Bull and Bear Capital Advisors Newsletter

As we move closer to Memorial Day and the traditional beginning of summer, we can also look forward to millions of repetitions of the traditional summer vacation question: “Are we there yet?...No?!...Well how long is it going to take?”

This year, that question has been asked millions of times well before the summer with regard to the economy, the markets and our investments. There are countless scenarios that may play out as we travel the road to recovery (and we’ll almost surely be surprised at what they turn out to be) but as usual the conventional wisdom doesn’t tell the whole story.

We’ve heard many comparisons of this economy and these markets to past negative and even doomsday scenarios. It makes for easy copy to pronounce that things are “Worst Since”…whatever fits the argument, but it’s important to remember that a portfolio is not the market and “the market” is an overly broad term at best. A well crafted financial plan keeps us focused on the destination and not the level of an index—one that may or may not have any bearing on our future financial success.

And as this piece in the New York Times by Mark Hulbert shows, with a little digging, what we find is that even “Worst Since The Great Depression!” might not mean what we think it does.

Even in a world, as Hulbert shows us, where 25 can equal 4½, the answer is we never get there (wherever there is) as quickly as we’d like, but the only way to reach our destination is to keep driving.

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As the economy continues its climb out of recession, many families might be thinking twice about what they spend on the annual summer vacation. But there are ways to preserve the tradition by being smart about spending. Some ideas:

Get on the mailing list
For any possible destination you can think of, go to their Web sites early and get on their mailing list. You might get plenty of endless chatter from the hotels, amusement parks and other destinations you’re interested in, but you might also find coupons to those locations and other linked businesses that could save you money. Also go to travel magazines to see whether signing up might deliver similar money-saving offers. Most important, go to the tourism Web sites of the states you’re planning to visit to take advantage of coupons and specials – you might also find events and activities to attend that aren’t publicized anywhere else.

Weigh the value of driving vs. flying
Even though energy prices might not approach the stratospheric levels of 2008 this summer, you might find that driving vacations aren’t necessarily the cheapest alternative. If you haven’t measured the gas mileage lately on your car, do so after your next fill-up and see what it would really cost you to drive to your desired destination – and don’t forget wear and tear on the car (roughly 10 to 20 cents a mile), meals or hotels on the road. If you plan significantly ahead of time, traveling by air might not only get you there faster – but cheaper. At the same time, if you fly and need a rental car, don’t forget to figure in that cost. Also, go to the Web sites of the airlines you fly the most and sign up to get advance notice of cheap fares.

Make your reservations online
Tourism businesses save money when you reserve online – that’s one less human they have to pay to handle your call. So chances are good you might get a slight discount for using that option. If you’re not a regular user of the Internet, you should know that airlines and hotels particularly have migrated more of their deals for rooms and meals to their websites because visitors can complete the whole reservation process themselves. That saves airlines, hotels and rental car companies considerable labor cost.

Go for the package deal
Online travel sites make it easy to combine hotel, airfare and rental car at a cheaper rate. And remember the days and times that are typically cheaper to fly – Tuesdays, Wednesdays and Saturdays if you’re willing to fly early in the morning or late in the evening.

Know when to use travel agents
A good travel agent can be a great money saver, particularly for lengthy or complex trips. It’s OK to compare prices yourself, but consult a travel agent if you are going to remote destinations – they’ll know the territory, and if you have to make changes, they might be able to help you do so without paying a lot of extra money. Don’t be afraid to consult the company travel agent since their corporate status may make them a destination for specific deals that non-affiliated travelers wouldn’t get.

If you’re going abroad
Do a review of currency rates before you go to see how much money you’ll really have to spend on the trip. Also, see if there are specific ways you can save money for dining, lodging and shopping in that country. Also, check in with your credit card company before you go – some might charge high currency conversion fees, and you can either negotiate them downward or apply for a card with a lower conversion rate that you’ll use only for this kind of travel.

Make sure phoning home is affordable
Make sure you can use your cell phone affordably wherever you go. Check with your wireless provider to make sure your destination has adequate network strength for your phone, and particularly check what it will cost to call home or other destinations abroad if you’re overseas. There’s nothing like the shock of a wireless bill with unchecked charges. You might also check with your arriving airport to see if local stores rent cell phones or disposable cell phones at a significant savings.

Check on car insurance
We’ve all heard how buying rental car insurance is a bad deal, but not so fast. For domestic trips, double check whether your own car insurance policy is likely to pick up the bill if you crash your rental car. For overseas trips, check with your rental agencies as well as your credit card company to see what insurance options you have. Don’t think only in terms of accidents. Think about blown transmissions in small towns with only one mechanic who doesn’t speak English. Also, if you’re driving to Canada or Latin America in your own car, be very sure you have adequate coverage required in every country. You might have to buy supplemental coverage.

