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1021223-00006-00
David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
May/June 2023
Keep Your Business in Shape
Staying on top of your business’s daily operations takes effort and planning. Little is accomplished without a clear vision of where your business is headed and how you plan to get there. Following these critical steps can help you plan, considering not only business goals but personal goals as well.
Your Financial Plan
Financial planning can be a significant expense for business owners but one that should not be overlooked or minimized. Prioritizing business and personal financial goals can help you identify relevant investing and tax planning strategies. For example, by timing income and expenses in a way that reduces or defers taxes and maximizes deductions and credits can increase your bottom line. And, managing your budget according to a well-designed business plan will allow you to determine the cash reserves needed to cover all expenses and still turn a profit.Business Protection
Natural disasters, lawsuits, weather events, or other incidents could be devastating for your business. Various types of business insurance can help protect against potential risks to your financial well-being. General liability protects your business from claims of bodily injury or property damage. Business interruption replaces lost income if your business cannot operate because of damage to your site. Professional liability covers claims related to mistakes in professional services. Commercial umbrella extends the limits of liability policies. Many business owners opt for a business owners policy (BOP), which combines protection for all major property and liability risks in one package.Succession Planning
Succession planning is a strategy used to pass ownership of a business to the next generation or to new leadership. Its purpose is to help ensure the business will continue to run without interruption when the owner retires or dies. Prospective leaders are trained in all aspects of the business to help them develop the skills, knowledge, and understanding needed to successfully take over operations.Key Person Life Insurance
Your business should consider purchasing a life insurance policy for each partner or key employee, naming another partner/key employee as beneficiary. If a partner or key person dies, the policy’s proceeds can be used to fund the purchase of the business.1056758-00002-00
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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