Financial planning is the process of creating a comprehensive plan to save and budget money for your future.

It involves proactive planning for some of life’s major financial events like funding education, buying a home, starting a business and retirement. Usually, the ultimate goal of financial planning is to ensure you have enough savings to live comfortably when you retire. It requires taking a long-term approach that includes evaluating your financial situation, setting long-term goals and then taking steps to accumulate money through budget-setting, savings, 401ks, IRAs and more.


Financial planning for business owners requires the expertise of specialists who understand the unique needs and challenges of business owners.

Doing what’s right for the business and balancing that with what’s best for your personal goals is an art. At 360 Financial, we help business owners and entrepreneurs create greater synergy between their long-term business and personal financial goals.

Our Services include:

  • Wealth Management
  • Business Owner Cash Flow Planning
  • Retirement Savings and Tax Strategies (such as implementing retirement plans (401(k)s, SEP IRAs, and SIMPLE IRAs)
  • Risk Management
  • Succession Planning
  • Investments
  • Legacy and Estate Planning


Business planning and personal financial planning are two separate disciplines.

Business planning and personal financial planning are two separate disciplines.

The level of complexity involved in managing income, taxes and investments is much greater for businesses than for individuals. But if you are the business owner, it’s important to understand that your personal finances impact your business finances — and vice versa. While each should be managed and planned for separately, you should do planning for both simultaneously to have the clearest view of how one impacts the other.

The Four Pillars of Wealth Management for Business Owners

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  1. USE AN EXPERIENCED ADVISOR. There’s a lot at stake for business owners. An advisor that doesn’t have experience with the unique financial planning challenges of business owners probably isn’t the best advisor for you.
  2. KEEP PERSONAL AND BUSINESS FINANCES SEPARATE. Mixing your personal and business finances can create headaches and complex tax challenges. It’s best to do separate financial planning for each, even though they ultimately end up impacting one another.
  3. MAINTAIN GOOD CREDIT. Keeping a good credit score gives you access to capital loans that can be used for improvements, growing the business, or even acquiring another company.
  4. MANAGE YOUR RISK. Mitigating risk is essential for business owners. Having the right types of insurance, such as life, liability, property, key person, and health insurance, can protect you and your assets from risk.
  5. ANNUAL REVIEWS. You should meet with your advisor to review your financial plan annually and make changes as needed when business or personal circumstances change.


Succession planning and exit planning are two different strategies that can be utilized by business owners who are ready to leave their business or retire.

Succession planning usually involves transferring the business to new leaders within an organization. Often this can involve family members or other key employees in the company. Exit planning involves preparing a business for sale to a new owner or management team. Both have complex legal implications that require careful planning with the help of experienced legal professionals.

Is Succession Planning Important?

Succession planning is extremely important because all business owners will eventually need to consider what happens to their company after they leave or retire. A well-considered succession plan can create continuity that ensures a smooth transition that keeps the business stable and profitable. Ideally, succession planning is a long-term process where future leaders and owners are identified and developed years in advance of the transition. We usually recommend a 3 to 10-year time horizon to our clients.

Whether you’re passing the business on to a family member or selling it to a new leadership team, such as a private equity firm, the best succession plan should maximize your return while setting the new owner up for continued success.


Being a business owner adds complexity to doing your estate planning.

Yet it is vitally important to have a solid estate plan in place that outlines your wishes for how you would like the business assets distributed if you die or become incapacitated. In many cases, a business owner’s net worth is higher, which may mean the estate could be subject to estate taxes at the state and federal levels. Utilizing estate and tax planning strategies in advance can save your beneficiaries the expense and headache of probate and reduce their overall tax liability upon inheritance.


Creating a retirement plan as a small business owner is a complex process that should consider multiple factors. It should be built around what matters to you the most and designed to support the lifestyle you envision for yourself in retirement. Since the business is likely your largest asset, its value when you sell it will be a key part of your retirement plan. But just like any non-business owner, there are a number of other ways you should be investing along the way to grow your personal retirement wealth. As a business owner, you’ll likely have more money to do it with and more opportunities to benefit from tax-deferred investments that can lower your personal taxable income.

Creating an Investment Plan

As mentioned above, the value of your business is a key piece of your retirement planning puzzle. But you should also be growing your personal investment portfolio in the years leading up to your retirement. Investments like 401(k)s, IRAs, or SEP IRAs allow you to grow your retirement accounts tax deferred. The more successful your business becomes, you may be able to take cash distributions that you can use to further diversify your investments to include things like real estate, tax-efficient bonds, and emergency savings. Your 360 Financial advisor can work with you on a holistic, tax-efficient investment plan that meets your personal goals while simultaneously benefitting your business.

