Financial planning for business owners in Tampa
For an owner, the business usually is the retirement plan, which is exactly the problem. The advisor helps separate personal finances from the company, set up retirement plans that work for the owner and staff, and think through what an exit looks like years before it happens. This page describes that work; it isn't advice.
Reasons people start this conversation
- Nearly all of your net worth is in the business
- No company retirement plan, or one that was set up by a payroll vendor and never reviewed
- A partner, and no funded agreement for what happens if one of you dies or leaves
- Thinking about selling or handing the company to family within ten years
- Income swings year to year and personal saving is irregular
- Your CPA handles the business and no one looks at the household
What the advisor does
Owner balance sheet
Separates personal assets from business assets and shows how concentrated the household really is.
Company retirement plan
Explains SEP, SIMPLE, 401(k) and cash balance options, what each costs to run, and what they allow the owner to set aside.
Buy-sell funding
Works with your attorney on how a buy-sell agreement would be funded, typically through insurance, so the agreement can be carried out.
Exit and succession
Models what a sale, an internal buyout or a family transfer could mean for your personal plan, well ahead of time.
Tax coordination
Works with your CPA on entity compensation, retirement plan contributions and the timing of a sale.
Key-person and disability
Reviews what happens to the business and the household if you can't work.
How the engagement usually starts
- Introduction. You describe the business, the household and what keeps you up at night. The advisor explains scope and fee.
- Two balance sheets. The advisor builds a personal and a business picture and shows where they overlap.
- Priorities. Usually one or two things come first: a retirement plan, a buy-sell, or simply a personal saving structure.
- Ongoing. Annual reviews with your CPA and attorney in the loop as the business changes.
What affects the price
- Scope: owner's personal planning only, or company retirement plan work as well.
- Company size and plan type; plan administration costs are separate and disclosed.
- Exit or succession modeling, which is a larger project.
- Coordination with your CPA, attorney and any business broker.
The advisor explains the fee for your situation in writing before you agree to anything. Tampa Bay Wealth Co. does not set or collect advisory fees.
Business owners in Tampa Bay
Tampa Bay's economy runs on small and mid-sized companies: contractors, medical and dental practices, logistics firms around the port, restaurants and professional services. Many were started by people who moved here and have never had a personal plan separate from the company. Florida's lack of a state income tax and its strong homestead protection also affect how owners structure compensation and where they hold personal assets, which the advisor works through with your CPA and attorney.
Common questions
Can the advisor set up a 401(k) for my company?
The advisor can explain the plan types, help you choose a recordkeeper and third-party administrator, and serve as the plan's investment adviser. Plan administration costs are separate and disclosed.
What is a buy-sell agreement?
A contract between owners that sets what happens to an owner's share on death, disability or departure. Your attorney drafts it; the advisor helps make sure it is funded so it can actually be carried out.
How early should exit planning start?
Most advisors suggest starting the conversation five to ten years out, because many of the choices that affect an exit take years to put in place.
Does the advisor value my business?
No. A valuation comes from a credentialed appraiser or broker. The advisor uses that number in your personal plan.
Related services
Areas we serve
Business-owner planning across Tampa and these nearby communities: