According to The Principal’s announcement, the Business Owner Gap Analysis, a free program, guides business owners in taking a critical look at long-term financial needs. By working with their financial professional, financial gaps are identified and prioritized.
Principal said gaps that most often emerge include:
- Retirement Gap – a personal retirement income goal beyond what is currently filled by social security and a qualified retirement plan.
- Market Gap – current amount of capital versus the amount needed to accomplish financial goals.
- Business Value Gap – difference between book value and fair market value of the business.
- Estate Value Gap – variance between what the owner planned to pass on to heirs and beneficiaries and what is actually available.
“The economy is trying for all of us, but especially business owners who feel like they’re up against a great divide when it comes to looking at the growing disparity between their financial goals and current position,” said Steve Parrish, national advanced solutions consultant for the Principal Financial Group, in the announcement. “Trying times require us to take a fresh look and a different approach to financial challenges. Through our Business Owner Gap Analysis, we’re able to put business owners back on track for a more secure long-term financial future.”
More information is at www.principal.com/gapanalysis .
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