Professionals

Professionals have unique challenges facing them in their enterprises. There is usually a direct correlation between the income they are capable of generating and the hours they must work.

Bill Faiferlick shows professionals how to convert tax obligations into capital for savings and retirement investments by implementing strategies that increase profitability by 30% without additional labor or making material changes in their practices.

As the baby-boomer generation prepares to retire in the coming years, an alarming number of future retirees must now struggle with declining assets and loss of business values in this turbulent economy, making this type of strategic thinking crucial.

Until recently, most professionals assumed practice values would continue to increase; however, recent economic conditions are detrimentally altering the financial landscape and the price they will ultimately receive. This adjustment should not be viewed as a temporary aberration, but rather as the new reality.

To benefit from the sale of their practice, new strategies designed to increase capital retention and increase sale-ability need to be carefully vetted as practice values generally account for a considerable portion of a professional’s overall retirement portfolio.

The following are some of the areas Bill routinely consults on to enhance professional practice prosperity:

  • How by structuring specific benefits for yourself this will dramatically changes your profitability. Simple strategies will increase productivity and put another $50,000 annually into your investment account without additional labor. This is all about working smarter, not harder.
  • Reducing Tax Liabilities: getting serious about reducing your obligation by 40% in some states and by 50% in others. If your CPA could, they would already have resolved this issue.
  • Opportunity Pricing on the sale or purchase of your practice can make it financially more attractive and save millions (critical to capital preservation) beyond the typical purchase and sale agreement.
  • Reducing professional liability: The answer isn’t in purchasing more liability coverage, as that only makes you a looming target for litigation attorneys.
  • Utilizing Entity Structures: Why using multiple entities helps to insulate you and your practice from unnecessary risk associated with frivolous lawsuits and litigation to enjoy your hard earned wealth. In the United States, a lawsuit is filed every thirty seconds.
  • Understanding your CPAs limitations: Why they are better viewed as historians and why they do NOT make good pre-screeners, evaluators, or gatekeepers of new opportunities. Why your CPA can no longer be your advocate since the enactment of the Small Business and Work Opportunity Act of 2007.
  • Retirement planning - putting the “H” in horse power up to $350,000 annually in new tax deductions you didn’t know were available. This drastically accelerates wealth accumulation and provisions can be included to guarantee your money is available when needed.
  • Real Estate in retirement plans - why you really shouldn’t include it. The answer has nothing to do with real estate values.
  • Anticipating Divorce and other unexpected life-altering events to avoid financial disaster: Increasingly disaster is initiated from within and how to be eliminate the risk of internal calamities.
  • International Investing: how to protect your financial gains, address eroding privacy concerns, diversify to capture world returns and minimize access of U.S. courts and the government under the newly enacted Troubled Asset Relief Program (T.A.R.P.).

Mainstream recommendations will only assure one thing; the propagation of more of the same outdated strategies and solutions.  These will lead to an unavoidable continual decline in personal and professional incomes, resulting in the need to work longer than you planned for and an unanticipated, unchangeable, retirement lifestyle.

To discuss how Bill Faiferlick’s can enhance your future prosperity through wealth creation, preservation and growth with comprehensive financial strategies to benefit you, please call Bill at 425-743-1291 or complete the Contact Us form.

Here are some of the articles you might enjoy…

Retirement Realities

Professional Benefit Plans

International Investing

Entity Structures

Sale or Purchase of a Business

Divorce Insurance

US & Global Financial Issues

Privacy

Practice Management

Other Considerations