Succession Planning Experts at Handwerk Multi Family Office Indicate Economic Factors Affecting Small Business Owners

New, free report helps business owners plan for the future

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Oct 25, 2016, 08:40 ET

LANSDALE, Pa., Oct. 25, 2016 /PRNewswire/ -- The marketplace has never offered more challenges for privately held business owners who want to grow their businesses or sell their companies, according to small business growth expert Derrick Handwerk, managing member of Handwerk Multi Family Office in Lansdale, PA. He's written a special report that outlines the problems – and offers solutions – called "Challenges Facing Privately Held Businesses." To get a free copy, go to http://www.handwerkmfo.com/p/white-paper

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"I've never seen an economy where small business owners are getting crushed as they are right now," said Handwerk, a "Personal CFO" who works with accountants and tax attorneys to save business owners millions of dollars in taxes, to reduce risk, and to set up estate plans. "All business owners are having problems. They are not alone."

Handwerk, who is a Certified Wealth Preservation Planner also said, "It's getting more and more difficult to run a business and position it for eventual sale. It's like running on a treadmill, but the incline keeps on going up."

Part of the problem lies with the economy – no one is lending money, and technology is disrupting nearly every business model. But another part of the problem deals with the business owner.

"Most business owners who want an exit strategy make two critical mistakes: They overvalue their businesses and they don't start planning to sell or work on a succession plan until it is too late to make significant improvements."

Handwerk further explained, "It could take 5-10 years to plan a good exit. Business owners need to start early to monetize their assets. I get calls from people when they are 63 years old. They should have started 10 years sooner to avoiding going down with the ship or paying millions in taxes."

One answer is for business owners to set up retirement plans to hedge their bets. Many business owners believe it is too expensive to set up a retirement plan. Actually, the opposite is usually true. If the owners save $200,000 in federal tax, but it costs $25,000 to share profits with the employees….I think that is a win. Also, a well constructed retirement plan is bulletproof from creditors.

Unlike financial planners or business consultants who can offer only one set of skills, Handwerk reaches out to his vast network of consultants and advisors to help his clients.

"Most people can't find professionals like me to help them. Most consultants are specialists or are selling a product. I have run or owned businesses for over 25 years and I have assembled a professional network (i.e. accountants, lawyers, social media specialists) to help a business owner successfully grow or sell their businesses," he said. "I make sure the owner gets a ROI of their time and on their money, protect against loss of assets to creditors, create an estate/succession plan, and help them build a better business," he said.

Handwerk's report raises concerns and offers to solutions to such topics as:

A Zero-Sum Game: Why Large Corporate Profits Grow at the Expense of Privately Held Businesses
The Regulatory Environment
Access to Capital
Changes in Technology
Technology as a Business Disrupter
Technology as a Job Disrupter
Vulnerability to Foreign Competition
The Exit Strategy: Liquidity Events

To obtain a free copy of the report, go to http://www.handwerkmfo.com/p/white-paper

To request a free, 30-minute, no obligation introductory call, email [email protected] or call 215.238.0212.

About Handwerk Multi Family Office, LLC

Handwerk Multi Family Office (HMFO) provides a multi-dimensional and personalized approach to managing the financial life of affluent families and individuals, and privately-held businesses. Known for its in-depth and holistic approach to wealth management, HMFO works with clients of significant net worth in Philadelphia and the surrounding counties to develop actionable financial plans that go well beyond investing to effectively managing their specific needs. The company proudly serves a small, elite group of clients in order to have a truly meaningful impact on their lives. For more information, visit http://www.handwerkmfo.com/.

Derrick Handwerk is the managing partner of HMFO. He has owned, managed, and consulted for privately-held businesses for over 25 years. He received his MBA from Lehigh University in Bethlehem, PA and was nominated a Martindale Business Scholar. His certification in Wealth Preservation and Asset Protection is from the Wealth Preservation Institute. He has also been certified as a Certified Wealth Strategist. The CWS training focuses specifically on real world strategies for the affluent.

Derrick has written over 50 articles and has been quoted in The Wall Street Journal, Reuters, World Press, RDH Magazine, Dental Economics, Podiatry Exchange, DentistryIQ, Latenewslink.com, Charles Schwab, Lehigh University Press, Practicelink, and PA MGMA among many others news outlets.

Contact
Derrick Handwerk
215-238-0212

SOURCE Handwerk Multi Family Office, LLC