Consider travel insurance
There is insurance coverage available for travelers who face sudden cancellations as well as medical needs. Trip cancellation can reimburse you for non-refundable costs in the event of things like an illness for you or a family member that causes you to cancel your trip. Look into what your current health insurance covers at your destination, so that you can understand your risk exposure and weigh it against the cost of supplemental insurance. It’s important to realize that health insurance issues crop up on domestic trips as well as those overseas – for instance, your health insurer may not cover claims in other parts of the country. Always check. Also, if you’re on a business trip, make sure your company health plan will cover you in an emergency, and if your work takes you to a dangerous country, ask if your employer carries kidnapping and ransom insurance. Don’t laugh. According to the Insurance Information Institute, kidnapping is on the rise internationally.

Prevent theft at home and abroad
Photocopy your driver’s license and passports and keep the originals with your valuables in the hotel safe. Also, don’t forget to hold your mail and pay all your bills before leaving town so identity thieves aren’t attracted.

May 2009 — This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by Bull and Bear Capital Advisors' Bob Liggero, MBA, CFP®, a local member of FPA.

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Why enlist the services of a financial planner when your holdings are down and you’re facing a host of financial problems? Because as dark as times may seem, you’re actually giving yourself a fresh start in building a stronger financial future.

Indeed, many people don’t make that choice. A recent survey showed that many people try to go it alone when it comes to a financial plan—and they suffer considerably worse performance in their investment and savings goals over time than those who do. The cost of a financial planner may not be prohibitive due to factors we’ll mention below and younger people have a particular advantage on their side when using one—time.

It’s a collaboration and a learning experience
A financial planner is not a substitute for your own final decision-making. Planners serve as guides, editors and strategists. They should begin by asking questions of you—plenty of them, and it’s not unusual for the first meeting to last an hour or longer. Their purpose is to find out all the goals you have right now – and maybe determine a few you haven’t thought of. Some of these dreams might include buying a home or business for yourself, saving for college education for your children, taking a dream vacation, reducing taxes, estate planning and retiring comfortably. Financial planning is the process of wisely managing your finances so that you can achieve your dreams and goals—while at the same time helping you negotiate the financial barriers and risks that inevitably arise in every stage of life.

Planners often specialize
Planners, like any professionals, tend to specialize in certain areas of interest, and they may receive continuing education in more than a dozen areas of expertise. Bull & Bear Capital Advisors’ Certified Financial Planner ™ professionals alone can earn continuing education credits in asset management, employee benefits, insurance, investment management, estate management, retirement planning, 401(k) administration and health topics, among others.

They charge based on specific services
Planners charge for their services in a variety of ways – always ask up front what they charge and how they expect to be paid. Some “fee only” planners charge for a consultation, plan development or investment management, and they may be charged on an hourly or project basis depending on the client’s needs or as a percentage of assets under management. Some charge commissions for the sale of financial products they are licensed to sell, and others have hybrid structures mixing fees and commissions. Discuss advisory services first before committing to buying any particular products.

They can talk about your personal investments as well as the ones at work
One of the best advantages to working with a financial planner is the chance to have a second set of eyes look at your wages, investments and benefits at work vs. what you’ll be investing on your own outside work-based retirement and other savings plans. Be prepared to bring all of your finances into the discussion.

Expect more from Bull & Bear Capital Advisors
A comprehensive financial plan often involves input on tax planning and estate planning. At Bull & Bear Capital Advisors, our advisors have access to our own accounting firm as well as our own law firm to better provide you with plan integration and one-stop shopping.

May 2009 — This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by Bull & Bear Capital Advisors' Bob Liggero, MBA, CFP®, a local member of FPA.

Where The Rubber Meets The Road:
Is It Time To Start Preparing Your Business For Life Without You?

Step Two: The Exit Strategy
See Step One here

Now that we have completed the first step in the process (the business appraisal) it is time to get down the important part of planning the exit strategy.

As we discussed in last month’s article, the business appraisal creates a safety net in the event that the business has to be sold unexpectedly. More likely, the appraisal can be used as a benchmark in developing the planned exit strategy. In other words, the appraisal tells us where we are with the business, and from there, we can develop a plan to get us where we want to be in the future.

Developing a Personal Financial Plan
One of the key determinants of where you want the business to be in the future relates directly with your personal goals as an owner. When do you want to retire or leave the business to pursue the next endeavor? What type of lifestyle and income do you and your family want after the business is sold?

This type of personal planning is often overlooked while the owner is on the “hamster wheel,” always thinking about current cash flow and very rarely thinking about generating future cash flow from the business to meet your needs and your family’s needs for income when the business is no longer there to provide for everyone. Many owners also assume that their personal financial plan is best addressed after the business is passed to family members or sold. This is a mistake. You will find your options to be much more limited if you don’t take some time out of day to day operations to assess your personal income goals before you make irreversible decisions on business succession. Once sold, you can’t go back to the cow for more milk.

