Building a Financial Roadmap: What Every Business Owner Needs to Know

Presented by Caroline Norris-Jones, Financial Advisor at Merrill Lynch Wealth Management, a Bank of America Company and mHUB Partner.

Managing a business requires more than just innovation and hustle—it demands a solid financial plan that ties together both personal and professional goals. At a recent mHUB Classroom session, Caroline Norris-Jones, Financial Advisor at Merrill Lynch Wealth Management, led an engaging and practical workshop on financial planning specifically tailored for business owners, providing insights into how entrepreneurs can make informed decisions from startup to exit strategy and everything in between.

Why Financial Planning Matters for Business Owners

One of the most overlooked aspects of entrepreneurship is integrating personal financial well-being with business strategy. “As business owners, you face unique challenges,” Norris-Jones shared. “Your business and personal assets are interconnected, and your financial plan should reflect that reality.”

Founders need to consider critical questions early:

• Do I need a personal financial plan?
• Can my business survive without me?
• Will my family be secure if something happens to me?
• What’s the long-term goal and do I want to leave a legacy?

These questions form the foundation for developing a Personal Wealth Analysis, a key planning tool offered by Merrill Lynch that evaluates assets, liabilities, income, expenses, and future goals to build a blueprint for long-term success.

Key Pillars of the Financial Planning Framework

1. Financial Planning

• Understanding short- and long-term goals
• Mapping out retirement timelines and income needs
• Identifying and evaluating existing savings vehicles, such as IRAs or investment accounts
• Stress-testing different financial scenarios to ensure long-term viability

2. Retirement Solutions for Entrepreneurs

Entrepreneurs have access to several retirement savings tools:

• IRA / Roth IRA – Individual retirement accounts with yearly contribution limits
• SEP IRA – Ideal for sole proprietors, allowing for larger, pre-tax contributions
• SIMPLE IRA / Individual 401(k) – Great options for business owners with a few employees

Each account type offers different benefits based on business structure and growth trajectory.

3. Accessing Capital

Capital access is essential at all stages of business growth. Norris-Jones outlined several funding options through Bank of America, including:

• Small business loans
• Lines of credit
• Lending solutions tied to investment assets (Loan Management Accounts)
• Grants and special funding opportunities for underrepresented founders

4. Insurance & Risk Management

Preparing for the unexpected is part of any sound strategy. You should consider:

• Disability and life insurance for business continuity
• Property and casualty insurance for asset protection
• Partner insurance for businesses with co-founders or succession dependencies
• Founders should assess their risk exposure based on who relies on the business—and act accordingly.

5. Succession & Exit Planning

Norris-Jones emphasized that “100% of business owners will exit their business, either by choice or circumstance.” Planning ahead can make a significant difference. Strategies include:

• Selling to a strategic or financial buyer
• Transitioning ownership to family or employees
• Creating an ESOP (Employee Stock Ownership Plan)
• Preparing for an IPO

6. Estate & Legacy Planning

Lastly, legacy planning ensures that personal and business assets are distributed according to your wishes. Key components include:

• Revocable trusts and powers of attorney
• Minimizing estate and death taxes, especially in high-tax states like Illinois
• Structuring business ownership to protect heirs and beneficiaries

One Key Takeaway: Start with a Plan

“It's always daunting to start and just taking the first step, I think the bite-sized pieces… I wouldn't worry about waking up tomorrow and saying, ‘Oh my gosh, where's my will? Where's my trust?’ Just start with the plan.” – Caroline Norris-Jones

Whether it’s on your own or with expert guidance, having a plan in place—and building on it over time—is one of the most impactful steps a business owner can take.

“Whether it’s with us or someone else, the most important step is to have a plan,” Norris-Jones concluded. 

Connect with a Financial Advisor

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