Planning Your Financial Future: For Yourself & Your Business Panel
Wednesday, March 24, 2021 at 12pm
Panel Presenters:
Margo Hill: Financial Advisor, Wells Fargo Advisors
Christine Coster: State Farm Insurance Agent
Kara Rademacher: Founding Partner, Douglass Rademacher LLP
Diana Galer of Galer Coaching for Excellence moderated the panel.

Here are some of the highlights from our fantastic panel with Margo Hill, Christine Coster, and Kara Rademacher on financial planning for your future for yourself and your business.

  • Take a look at what your business needs
    • You will need people to help you!
    • But, be sure they all speak to one another
      • Bookkeeper/Accountant
      • Insurance agent
      • Lawyer
      • Financial advisor
      • Payroll (if you have employees)
      • Marketing
    • Look at benefits you had in old job
      • Health insurance
      • Auto insurance
      • Home insurance
      • Life insurance 
        • Your business can take a policy out on you
        • Term is a good way to go
      • Disability insurance
      • Liability insurance (protect personal assets)
      • Retirement (401k, etc.)
  • You can talk to financial professionals for free, just ask them!
  • Retirement
    • Old 401k’s can be combined and moved to something else
    • SEP account is very beneficial for small business owners 
      • Many options are available
      • Can put up to 25% of earnings away
      • May be limited if spouse has 401k
    • IRA could work for you
  • LLC or Corp. = liability is limited to business only
  • Keep your books clean!
    • Be sure to stay on top of your books or hire an accountant
    • Keep your personal and business financials separate
  • Estate/Succession planning
    • Figure out what to do with business after you’re gone
    • Succession: who will step into your shoes?
    • Estate: have insurance set up or a plan written out
  • You should meet with your financial planner once a year to go over everything