As an illustrative example, it would be important to know – before you set a sale price – how much future income can be reasonably generated for you and your family to live on from investing the proceeds of the sale. Some business owners underestimate this and some owners overestimate. In fact, some owners react solely out of the irrational fear that selling the business will automatically result in such a decreased standard of living for their family that they believe they must continue working until their health ultimately fails. With proper advance planning, this scenario can be easily avoided

Developing a Tax and Estate Plan
Most business owners already have a close relationship with their accountant on the ongoing running of the business. And they typically consult this same accountant for tax advice when they are ready to sell the business. What these owners may not realize is that when you are ready to sell your business, you need to bring in the help of a highly specialized team, familiar with the ins and outs of buying and selling a business. At Bull & Bear Capital Advisors, we have an experienced team of attorneys, CPAs, and Certified Financial Planner ™ professionals well acquainted with the needs of a business owner through all phases of a merger and acquisition, even down to the often overlooked personal needs of the owner following the sale.

The most successful business owners build wealth not just within the business, but also within their personal balance sheet. A major reason for this diversification of assets is to protect family wealth from the liabilities of the business.

Tax considerations are an important (and often overlooked) part of the strategies used to build that personal wealth. For example, how should tax-deferred vehicles, tax-exempt vehicles and taxable vehicles be used in combination to provide for the family’s future?

A well drafted estate plan is also a key component to the owner’s personal financial plan. Should the owner die with the business still in his estate without performing any good estate planning, there could be significant estate tax obligations. Obviously, the more tax that is owed by the surviving family members, the less wealth the family has to continue to live in their current lifestyle. This situation can force dire consequences following the death of an owner operator. For families that don’t have significant, liquid wealth outside the business, a sudden death of the owner could force the family to fire-sale the business, property, or even the family homestead to pay the tax bill. Proper estate and financial planning in advance of unexpected occurrences could safeguard both you and your family.

Coordinating Advice
While the business exit plan relies heavily on the three-legged stool of the personal financial plan, the tax plan, and the estate plan, the three planning legs MUST work in coordination with one another in order to adequately support a solid exit plan.

All too often, the owner meets separately with a traditional attorney, a CPA and (rarely) a financial planner, which can lead to an exit plan that resembles an unfinished jigsaw puzzle. The better method is to coordinate and consolidate this process within the combined framework of a well-run team. This will also help avoid the problems of miscommunication and redundancy, as well as any potential conflicts of interest between the advisors. Collaboration will also allow everyone to focus on the “big picture” goals that the owner would like to accomplish, optimizing the skills of all three professionals as warranted. A great start to this type of collaboration is hiring a multi-disciplinary firm, like Bull & Bear Capital Advisors, that has tax, legal and financial planning as its core, to help manage these complexities.

If the process seems overwhelming, start with a competent advisor who understands your goals, has experience working with other professionals and is willing to quarterback your team for you. Then let us get to work for you. Because as a business owner, you’ve worked too hard to let the failure to plan fail you and your family’s future.

Return to top of page

BULL & BEAR CAPITAL ADVISORS
6817 Southpoint Parkway, Suite 1003 · Jacksonville, Florida 32216
phone: 904.363.3600

Securities offered through Bull & Bear Brokerage Services, Inc., Member MSRB, NASD, SIPC.




