"What do you need to start a business? Three simple things: know your product better than anyone. Know your customer and have a burning desire to succeed." -- Dave Thomas
At Legacy Wealth Management, we believe small businesses are paramount to a small town like Charleston. You are the lifeblood of our community, driving job creation and providing our small town with fresh, innovative ideas and solutions.
As a small business owner, we know you’ve got a lot on your plate, between working long hours and ensuring the viability of your business, all while handling an incredible number of tasks of your own. There can be constant pressure to always perform at the top of your game—in every area of your business.
For this reason, we would love to partner with you to take some of the endless tasks off your plate. We know as a small business owner you are always striving to deliver more than expected. We want to provide that service for you as well. We encourage our business owner clients to think of us as the first phone call to make when navigating any major financial decision. Our financial advisors can help you address tax mitigation strategies, succession planning, improving your company’s retirement plan, and diversification of your wealth outside of the business. Our role is to make your life simpler and easier and to serve as a central point of contact for all your financial professionals.
In Charleston, we’re a community that takes care of each other. By working with us to manage your finances, you can gain invaluable time that can be better spent on necessary business operations and gain confidence that your finances are in good hands.
Above all, we partner with our neighbors to invest in our small town and make sure we can keep enjoying the great benefits your small business brings to us. When you do better, we all do better.
If you’re interested in learning more about how we can assist you and your small business, please don’t hesitate to schedule an appointment with us. Reach out today by emailing me at trent@legacywm.com.
If you have ever wondered about what will happen to your small business when you retire or pass on, you are not alone. In fact, only 21% of business owners have a written plan for what an ownership transfer would look like. It can be difficult to find the time or energy to put together an exit plan, but it is a crucial part of making sure your business will continue in your absence.
Nearly 75% of small business owners donate to some form of charity, and small businesses as a whole donate 250% more than large companies to local organizations. This makes charitable giving one of the most common ways to obtain tax benefits for a small business. Considering you can contribute to a cause that you care about, support your local community, and provide benefits to your small business all at the same time, who wouldn’t want to donate to charity? If you’re a small business owner considering charitable donations, this guide can help you find the best way to donate to maximize your contribution and minimize your taxes.
As a small business owner, it can be hard to save for retirement when there are so many other aspects of the business to worry about. Too often retirement planning ends up at the bottom of the to-do list.
As the effects of the pandemic continue to be felt around the world, there is a lot of talk about the state of the economy and what it says about our financial future. As a financial advisor and portfolio manager, I focus on the performance of the markets, not necessarily the performance of the economy. They don’t always move in tandem; in fact, there is evidence to suggest that they are hardly correlated at all. Since the value of my clients’ portfolios depend on the performance of the markets, that is where I point most of my attention.
A business vehicle deduction alone can lead to tax savings but, keep in mind, auto depreciation should be factored into your small business plan to maximize the benefits you can receive.
When growing a small business, it’s usually a positive sign when your business has grown enough to be ready to set up a retirement plan. The difficulty can sometimes be in the details, though, trying to figure out whether to go with a 401(k) or a SIMPLE IRA.