Resources

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Business Advisory Group

A primary goal of www.southparkbusiness.org is to provide information and resources for South Park businesses as well as the entire community. To that end, we have made connections with organizations that have a strong desire to support South Park. One such team is the Business Advisory Group. A citywide group of business professionals, Business Advisory Group members each focus on their respective areas of expertise. Information about them can be found below.

 

The Business Advisory Group also understands that not everyone needs, or is ready to engage, a paid expert. For that reason, they have provided a broad number of resources for the person or business interested in learning more, or in trying to do it themselves. These materials can be found underneath the Business Advisory Group section, under the "Self-Help Resources" heading.

 

Business Advisory Group
Do you have a business question but don’t know what type of business professional you need? The Business Advisory Group is a collection of Puget Sound professionals with the goal of providing cohesive guidance in the fields of law, accounting, insurance, financial planning, banking, and temporary executive services. Whether you need help with business operations or you want to prepare your business for a transition to new ownership, the Business Advisory Group members can assist you in a uniquely organized manner.

 

Amicus Law Group, PC
Amicus Law Group, PC, specializes in providing legal and tax counsel to closely-held businesses and their owners. Our experienced attorneys and other professionals guide our clients through every stage of the business life cycle, including formation, operation, and strategic transition planning. The unique value proposition with Amicus is our experienced staff of both attorneys and CPAs with extensive tax knowledge who can integrate tax, estate planning, and tax reporting services into the advice we provide our business-owner clients on business formations, real estate investments, transaction planning, and the ownership succession process. For clients wishing to transition their businesses to new ownership, whether to key employees, family members, or others, we act as advisors to analyze, consult, document and oversee the transition process. Before, during and after a transition, we consider tax and estate planning opportunities and risks, and ensure that our advice takes into account the various tax implications of the business decisions being made. Our CPAs can then prepare tax returns for the business or the owners, providing a seamless range of services to address the business owner’s needs. We often work with a team of consultants to assist with such issues as insurance, valuation, investment management and retirement planning, taking all necessary steps to ensure a successful outcome for our clients. www.amicuslawgroup.com

 

Timothy M. Friedrichsen
Timothy M. Friedrichsen is the founder and principal shareholder of Amicus Law Group, PC. Tim has extensive experience working with closely-held businesses and their owners, and Tim leads the firm’s effort to integrate tax and estate planning into advice on business formations, real estate investments, transaction consulting, and ownership succession planning.

 

Warren L. Baker
Warren L. Baker is a tax attorney with Amicus Law Group, PC. Warren’s areas of practice include estate planning and trusts, business transactions, and self-directed IRA consulting (i.e. the tax/legal ramifications of investing retirement accounts into real estate, closely-held businesses, private loans, etc.). Prior to joining Amicus, Warren founded and operated the law firm of Baker & Carr, PS.

 

Jennifer C. Mackay
Jennifer C. Mackay is the managing attorney in Amicus Law Group, PC’s estate planning practice. Jennifer’s practice is focused primarily on individuals and closely-held or family-owned businesses in the areas of estate and trust planning, tax consulting, and general business counsel.

 

John T. Creahan
John T. Creahan is an estate and business planning attorney with Amicus Law Group, PC. John provides practical and cost-effective personal and estate planning services for individuals and families, including planning for retirement assets, charitable planning, fiduciary representation in probate matters, and representation of business owners in transition.


Bowman Price
The principals of Bowman Price are professionally certified and licensed, with at least 15 years experience as financial planning practitioners. The common bond for them is in a planning process based on client values and goals. They are NFP Associates with considerable experience as financial consultants, product evaluators and plan implementers. Years of experience have connected them with the full complement of other professionals that make up the advisory team. Bowman Price are proud of these long-term relationships and are comfortable working through and with your advisors, or helping coordinate new relationships as needed. More information is available at their website www.bowmanprice.com and in this brochure.

 

Fritz Bowman, CFP, CLU, ChFC, MSFS
Co-founded Bowman Price in April of 1987. As an owner of the firm and a Registered Investment Advisor at NFP, Mr. Bowman specializes in Business Succession, Estate and Philanthropic planning, specifically the drafting issues of buy-sell agreements, projection of various business valuation formulae, and how these determinations affect the projected accomplishment of the individual financial plan and its estate distribution objectives.

Mr. Bowman joined the financial services industry in February of 1967 as a broker working closely with business owners. Fritz was an adjunct faculty member at Seattle Pacific University, instructing in the areas of business, financial and estate planning. In addition, he is currently an instructor with the Washington Society of CPA’s Continuing Education Program.

 

Daintry Price, CFP
Co-founded Bowman Price in April of 1987. As an owner of the firm and a Registered Investment Advisor at NFP, Ms. Price specializes in the development of Investment Policy Statements, Investment Strategy Modeling and Accumulation/Retirement Planning Forecasts. Her experience includes developing personal financial plans and investment management through selection and monitoring of investment managers. In the area of Qualified Plans, Ms. Price’s experience includes the design of retirement plan features, asset allocations based on investment policy statements and investment recommendation and monitoring of investment accounts. In August of 1981, Ms. Price entered the financial services industry as a Technical Assistant, responsible for producing estate and retirement plan analysis projections for Merrill Lynch account executives. Her years of experience have included administration and practice management, in addition to her financial planning responsibilities. Ms. Price is a qualified member of the Institute for Investment Management Consultants.

