We’ve worked with business owners for the past 20 years—and are business owners ourselves. Through this, we have come to understand the different levels of needs as well as the complexities business owners face. Our experience led us to develop a comprehensive process to support you, the business owner, at every stage of your business.

Services for Business Owners

There are important components to every step of your business ownership journey. Becoming intimately familiar with these components at the onset of your journey will help to ensure you have established a solid foundation for future growth for both you and the business. Next, you’ll want to make sure to protect what you are building for your family, your team, and your customers. As opportunities and success become the norm, you’ll want to have a plan in place for the future and continuity for something that started as just an idea.

Hightower Westchester is qualified and prepared to walk the journey side-by-side with you the entire way.

Westchester Foundational Planning Image

Where to start…


Coordinating business and personal financial planning to budget cash flow, invest appropriately and create an income stream beyond liquidity.

  • Business Valuation

  • Succession Planning

  • Exit Planning

  • Retirement Planning

  • Cash Flow Planning

  • Accumulation Planning

  • Financial Independence from Business

  • Trust Services

  • Investment Banking

  • ESOP Sale Consulting

  • Lending Solutions

  • Commercial Real Estate Financing

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Next steps and ongoing...


Analyzing business and personal risk to gauge the need for additional financial protection and assessing whether alternative tax strategies would be beneficial.

  • Insurance Planning

  • Tax Minimization Strategies

  • Protection of Assets

  • Buy-Sell Agreements

  • Key Person Insurance

  • Coordination with other business relationships – accountant, attorney, etc.

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Westchester Planning for a Legacy

The Destination…


Helping families envision and thoughtfully communicate their intentions to support future generations and the philanthropic missions they value.

  • Advanced Estate Planning

  • Charitable Giving

  • Family Education

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Throughout the journey…


Developing an investing strategy to support the operational needs of a firm and its owners who have financial aspirations beyond their business.

  • Private Investments

  • Personalized Investment Strategies

  • Corporate Retirement Plan Design

  • Retirement Plan Implementation

Business Owner Consulting

The What's and the How's

WHAT we do. HOW we do it.


Help provide financial stability and security independent from your business


Assist with the development of a financial plan, budget, asset management strategy, cash flow analysis, and retirement plan.


Risk assessment to help protect you and your business


We will review all aspects of insurance coverage, including individual life insurance, buy-sell, and disability coverage. And ensure the business has the necessary insurance, such as general and professional liability insurance, commercial property insurance, directors and officers liability insurance, and a business owner’s policy.


Help protect your family’s financial future


In order to maximize retirement savings, we’ll develop a retirement plan for the business owner or evaluate your existing retirement strategy to determine whether any additional complementary retirement plans, like a defined benefit plan, are necessary. Alternatively, we can customize a plan based on the needs of your business.


Plan your exit strategy


Assist with business valuation and growth assessment: Know what your business is worth and how your business valuation impacts future scenarios.

Develop an Exit Strategy: Help a business owner with a time frame, option analysis, and considerations for selling or transferring the company based on the business owner’s personal and professional goals and objectives.

Work with you to find the right team to assist with all aspects of the exit and transfer process, such as a business broker and/or transaction counsel with knowledge of the market and industry.

Business Owner Considerations

Here are three example scenarios where working with the Business Owner Consulting team at Hightower Westchester would benefit you.



Coordinating personal and business financial planning to set clear short- and long-term goals, for both the individual and the business, manage cash flow, identify and mitigate financial risk, invest appropriately, save for retirement, and facilitate growth. Who can benefit from this?

  • Business owners

  • With one or more partners

  • Where their income is dependent on the business

  • And when the business is their biggest asset contributing to their net worth.

Here are three example scenarios where personal and business planning make sense:

Scenario 1

  • Single Owner

  • Age 40

  • Business Value is $2,000,000

  • Motivation: Owner’s personal finances provide liquidity to the business and they can’t focus on the future growth of their personal finances.

  • Solution: Start keeping track of business cash flow to help make more informed decisions. Create a budget to get a clear picture of where your money is going, identify where you can cut back, and ensure the effective use of funds. Create a plan for future liquidity that doesn’t solely rely on personal funding. Create a personal financial plan and investment strategy to allow for growth over time.

For illustrative purposes only.

Scenario 2

  • Single Owner

  • Age 50

  • Business Value is $7,000,000

  • Motivation: Owner hasn’t saved anything for retirement and has poured everything back into the business to grow the business more.

