Business owners have enough to manage without taking on their own financial planning, too. In this episode, financial planner Elliot Herman shares guidance he gives his business owning clients—many of whom he has supported from launch through growth and success. He and host Michael Liersch discuss the importance of assembling a team of professionals to spot issues early and support you to, one day, retire on your terms. They also have thoughts about the unique considerations business owners have when it comes to hiring family, tax planning, and avoiding perfectionism.

Listen for Elliot’s tips about saving for the future (versus sending all of your income back into your business), decoupling your business and personal money, and thoughts on the importance of insurance.

Investing strategies, such as asset allocation, diversification or rebalancing, do not ensure or guarantee better performance and cannot eliminate the risk of investment losses. All investments have inherent risks, including loss of principal. There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strategies. Past performance does not guarantee future results.