Diversifying Beyond Your Business

It’s wise to diversify beyond your business because relying on its value to fund your retirement is not an ideal strategy. It’s risky because it places too many proverbial eggs in a single basket. Not all businesses are profitable, and some lose money, or even fail altogether. Building a diverse portfolio of personal investments protects you in the event that the value of your business isn’t enough to fund your retirement. We can help you with a variety of diversification strategies for both your business and your personal finances.

Managing Risk for Yourself and Your Family

With more money comes greater risk. Our risk management specialists can provide insurance and other risk management tools for your business, as well as yourself and family.

One of the biggest risks to the value of a business if an owner suddenly passes away or becomes incapacitated. The abrupt loss of a key leader could be devasting to the company’s ability to function. Important risk planning initiatives like key person insurance and drafting key legal documents that govern how a deceased owner’s shares of a company are distributed, such as buy/sell agreements, are musts for any business owner.

On the personal side, having life insurance for yourself can provide for your family if you die and give them funds to cover funeral expenses and any tax they may owe after they inherit your assets. Additionally, having insurance for larger personal assets like your home, boats and vehicles as well umbrella policies for liability, are all smart ways to manage risk and protect your wealth.


The more wealth you have, the more you can benefit can from working with an experienced wealth management team. The 360 Financial team’s 25-person team includes seven financial advisors with more than 200 years of combined experience as wealth managers, financial advisors, and planners with CFP®’s (Certified Financial Planner™), MBA, CLTC, and fiduciary investment credentials. The team specializes in investment and asset management, cash and debt flow planning, college planning, risk management, insurance planning, estate planning, retirement and income planning, business planning, and tax strategies.

How to Choose a Financial Advisor or Financial Planner

If you own a business, it’s important to choose a financial advisor who has extensive experience working with business owners and understands business tax planning and risk management. At 360 Financial, helping business owners do financial planning for both their personal finances and their business is one of our specialties. Our advisors understand the unique needs and challenges business owners face. We can help you navigate impactful financial events to grow both your business and your personal wealth.

When to Start Working with a Financial Advisor

Different advisors have different thresholds for when they take on clients. Our ideal client has $1M or more in investable assets or the ability to get there. (For example, a client who is younger, building wealth, and we know they will eventually have $1M or more in assets at retirement.) We’re not right for everyone, but we make a significant impact for the clients we work with.

Importance of Financial Planning for Entrepreneurs and Business Owners

Financial planning for business owners and entrepreneurs is highly important because they tend to have more at stake. They usually have more money to gain or lose, and a higher exposure to risk and tax liability. A financial advisor that specializes in working with business owners can help create a holistic financial plan that includes budgeting, investing, and retirement planning. They can also provide guidance on business strategies for lowering taxes, managing debt, finding capital, and tracking cash flow to ensure that the business remains financially healthy.

Schedule a Call with a 360 Financial Advisor

If you’re a business owner looking to create greater synergy between your personal and business finances,
our experienced advisors can help. Schedule a no-obligation call with us to learn more.

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360 Financial specializes in meeting the needs of successful business owners who, among other things, aspire to a work-optional lifestyle and have the desire to secure a family investment legacy. Our team can assist you with navigating both your personal finances and the sea of fiduciary and regulatory responsibilities related to your business.


What are the four main types of financial planning?

The four main types of financial planning are investment planning, retirement savings & cashflow planning, tax and estate planning, and risk management planning. Many of them overlap.

How does financial planning help a business owner?

Financial planning helps business owners set goals, create budgets, make projections and manage factors like cash flow and tax liability to maximize their profits. It also helps them manage personal finances such as investment and retirement planning.

How does financial planning benefit the entrepreneur business owner?

It helps them have a clear and comprehensive view of both their personal and business finances, which can help them make smarter decisions for each.

When should I start investing for retirement?

You should start investing for retirement as early as possible, preferably as soon as you enter the job market in your early 20s. This will give your investments the most time to compound and grow.


  • Business and Personal Financial Planning
  • Business Owner Cash Flow Planning
  • Retirement Plans for Businesses (such as 401(k)s, SEP IRAs, and SIMPLE IRAs)
  • Personal and Business Tax Planning
  • Risk Management
  • Succession Planning
  • Personal Retirement Planning
  • Legacy and Estate Planning
  • Generational Wealth Planning

Schedule a Call with 360 Financial

To learn more about how we help business owners find smarter ways to manage both their
personal and business finances, schedule a no-obligation call with us learn more.

Schedule a 15-Minute Call
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