  • Solution: Create a reinvestment plan that lines out how much to reinvest and how much to put aside for your retirement, effectively reaching both personal and business goals. Review retirement plan options, such as a Defined Benefit Plan, so you can get on track with your retirement savings. This could also translate to a tax deduction for the business.

For illustrative purposes only.

Scenario 3

  • Single owner

  • Ages 61

  • Business Value is $10,000,000

  • Motivation: Owner is retiring at 65 and wants to increase the value of the business to be able to maintain his current cash flow while in retirement.

  • Solution: Increase the profitability of the company, with the assistance of an accountant, by analyzing financials to reduce costs and increase margins, and review tax planning strategies to create a better valuation to ultimately sell the business.

For illustrative purposes only.


A defined benefit plan is a sophisticated strategy that could potentially help lower your taxes and accelerate your wealth accumulation. Whether you can take advantage of a defined benefit plan depends on many factors. In general, though, these plans work best for:

  • Business owners

  • With high income

  • Where the income is stable year-to-year

  • And when there are no employees or only a few employees.

A defined benefit plan could allow you to defer income tax on $100k, $200k, or more annually. If you’re able to contribute these sums to a retirement plan on an annual basis, the potential tax savings could be significant.

Here are three example scenarios where a defined benefit plan could make sense:

Scenario 1

  • Age 45

  • 1 owner

  • Earning $1,000,000 annually

  • 6 non-owner employees

  • Taxes are prepared as married filing jointly

  • $250,000 is contributed annually into a defined benefit plan

$92,500 in annual tax savings could be realized.

For illustrative purposes only.

Scenario 2

  • Age 55

  • 2 partners

  • Earning $750,000 annually

  • 4 non-owner employees

  • Taxes are prepared as married filing jointly

  • $150,000 is contributed annually into a defined benefit plan

$54,543 in annual tax savings could be realized.

For illustrative purposes only.

Scenario 3

  • Age 60

  • 1 owner

  • Earning $500,000 annually

  • 2 non-owner employees

  • Single tax filer

  • $100,000 is contributed annually into a defined benefit plan

$35,000 in annual tax savings could be realized.

For illustrative purposes only.


A buy-sell agreement is an agreement between the business entity and the owners of the business which ensures the business will continue in the event of one of the owner’s death, disability, or retirement. Life insurance is often used to fund a buy-sell agreement. This type of an agreement is best used by:

  • Business owners

  • With one or more partners

  • Where the loss of an owner will disrupt the flow of the business

  • And when the business owners want to protect the business from death, disability, or retirement of an owner.

A buy-sell agreement creates a plan to ensure the business will continue if one of the owners was not there, has enough funds to pay employees and creditors, and will transfer to suitable owners as intended by partners. A buy-sell agreement will also ensure that each owner receives a fair price for their ownership share upon death, disability, or an exit from the business, can afford to retire, and can protect the value of their business investment.

Here are three example scenarios where a buy-sell agreement could make sense:

Scenario 1

  • 3 equal owners

  • Age 35-45

  • Business Value is $3,000,000

  • Motivation: What would happen to the business if one owner suddenly passed away

  • Solution: The company establishes a buy-sell agreement which stipulates the business will purchase a $1 million level term policy on each owner, and for the next 20 years will pay a level annual premium for the coverage.

For illustrative purposes only.

Scenario 2

  • 2 equal owners

  • Age 55-66

  • Business Value is $10,000,000

  • Motivation: Owners are getting older

  • Solution: The company establishes a cross-purchase buy-sell agreement which states the partners will purchase a life insurance policy on each owner and list themselves as the beneficiary. If one of the partners dies, the funds from the life insurance policy will be used to purchase the interest of the deceased partner from their estate.

For illustrative purposes only.

Scenario 3

  • 5 equal owners

  • Age 35-65

  • Business Value is $35,000,000

  • Motivation: To ensure the shares of the business stay within the family

  • Solution: The company establishes an entity purchase buy-sell agreement which states the business will purchase the interest of a business owner based on a triggering event. The business entity is the owner and beneficiary of the insurance policies on the lives of each business owner. Upon the death of an owner, the business receives the death benefit and purchases the interest of the deceased owner from their estate.

For illustrative purposes only.

Inquire to speak with a member of our team about our Business Owner Consulting Services.

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