CFP® Professionals Available to Discuss Financial Planning for Small Business Owners
TORONTO, Oct. 11, 2011 /CNW/ - Did you know that Small Business Month (October 2011) coincides with Financial Planning Week (October 17-23)? Together these terrific initiatives create the perfect platform for a story about financial planning for small business owners.
Small-to-medium-sized businesses account for 98 per cent1 of all businesses across Canada and play a pivotal role in the country's economic success. And with more than 19 per cent2 of owners planning to exit their business within the next five years, now is the time to ensure Canadian small business owners have all the financial planning tools and information they need.
For all Canadians, sound financial planning is of central importance in achieving their financial and life goals. However, small business owners have their own set of unique concerns and issues when it comes to managing their personal and business finances — which are often one and the same.
In line with Financial Planning Week and Small Business Month, Certified Financial Planner® professionals from across the country are available to discuss the financial planning mistakes and opportunities that confront Canadian small business owners throughout the lifecycle of their businesses, and offer advice on how to plan for the challenges at hand.
For consideration, here are some story topics that can be discussed with a CFP professional:
1. Should your business be the sole 'egg' in your financial planning basket?: All too often, small business owners tie up the bulk of their wealth in their business and think it will provide for all their future (retirement and other) financial needs. They risk losing their biggest asset if things don't go according to plan. What financial planning strategies can small business owners adopt to reduce risk and build a solid diversified foundation to protect their financial well-being and future?
2. Succession Planning: While business owners devote huge amounts of time to building a successful business, few have formally mapped a plan on how they will retire from their life's work or manage if their career ends sooner than planned. What important factors do all businesses need to consider in this plan, and how early should they start planning? What tools are available to maximize outcomes?
3. Addressing 'What If's': We make plans and then 'life happens'. How can small business owners protect themselves and their business from those 'what-if' situations such as illness, death of key principle, creditor claims and other scenarios?
4. The Business of Saving: What strategies can small business owners implement to generate savings above and beyond their RRSP contribution limit?
5. And Then There Were Taxes: What are the top tax and earnings maximization strategies that small business owners often overlook?
See here for additional story ideas for both Canadian small business owners and Canadians.
1 The Canadian Federation of Independent Business (CFIB), January 25, 2011 press release
2 The Canadian Federation of Independent Business (CFIB), January 25, 2011 press release
About Financial Planning Week
Now in its third year, Financial Planning Standards Council (FPSC) and the Institut québécois de planification financière (IQPF) have jointly declared October 17-23, 2011 as Canada's Financial Planning Week. During the Week, each organization will be spearheading industry events and public outreach activities in their respective markets. Financial Planning Week is part of an ongoing effort by both organizations to make financial planning more a part of Canadians' lives. Stay up-to-date at www.financialplanningweek.ca / Twitter@FPWeek, and join us on the LinkedIn and Facebook page for Financial Planning Week.
About Financial Planning Standards Council
Financial Planning Standards Council (FPSC) is a not-for-profit organization which develops, promotes and enforces professional standards in financial planning through Certified Financial Planner® certification, and raises Canadians' awareness of the importance of financial planning. FPSC's vision is to see Canadians improve their lives by engaging in financial planning. Currently, there are more than 18,000 CFP professionals in Canada and more than 133,000 CFP certificants in 23 countries worldwide. See www.fpsc.ca for more information.
Certified Financial Planner® and CFP (with flame logo)® are trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Council is the marks licensing authority for the CFP Marks in Canada, through agreement with FPSB. © 2011 Financial Planning Standards Council. All rights reserved.
For further information:
For more information and to arrange interviews please contact:
Eileen Chadnick
Chadnick Communications (for FPSC)
416.631.7437 or eileen@chadnick.com
Heather Mills
FPSC
416.593.8587 x 235 or hmills@fpsc.ca