 

Self-Help Resources

Are you the type of person who likes to work through problems by researching issues on your own? If so, the following self-help links may help.

 

www.e-myth.com  A website with information on planning, coaching, training, measuring and many other valuable topics.

 

www.exitplanning.com  Thinking about leaving your business? This site contains tons of useful information about valuing and selling a business.

 

www.epcseattle.org  The Seattle Estate Planning Council website offers a one-stop center for estate planning information.

 

www.pgdc.com  The Planned Giving Design Center helps explain how you can support the non-profit(s) of your choice. Planned giving enables one to focus charitable giving on the groups and programs that matter most to them.

 

Everyone faces financial issues that require planning. Business owners may confront a more complex set of these issues than most people. This image provides a quick graphic showing the interrelated topics many business owners face: Planning.

 

This document discusses some benefits of asset allocation. It also examines the impact of manager selection when allocating assets: IMCA.

 

The Business Enterprise Group (BEI) provides exit planning resources. BEI publishes a series of informative white papers about exit planning. They don't permit the SPBA to reprint those white papers on this website, but you may get a copy upon request from Fritz Bowman (click here to send an email). Here is an overview:

 

 

WHITE PAPERS

 

Business Valuation
This White Paper discusses having your business-owner client use the services of an experienced business appraiser to value their company as they transfer it to a successor, which may help them avoid an unpleasant encounter with the IRS and help them to reap all of the value of their life's work. It also highlights the importance of how obtaining a value helps to dispel many of the common misconceptions that owners have about the value of their businesses and what the values mean to their overall exit plan.

 

Business Continuity White Paper
This White Paper discusses four primary problems sole-owned and co-owned companies face when an owner dies or becomes disabled. It proposes solutions to each one of the four problems. This White Paper includes the "Business Continuity Instruction Form" for sole-owners.

 

C vs. S Corporation White Paper
What difference does it make? Use this White Paper to explain why the best form of business entity (C or S) for tax purposes during a business's start up and operational years may not be the best when it comes time to sell the business. Descriptive case studies and clear tables help show owners why entity choice is so important.

 

Employee Incentive Planning White Paper
This White Paper discusses the paths which allow a business owner to leave a company in qualified hands. Incentives can be equity-based or cash-based, but all plans handcuff employees to the business and help it to accrue value. This White Paper explores several plan options so an owner can determine which path is best.

 

ESOP Opportunities White Paper
This White Paper uses a fictional business owner to illustrate how an owner can use an Employee Stock Ownership Plan (ESOP) to achieve three ownership objectives: 1) to cash out at fair market value; 2) to pay no taxes on the sale; and 3) to transfer the company to key employees. While examining how ESOPs work, their advantages and disadvantages, readers learn that ESOPs do not work for all owners or for every company. They do, however, provide opportunity for some owners to leave their businesses in style.

 

Exit Routes White Paper
When owners think about exiting their companies, the number of exit routes might seem unending. In fact, there are only eight. This White Paper discusses the advantages and disadvantages of each one. Most importantly, it describes a process that enables owners to choose the best exit path for them.

 

Inevitabilities White Paper
At some point, every owner leaves his or her business – voluntarily or otherwise. This issue discusses the proven Seven-Step Exit Planning Process™ designed to achieve an owner's financial and other goals.

 

Transferring Your Company to Key Employees
Owners wishing to sell their businesses to management (key employees) face one unpleasant fact: their employees have no money. Nor can they borrow any – at least not in sufficient quantity to cash out the owner. The transfer methods described in this White Paper employ a long-term installment buyout of the owner or use someone else's money to effect the buyout.

 

Using Short-Term Key Employee Incentives to Increase the Price
One of a business owner's greatest challenges is to attract, motivate, and keep key employees. Keeping key employees is absolutely critical, however, if the business is to be sold at the highest possible price. This White Paper describes the design elements of a Stay Bonus Plan as well as how to convert a long-term key employee incentive plan into a short term plan.

 

Value Drivers
It is the job of every business owner to create value in his or her business prior to any transfer or sale. Exactly how do owners do that? Read this White Paper to learn about those characteristics (or Value Drivers) that buyers look for when deciding how much to pay for a business.

 

Transferring Wealth to Children - A Primer for Business Owners
Successful business owners often wrestle with the issue of how to pass wealth to children in a way that minimizes – legitimately – their tax bills. This White Paper explains to owners how such a transfer can be designed as well as why fixing their own financial objective precedes any transfer, and how to determine the amount (and if that amount is too much) to be transferred. This White Paper uses a case study to illustrate the plan design and includes an explanation of Grantor Retained Annuity Trusts (GRATs).

 

 


The following information is copyright 2011 by The National Underwriter Company. Used with permission. Further distribution of this material is prohibited without express written permission from The National Underwriter Company. Additional information on the 2011 Field Guide to Estate Planning, Business Planning & Employee Benefits is available by request from Fritz Bowman.

 

Employee Benefits
Employee benefits provide an important tool for attracting and retaining high performing employees. This document provides a brief overview of recent legal changes impacting employee benefits and an overview of key benefit topics.

 

Business Planning
Having built a successful business, every owner must eventually decide what to do with it. This document describes business valuation, control and transition.

 

Estate Planning
Estate planning is simply the process of choosing what will happen to the things you've accumulated so that others don't make the choices for you. Here is a brief overview of estate planning issues for business owners.