Five years ago when I was considering opening my own medical practice, I was faced with a lot of tough decisions. How many nurses should I hire, and what kinds of benefits should I offer my employees? Should I buy a building or rent space? Did I want to look for other partners, or fly solo? My financial adviser helped me analyze my needs and the area I planned to practice in, and today I operate one of the most successful pediatric offices in the city. I'm living proof that planning pays off!

Whether you're just starting a business or getting ready to retire from business ownership, you've got some critical decisions to make. Businesses need financial plans just as individuals do. Just for starters, you need to plan for sufficient cash flow to help keep your business running smoothly and prepare for slow periods or rapid growth. Good business planning also means choosing the right form of business to maximize your profits and minimize your risks. A financial adviser can help you evaluate your needs to determine whether your business would profit more from being a sole proprietorship, partnership or a corporation. Other critical areas to address include employee benefits (what will you offer and to whom?) and a succession plan (what will happen to your business when you retire?). Here are key questions to consider as a business owner:

1.	Is the form of business I currently have the best form for me as a business owner?
2.	If I changed the form of business from sole proprietorship to corporation, what non-taxable benefits would be available to me through my company?
3.	Is my cash flow set up in a way that would allow slow periods of business?
4.	Would I have the necessary capital to keep up with rapid growth?
5.	Am I making wise investments with my company's profit?

Search our database for information about 10 Questions for Help in Finding Your Financial Adviser - someone who can help you address these and other business ownership issues.

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