On The Agenda:

If you are a seasoned business owner, today’s episode is for you. Jimmy Eggers, a partner at Smith Leonard Accountants and Consultants in High Point, N.C., is sharing business-planning expertise, strategies and mistakes business owners make.

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Episode Show Notes:

On this episode of How Money Works, we’re talking with Jimmy Eggers, a partner at Smith Leonard Accountants and Consultants in High Point, N.C. He will be sharing business-planning expertise, strategies and mistakes business owners make.

Jimmy specializes in family wealth, tax planning and compliance for businesses in the manufacturing, construction, distribution, retail, real estate, and not-for-profit industries.

Common mistakes

People are in a hurry to get into business and they’re ready to get to work. But they haven’t thought about the what-ifs in life. Imagine you have a spouse and children and a growing business. What if you pass away? Will your family be taken care of?

People go into business with the best of intentions, and they think it’s going to be rainbows and unicorns forever. But if you pass away and had a partner you worked with, you can use cross-purchase or buy-sell agreements typically funded with life insurance.

Keeping more of your money

How can business owners keep more of the money they make? Jimmy works with a lot of manufacturers and distributors, and they often have a need for vehicles, equipment, etc. The way the tax code is today, you can claim them on taxes.

Get that equipment and take that write-off so you can keep some of your cash.

Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.

Important Points:

2:15 – Business mistakes

5:35 – Unwinding a business

10:42 – Keep more money

12:36 – Employees

14:38 – Retirement account

17:45 – Outside of retirement accounts

 

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