Praba Balachandran serves as Senior Vice President Corporate Treasurer at Mesirow In this capacity he manages accounts payable treasury and payroll with focus on special projects and process improvements Prior to becoming Senior Vice President Corporate Treasurer Praba served as Senior Vice President Accounting Operations and Vice President of Treasury Operations Praba has 20 years of experience…

Business owners often juggle a multitude of concerns/tasks such as marketing HR bookkeeping customer service and inventory management As the company grows so does the staff and leadership team as owners begin to delegate and spend more time on managing versus executing, In addition to the companys growth owners must also focus on growing their personal wealth Too often we see owners so focused on their businesses that they put off long-term planning for themselves which can have significant consequences for their families and their company especially in the event of unforeseen circumstances Personal wealth planning is critical in all phases of your career and…, Prepare, Separate business and personal finances, — Although your personal financial life is intertwined with your business keep your finances separate and plan for each accordingly, Build an emergency fund, — On the personal side we recommend that owners keep six months of personal expenses set aside (maybe more if youre in the start-up phase  Cash flow on the business side may take a downturn you may not be able to take your typical distributions and you will want to have enough in reserve to protect yourself and maintain your personal cash flow needs We recommend using accounts where you can earn…, Plan, Prepare and manage your personal finances (income statement cash flow projections and balance sheets just as you would for your business, — Know what you need on the personal side so you know how much of your own capital you can add to the business if needed for additional growth Many business owners want to reinvest all their money into the business but this may be riskier than intended Make sure to pay yourself and diversify some assets away from the business focusing on your personal long-term financial goals  Consider whether…, Think long term, — don’t forget about your own retirement planning When you start and grow your company you may not yet be thinking about your eventual exit but you need to Will you phase out of the business over time Will you have a child or children who are interested in taking over Will you sell the company You may or may not come into a substantial financial windfall with an eventual sale so plan accordingly…, Protect, Plan for the unexpected and protect your family and your assets, — What happens to your business if you become disabled or die unexpectedly If the bulk of your assets are tied up in the company the business may need to be sold quickly to help provide for your family pay off debt pay medical expenses taxes or estate settlement costs Consider additional planning to help mitigate these risks, Insurance planning,  A quick sale may mean the business sells for much less than it may be worth If you have a partner in the business how do you protect each other against these unforeseen events In addition to disability and death you must consider liability insurance to protect your assets and the company Do you need additional coverage What about protecting the business if there is a disaster and you need to…, Estate planning,  Estate planning allows you to clearly define how you would like your assets managed in the event of your incapacity or death How do you protect your assets How do you provide for your family How do you protect the company , Business succession planning, What is your succession plan Do you have charitable intentions There are many techniques and tools available with advanced planning before the sale of a business that can leave you and your family with more after-tax dollars at your disposal  , Build a team of advisors, — Surround yourself with a team of experts (financial advisor CPA attorneys insurance agent etc who work together to help you prepare plan and protect Your business and your personal finances are inextricably linked Work with a team to prepare your plan Wealth planning is dynamic — dont set it and forget it Lives change businesses change Your team will work with you year in and year out to ensure…

October 24 2024 |, By, Mesirow Currency Management, Will tariffs and higher taxes be enough to pay for these benefits Not even close, Prioritizing the national debt Everyone likes Halloween goodies even taxpayers The Committee for a Responsible Federal Budget a nonpartisan group committed to educating the public about US fiscal matters sent an October 3rd public letter to the presidential candidates urging them to prioritize the burgeoning national debt The prospective presidents are certain to ignore the plea  Instead the…, Explore more currency insights, The US national debt burden, The debt level is approaching its 1946 historic high Will it take a collapse in the bond or FX market before we take action  Read article, US debt is headed to unimaginable levels, Since 1990 debt crises have erupted periodically but the next one may not be so easy to dismiss Is a financial reckoning coming Read article