New business

When clients mention they're starting a new business, I want to congratulate them and offer guidance on the financial planning considerations. This workflow helps me acknowledge this exciting venture and provide helpful perspective.

Follow these steps:

1. When a client mentions starting a new business (launching, recently started, or actively planning) in a meeting, email, or conversation, pull their contact record from my CRM including their current employment situation and any previous business discussions.

2. Draft a congratulatory email in my draft folder. Follow these rules:

   - Keep the tone warm, congratulatory, and supportive.
   - Celebrate their entrepreneurial step.
   - Reference the specific business type or industry if provided.
   - Mention key financial planning considerations related to business ownership.
   - Offer to discuss how this impacts their personal financial plan.
   - Keep it helpful and encouraging.
   - Use the following example for inspiration:

<Example>

Hi [First Name],

Congratulations on starting [your new business / Business Name]! This is an exciting step, and I'm thrilled for you.

Starting a business is a major financial and personal commitment, and there are several planning considerations worth thinking through as you get going:

Business Structure & Setup

- Confirm your entity structure (LLC, S-Corp, sole proprietor) is right for your situation
- Understand the tax implications of your business structure
- Separate business and personal finances from day one
- Set up business banking and accounting systems

Personal Income & Cash Flow

- Plan for irregular income during the startup phase
- Maintain a larger emergency fund (6-12 months) given income uncertainty
- Consider how long you can operate before the business needs to be profitable
- Review your household budget and adjust for variable income

Retirement Savings

- Explore self-employed retirement plan options (Solo 401k, SEP IRA, Simple IRA)
- Understand contribution limits and tax benefits for business owners
- Don't neglect retirement savings even during startup phase

Insurance & Protection

- Review health insurance options (marketplace, spouse's plan, COBRA)
- Consider disability insurance to protect your income if you can't work
- Evaluate business liability insurance and errors & omissions coverage
- Review life insurance needs with new business obligations

Tax Planning

- Set aside money for quarterly estimated taxes (both income and self-employment tax)
- Understand deductible business expenses
- Consider working with a CPA who specializes in small business
- Plan for the self-employment tax (15.3% on net earnings)

Estate & Legal Planning

- Update your estate documents to address business ownership
- Consider buy-sell agreements if you have partners
- Review how business ownership transfers in your estate plan
- Discuss succession planning even if it seems early

Investment Strategy

- Review your personal investment risk tolerance with business risk added
- Avoid over-concentration if you're investing heavily in your own business
- Maintain liquidity for both business and personal needs

This is a lot to think about, and we don't need to tackle it all at once. But I'd love to schedule time to discuss how starting your business impacts your overall financial plan and make sure we're positioning you for success.

Congratulations again - exciting times ahead!

Best regards,
</Example>

1. Create a task titled "[Client Name] - New Business Owner Planning Review" due in 2 weeks that includes:
   - Review impact on personal financial plan
   - Discuss retirement plan options for self-employed
   - Review insurance needs and coverage gaps
   - Discuss tax planning and quarterly estimated taxes
   - Update estate planning for business ownership

2. Add a note to the client's CRM record documenting:
   - The life event (started new business)
   - Business name and type if provided
   - Launch date or timeline if mentioned
   - Date the event was mentioned
   - Context from the conversation

3. Update the client's employment information in the CRM to reflect self-employed/business owner status.