SIMA Login Center
SIMA
Copyright 2018 SIMA Financial Group.
All Rights Reserved.

Keeping your family business in the family

A successful family business can provide long-term financial security for you as its owner, as well as for your loved ones. To improve the chances that your company will continue to benefit your heirs after you’re gone, take steps now to keep it in the family. Staying in-house Careful estate planning can ensure that a business continues to benefit family members and that ownership of the business isn’t diluted — at least until the business is ready to accept outside investors. For example, a well-designed buy-sell agreement can prevent owners from transferring their shares outside the family, while providing the liquidity they need...

Continue reading

Roth 401(k) conversions may suit your millennial employees

Could your company’s benefits package use a bit of an upgrade? If so, one idea to consider is adding an option for employees to convert their regular 401(k)s to Roth 401(k)s. Under a Roth 401(k), participants make after-tax contributions to a qualified plan and receive tax-free distributions, provided the funds are in the plan for at least five years from the date of the initial Roth contribution. Thus, while participants pay a tax on the income that was the source of the contribution, the earnings on the contributions are tax-free. Penalties to consider The ability to convert existing pretax balances within a 401(k)...

Continue reading

Setting Sail into the Global Marketplace

For many of today’s companies, going global seems like a quick and trouble-free growth strategy. Technological advances and expansive supply chains make doing so easier than ever. But business owners who make this move impetuously may soon find themselves on stormy seas, taking on waves of debt and unanticipated expenses. Chart your course carefully Globalization strategies are typically based on two objectives: 1) selling to a new market overseas, or 2) lowering production or administrative costs with foreign supply chain partners. (Some companies try to do both.) If you plan to sell to foreign businesses or consumers, consider conducting a market feasibility study...

Continue reading

Your 2016-2017 Tax Planning Guide

Once again, it's time to start thinking ahead to tax season. The final weeks of the year are a great time to make the most of your tax planning opportunities and to set the stage for minimizing your tax outlay in 2017. With many valuable tax provisions made permanent by last December's PATH Act while others were extended only temporarily, tax planning is more complicated, yet more important, than ever.  To save the most, you need to be sure you're taking advantage of every tax break to which you are entitled. That's what our tax planning guide is designed to do.  As...

Continue reading

Mentoring can make your succession plan better

The owners of many companies launch their enterprises with a business plan — a written document outlining the company’s strategic objectives and practical means of accomplishing them. Likewise, many owners leave their businesses via a succession plan, a written document outlining how the company’s ownership will transition. Often, however, these two documents never cross paths, much less join toward a common goal. If this is the case with your business, and you’ve already identified your likely successor, mentoring can make your succession plan better by uniting it with your business plan. Establish trust One of the principles of mentoring is establishing a relationship...

Continue reading

Ensure your retirement benefits provider is truly providing

Many retirement plan sponsors consider converting to new providers starting with the new plan year. For calendar year plans, that means January 1. If this is the case for your company, now is a good time to ensure your service provider is truly providing. Basic questions A good provider should have demonstrable experience in your industry. Check to see whether your current provider (or a prospective one) has clients with plans similar to yours. Ask for references. Service and administration should be easy, and communications clear. Reports from your provider should be timely and accurate. You shouldn’t have problems contacting your service provider,...

Continue reading

Thinking big is the first step toward growing your business

Nearly every business owner wants to grow his or her company. But with growth comes risk, and that can keep you from taking the steps necessary to move forward. Yet if you don’t think big and come up with a long-term strategic plan, you’ll likely continue to spin your wheels. Eyes on profits and value Public companies answer to investors who consider earnings per share and stock price to be key indicators of their return on investment. Maximizing earnings is a short-term goal, but building value requires a long-term focus. Many small to midsize businesses, however, have only their ownerships’ vision to motivate...

Continue reading