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Friday, January 2, 2009

Press Release "Financial Savvy for the Small Business Owner"

Press Release

For More Information: David M. Williams, CFP©

FOR IMMEDIATE RELEASE

NEW BOOK OFFERS SMALL BUSINESS OWNERS STRATEGIES FOR SUCCESS AS WELL AS HOW TO AVOID MAKING CRUCIAL MISTAKES

Cordova, Tennessee wealth management firm featured in chapter one of “Financial Savvy for the Small Business Owner” discusses top mistakes and traps of small business owners.

January 2, 2009, Cordova, TN----In their newly published book for business owners, financial services industry journalists Lyn Fisher and Sydney LeBlanc highlight the nation’s top wealth management firms that advise small business communities. In their first chapter, principals Charles Auerbach, CFP®, CLU, ChFC, EA and President and Cofounder of Wealth Strategies Group, Inc., and David M. Williams, CFP® and Registered Investment Advisory Associate with the firm, shared their insight on key topics such as business succession and exit planning, staff selection and capitalization to name just a few.

Says David M. Williams, “Studies indicate that only 30% of family businesses survive into the second generation, only 12% survive into the third generation, and only 3% survive into the fourth generation and beyond.” He says that it is possible for the business to end or be passed down successfully, though, at any of these generations with advance planning. He and colleague Charles Auerbach illustrate in their chapter the six areas of tension in family businesses that can create problems at a succession or an exit event, one of which is sibling rivalry.

Williams explains that the challenges of family rivalry—as well as other business challenges---during a succession event can be moderated if planning is done in advance. “A succession plan requires a commitment for all parties involved,” says Williams. “Family members may be willing to work together if they recognize the ramifications of an unwritten ‘default’ plan. All parties must set aside their own competitiveness so they can work together, rather than tear the business apart.”

In addition to business succession planning, both Auerbach and Williams are involved in strategic philanthropy and values-based legacy planning. With more than 50 years combined experience, they have the knowledge capital and skill to help business owners successfully navigate through the maze of pitfalls and obstacles they will encounter throughout their business lives.

Readers of “Financial Savvy for the Small Business Owner” will also find valuable information about employee benefit plans, entrepreneurship, goals, cash flow and other topics so vital to help owners make the best decisions for maintaining their company’ financial health.

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For more information about the book or for a review copy, please contact Financial Forum Publishing and Communications at 435-750-0062 or email info@ffpublish.com.

For more information about Wealth Strategies Group, Inc., please contact David M. Williams, CFP® at 901-473-9000 or email at dave@WSG-TN.com