Financial Planning for Small Business Owners | EP: 348 Ed Meek

Ed Meek, CFP  is the founder and CEO of Edge Financial Advisors, a registered investment advisor firm that exists to provide small business owners with confidence, freedom, and hope about their financial futures. Ed’s passion is providing holistic financial planning and customized solutions that fit the unique life situation of entrepreneurs and give them a plan to achieve the lives they have only dreamt about. After more than a decade as a financial adviser for a retail branch of Fidelity, Ed founded Edge Financial Advisors in 2005 intending to work with fewer clients more comprehensively and effectively. Today, he has built a team currently helping more than 300 clients thrive financially. Ed is on a mission to help over 1,000 people achieve financial well-being in the next 5 years.

What Problems Do We Solve?

Ed offers advice on financial diversification, thorough planning, and smart investment to help business owners overcome the difficulties they encounter in managing their finances. He highlights how crucial it is to have a well-organized financial strategy, comprehend the advantages of defined benefit plans, and get ready for business exit tactics. Ed also offers advice on keeping a long-term investment perspective and using professional assistance to help you make wise financial decisions.

Small Business Answer Man Show Notes:

• Join this episode to talk about financial planning tactics for small business owners with Ed Meek, a Certified Financial Planner and the founder of Edge Financial Advisors. Customized planning is how his firm assists clients in achieving financial assurance and independence.
• Beyond the business itself, Ed highlights the importance of diversity. He tells a sobering story of tech boom investors who lost money because they weren't diversified enough. Owners of businesses shouldn't get their entire riches from their venture.
• Defined benefit plans are introduced by Ed as a useful tool for planning for retirement and reducing taxes. 
• In contrast to standard 401(k) plans, larger tax-deferred contributions are permitted in defined benefit plans which can greatly increase retirement savings.
• Ed talks about financial management and investing techniques following a company sale. When receiving a lump sum or installments over time, it's important to reduce taxes and make long-term financial security plans.
• Ed cautions against basing financial decisions on the results of upcoming elections or brief changes in the market. Successful investing requires long-term investment plans as well as emotional self-control.
• Ed emphasizes how crucial it is to have a financial planner or coach. They ensure that business owners are not overwhelmed by handling every part of their finances alone, provide specialized guidance, and assist in navigating complex financial landscapes.

Ed Meek's Advice for Leaders:

• Create a thorough strategy with a financial planner that addresses both short- and long-term objectives. This involves being aware of retirement programs and tax tactics.
• A defined benefit plan can be an effective tool for high incomes. Compared to conventional 401(k) plans, it permits larger contributions and can drastically lower taxable income.
• If you intend to sell your company, think carefully about how you will handle and allocate the proceeds. Investigate strategies to reduce taxes and improve your financial situation after the sale.
• Discover the dangers of placing all your eggs in one basket, such as your business, and discover smart diversification strategies.
• Learn about effective tax-saving techniques that can help you save thousands of dollars and hasten your retirement, such as the less well-known Defined Benefit Plan.
• Recognize the value of financial planning for both your personal and professional life to prevent having to start over in the event of unanticipated events.
• Learn strategies for navigating market volatility, particularly in unpredictable periods like election years.

Connect with Ed Meek:

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