a great way to attract, retain, and reward your employees. But we think it’s important to do so in a way that makes sense for both your own retirement, as well as your company’s bottom line.
2. Tax Planning: Picking the right business structure can have a huge impact on your year-end tax liability, that’s why we believe. It’s important to understand your unique needs as a business owner and pick the structure that will maximize your business potential and minimize any unnecessary taxes. Managing deductions and credits and understanding self-employment tax can also important aspects of tax planning for small businesses.
3. Exit & Succession Planning: Do you have a plan for how your business with operate in your absence? Do you know who you want to take over or how your business assets will be liquidated? This is all part of exit and succession planning and answering these questions can be a crucial component to ensuring your business is closed, sold, or transferred in the most efficient way possible.

Small Business Owner Retirement Planning

Small business owner retirement planning can require considerable preparation including creating a business succession plan in writing and thinking about your goals.

We Offer Unique Solutions

We want to help small business owners feel educated and empowered in their financial decisions, and we are here to provide specialized solutions to your wealth planning needs. No matter what stage your small business is in, we are here to help you feel confident and comfortable in your long-term financial futures.

We provide:

• Customized financial planning for small business owners in all stages of life and business development: how can we help you grow your business?
• Comprehensive risk management review to help you protect what you’ve worked so hard to build.
• Detailed retirement plan evaluation – understanding your options for both you and your employees.
• Tax planning helps you choose the right business structure, utilize appropriate deductions, and minimize unnecessary taxes.
• In-depth business valuation services and succession planning so you can pass on your business in an efficient way.

If you’re ready to experience the difference that the Aviance WealthPlan™ can make for small business owners, please reach out to us! Click here to schedule an introductory call, or reach out to us at wealthrelations@aviancepartners.com for more information.

Aviance Capital Partners, LLC (“ACP”) is an SEC registered investment adviser located in Naples, Florida. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that ACP has attained a certain level of skill, training, or ability. While information presented is believed to be factual and up-to-date, ACP does not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. Not all services will be appropriate or necessary for all clients, and the potential value and benefit of the ACP’s services will vary based upon the client’s individual investment, financial, and tax circumstances. The effectiveness and potential success of a financial plan depends on a variety of factors, including but not limited to the manner and timing of implementation, coordination with the client and the client’s other engaged professionals, and market conditions. The tax and estate planning information provided is general in nature, which should not be construed as specific financial planning or tax advice tailored to an individual reader. ACP suggests that readers consult a financial professional, attorney or tax advisory professional about their specific financial, legal or tax situation. Customized financial planning indicates that financial planning will be informed by the material financial and investment circumstances of the client, as communicated by the client to the adviser, but may not consider literally all aspects of a client’s financial affairs. Past investment performance does not guarantee future results. All investment strategies have the potential