Financial Advisor Don Dirren of the Bergen Financial Group recently discussed the importance of financial planning for small business owners.
A wealth manager assists high net worth clients in generating wealth through investment management, financial planning, and retirement and estate planning. Donald Matthew Dirren has over 36 years of experience in the financial services industry. He is the owner of Integrated financial Services and is also a member of the Bergen Financial Group.
Donald Dirren is a Licensed Financial Advisor and is one of the Safe money Specialists with Bergen Financial Group. His areas of specialization include advising small business owners on planning for retirement and dealing with social security and tax issues. In addition, he is a proud alumnus of Arizona State University (Class of 1984).
Donald Dirren recently explained the importance of developing an overall plan to help small business owners accumulate and maintain personal wealth. He noted that this often involves being able to reduce or defer taxes, maximizing all available retirement benefits, and reducing overall financial risks.
Don Dirren discussed how he conducts a complete business analysis to understand all aspects of small businesses in order to maximize profits and decrease potential risks. He works closely with CPAs and attorneys to analyze the corporate structure and to determine if it is providing the most in benefits and tax benefits for a small business.
Don Dirren further explained how he conducts a cash flow analysis with a full review of all financial statements in order to implement the most effective financial strategy for small businesses. In addition. Don explained how he fully analyzes how best to manage risk for a business and for the small business owner.
Donald Dirren went on to describe how he develops a retirement plan that is specific for a particular small business and that makes sense both professionally and personally. He described how there are different types of retirement plans that may be beneficial such as 401(k) plans, defined benefit pension plans, profit-sharing plans, cash balance pension plans, and SEP IRA Retirement plans.
Don says that it is important to keep personal and business goals separate but to also coordinate them. He advises performing a formal cash flow analysis to be sure how much cash is coming into a small business and how much cash is flowing out in terms of expenses and taxes.
In terms of insurance requirements, Don recommends making sure that a small business has adequate coverage for both personal and business needs.