Kevin J. Phillips is a fee-only financial adviser with Savant Capital Management. Kevin is a certified financial planner™ professional and has been involved in the financial services industry since 2005. Kevin’s team is uniquely equipped to serve the specific tax, financial planning, estate planning and investment needs of high-level executives, physicians, small business owners and families interested in multi-generational planning.



kevin Sound Advice: Financial Planner Offers 4 Ways To Start A Business On A Strong Note

Kevin J. Phillips
(Photo courtesy of Kevin J. Phillips)



What are the top things small businesses can do to differentiate themselves in the marketplace?

I use our ‘10 Key Planning Disciplines‘ to assess a business owner’s personal financial plan. This helps clients build a vision of their ideal futures and efficiently integrates their personal financial planning, investment planning, tax planning, estate planning and business planning. We help small business owners preserve and protect their hard-earned wealth. As critical life events occur and significant milestones are met, we help small business owners adapt and make strategic decisions.

  1. Taxes. When it comes to managing a business and its taxes, today’s regulatory environment can present many challenges, which makes the need for professional tax assistance and personal financial planning more important than ever. Proper tax planning may help small business owners increase profitability and provide a thorough understanding of after-tax ROR. It may even provide a business owner with the ability to provide more competitive pricing.

  2. Cash flow and liquidity. In my experience, planning with liquidity in mind is a main factor when working with a business owner. Sufficient liquidity is especially important when working with a small business owner with uneven cash flows. With proper planning, a business with sufficient liquidity and open lines of credit may be able to withstand downturns in the market and may be able to provide more flexibility in pricing.
    • Have established and flexible business, and personal credit lines available.

    • Thoughtfully invest a business owner’s personal accounts with future cash flow and liquidity needs in mind.

    • Have a good understanding of business/personal cash flow needs.


  3. Employee benefit planning. Proper employer sponsored benefits with a careful eye on costs can be valuable for a small business owner and the employees.
    • A well designed retirement plan can show employees that an employer not only cares about an employee, but also the employee’s financial future.

    • Employees retention may enable a small business owner to decrease overhead costs by minimizing hiring and training costs.

    • Tenured employees typically have higher productivity and are more profitable employees.
  4. Business succession planning. When processed properly, business succession planning has many benefits.
    • Enable a business to receive a higher valuation.

    • Provide the small business owner higher after-tax proceeds from the sale of a business.

    • Provide the descendants with more after-tax proceeds.

    • Give a small business the ability to survive the death of a business owner.

This article was written by Michelle Guilbeau for Small Business Pulse


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