July 27, 2023

< Back To News

5 Keys to Protecting Your Wealth as a Business Owner

– by John Mosher CFP®, CHFC®, CLU®, AEP®, CEPA®
Partner and Vice President, Business and Estate Strategies

As a business owner, you’re juggling a lot of different things at once. From payroll and employees to equipment and inventory, running a business takes all your time and focus. At Unique Wealth, we notice that business owners aren’t carving out enough time for their end goal and how to navigate getting there.

It’s only natural since it’s in the future, whether near or far. We as business owners attend to the things that repeat themselves throughout the course of business. But taking the time to protect your hard work for today, and tomorrow, is a critical part in being a business owner. We advise our business owners to build a “reef” of wealth protection by focusing on these key areas.

Create an Exit Plan

Whether you’re two years or twenty years in, you won’t want to be a business owner and operator forever. What happens then? There needs to be a plan in place for a sale, either internally or to a 3rd party. You could also be transitioning the business to a family member or to your kids, eventually. You also have to consider the unexpected as well, such as disability or premature death. In any of these scenarios, having an exit plan is a must.

Have a World-Class CPA

You may have one already, but if not, having a CPA that annually works on income tax planning is very important. This is a person you should be able to trust immensely and be able to consult before entering a business transaction. But be sure to affirm they are comfortable with handling these types of business transactions. This is a niche area that not all CPAs are comfortable with consulting on. Far too often, we see business owners get stuck in a tax consequence situation that can be too late to fix.

Get a Specialized Attorney

An attorney specializing in business, tax and estate planning should be a key player on the team. Every business needs an operating agreement and to make sure all key filings are in compliance. If there are multiple owners, a “buy-sell” agreement should be executed. It should be reviewed reasonably often, especially because the value of the business can fluctuate.

Assemble Your Crew Yearly

Communication is key. You should gather other key advisors for consultation regularly. This includes experts like your Banker, Benefits Coordinator, M&A Expert, Financial Advisors, etc. You should also conduct at least one full team meeting with everyone in attendance, at least one to two times per year. This helps to ensure that everyone is on the same page and informed together.

Integrate Your Financial Plans

Lastly, integrate your business plan with your personal financial plan. If your business plan does not lead you to accomplish your individual/family financial security, there is a huge disconnect that will cause unnecessary consequences.

At Unique Wealth, these are just a few deficiencies we see as we work with business owners. This is why we’ve put together a detailed program and process specifically for business owners – The Coral Reef of Protection.

If you’d like to learn more about these topics, or would like to talk further about protecting your business and personal wealth, contact us for a complimentary consultation.

Partner and Vice President, Business and Estate Strategies


John and his wife Leann have known each other since they were ten years old. They have built their lives in this area and are proud of their two children, Mady and Jack. Giving back to the community is a core value for John. He serves on the board of Copperhead Charities, which donates millions of dollars raised from the annual Valspar PGA tournament at Innisbrook. In his free time, he loves fishing, boating, golfing and enjoying Florida’s laid back lifestyle. John has dedicated his entire career to helping families and business owners with their unique planning needs. John is an expert in estate and business planning, specializing in working with high-net worth clients. John’s knowledge is accomplished with a casual and comfortable approach to life. He can meet you in a suit in South Tampa, join you for a round of golf, or meet you out on the water fishing.

Office: 727-492-5225
Email: john.mosher@uniquewealth.com