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End of the Year Finances…4 Reasons Why They Are So Important

 

Caffeinated Conversations: Tuesday, November 12th at 7:45 am at the United Way of the Midlands

 

  1. Expect the Unexpected

Mike Tyson, former heavyweight champion of the world, once made the statement about a plan: “Everybody has a plan until they get punched in the mouth.” Whereas it’s almost impossible to plan for every occurrence your business may face in the New Year, investing quality time in proper planning can help you to avoid adverse outcomes in this ever-changing economy.

  1. Change is constant

That’s why it’s even more important to stay up-to-date on such changes and actively seek out additional, valuable information that can help in the decision-making processes that enable them to grow their businesses today and for the future. Your business. Your legacy.

  1. Finish strong

Closing out your year is just as important as planning for the next year. And the unexpected. You need to understand where you’ve been to know how to move forward.

  1. What happens after you’re gone?

If you own a small business or a professional practice, it is even more important that your estate planning action begin today. As a business owner, it’s quite likely that a significant portion of your wealth–and your family’s source of income after your death–is tied up in the family business. Without a will or estate plan, the family members left behind can be forced to endure the consequence of inaction – business can cease, along with income; all assets and property will be held in probate; and if loved ones are left with anything in the end, it could take a significant amount of time to be distributed. While no one wants to think about their own mortality, doing so now can help your family, business, and legacy continue on.

 

Find Out More at Caffeinated Conversations

We’ll be discussing these and other end of year financial topics at the next Caffeinated Conversations on Tuesday, November 12th at 7:45 am at the United Way of the Midlands. Click here for more info.