	Issue #17: May, 2009 In This Issue... • When 25 Equals 4½ • Preserving the Family Vacation – Top Tips to Keep Spending in Check • Why Financial Planning Matters in the Toughest of Times • Where the Rubber Meets the Road: Is It Time To Start Preparing Your Business For Life Without You?
	When 25 Equals 4½ As we move closer to Memorial Day and the traditional beginning of summer, we can also look forward to millions of repetitions of the traditional summer vacation question: “Are we there yet?...No?!...Well how long is it going to take?” This year, that question has been asked millions of times well before the summer with regard to the economy, the markets and our investments. There are countless scenarios that may play out as we travel the road to recovery (and we’ll almost surely be surprised at what they turn out to be) but as usual the conventional wisdom doesn’t tell the whole story. We’ve heard many comparisons of this economy and these markets to past negative and even doomsday scenarios. It makes for easy copy to pronounce that things are “Worst Since”…whatever fits the argument, but it’s important to remember that a portfolio is not the market and “the market” is an overly broad term at best. A well crafted financial plan keeps us focused on the destination and not the level of an index—one that may or may not have any bearing on our future financial success. And as this piece in the New York Times by Mark Hulbert shows, with a little digging, what we find is that even “Worst Since The Great Depression!” might not mean what we think it does. See The New York Times Article Here Even in a world, as Hulbert shows us, where 25 can equal 4½, the answer is we never get there (wherever there is) as quickly as we’d like, but the only way to reach our destination is to keep driving. This column is prepared by Bull & Bear Capital Advisors' Gregory M. Pritchard, CFP®. Return to top of page Preserving The Family Vacation: Top Tips to Keep Spending in Check As the economy continues its climb out of recession, many families might be thinking twice about what they spend on the annual summer vacation. But there are ways to preserve the tradition by being smart about spending. Some ideas: Get on the mailing list For any possible destination you can think of, go to their Web sites early and get on their mailing list. You might get plenty of endless chatter from the hotels, amusement parks and other destinations you’re interested in, but you might also find coupons to those locations and other linked businesses that could save you money. Also go to travel magazines to see whether signing up might deliver similar money-saving offers. Most important, go to the tourism Web sites of the states you’re planning to visit to take advantage of coupons and specials – you might also find events and activities to attend that aren’t publicized anywhere else. Weigh the value of driving vs. flying Even though energy prices might not approach the stratospheric levels of 2008 this summer, you might find that driving vacations aren’t necessarily the cheapest alternative. If you haven’t measured the gas mileage lately on your car, do so after your next fill-up and see what it would really cost you to drive to your desired destination – and don’t forget wear and tear on the car (roughly 10 to 20 cents a mile), meals or hotels on the road. If you plan significantly ahead of time, traveling by air might not only get you there faster – but cheaper. At the same time, if you fly and need a rental car, don’t forget to figure in that cost. Also, go to the Web sites of the airlines you fly the most and sign up to get advance notice of cheap fares. Make your reservations online Tourism businesses save money when you reserve online – that’s one less human they have to pay to handle your call. So chances are good you might get a slight discount for using that option. If you’re not a regular user of the Internet, you should know that airlines and hotels particularly have migrated more of their deals for rooms and meals to their websites because visitors can complete the whole reservation process themselves. That saves airlines, hotels and rental car companies considerable labor cost. Go for the package deal Online travel sites make it easy to combine hotel, airfare and rental car at a cheaper rate. And remember the days and times that are typically cheaper to fly – Tuesdays, Wednesdays and Saturdays if you’re willing to fly early in the morning or late in the evening. Know when to use travel agents A good travel agent can be a great money saver, particularly for lengthy or complex trips. It’s OK to compare prices yourself, but consult a travel agent if you are going to remote destinations – they’ll know the territory, and if you have to make changes, they might be able to help you do so without paying a lot of extra money. Don’t be afraid to consult the company travel agent since their corporate status may make them a destination for specific deals that non-affiliated travelers wouldn’t get. If you’re going abroad Do a review of currency rates before you go to see how much money you’ll really have to spend on the trip. Also, see if there are specific ways you can save money for dining, lodging and shopping in that country. Also, check in with your credit card company before you go – some might charge high currency conversion fees, and you can either negotiate them downward or apply for a card with a lower conversion rate that you’ll use only for this kind of travel. Make sure phoning home is affordable Make sure you can use your cell phone affordably wherever you go. Check with your wireless provider to make sure your destination has adequate network strength for your phone, and particularly check what it will cost to call home or other destinations abroad if you’re overseas. There’s nothing like the shock of a wireless bill with unchecked charges. You might also check with your arriving airport to see if local stores rent cell phones or disposable cell phones at a significant savings. Check on car insurance We’ve all heard how buying rental car insurance is a bad deal, but not so fast. For domestic trips, double check whether your own car insurance policy is likely to pick up the bill if you crash your rental car. For overseas trips, check with your rental agencies as well as your credit card company to see what insurance options you have. Don’t think only in terms of accidents. Think about blown transmissions in small towns with only one mechanic who doesn’t speak English. Also, if you’re driving to Canada or Latin America in your own car, be very sure you have adequate coverage required in every country. You might have to buy supplemental coverage. Consider travel insurance There is insurance coverage available for travelers who face sudden cancellations as well as medical needs. Trip cancellation can reimburse you for non-refundable costs in the event of things like an illness for you or a family member that causes you to cancel your trip. Look into what your current health insurance covers at your destination, so that you can understand your risk exposure and weigh it against the cost of supplemental insurance. It’s important to realize that health insurance issues crop up on domestic trips as well as those overseas – for instance, your health insurer may not cover claims in other parts of the country. Always check. Also, if you’re on a business trip, make sure your company health plan will cover you in an emergency, and if your work takes you to a dangerous country, ask if your employer carries kidnapping and ransom insurance. Don’t laugh. According to the Insurance Information Institute, kidnapping is on the rise internationally. Prevent theft at home and abroad Photocopy your driver’s license and passports and keep the originals with your valuables in the hotel safe. Also, don’t forget to hold your mail and pay all your bills before leaving town so identity thieves aren’t attracted. May 2009 — This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by Bull and Bear Capital Advisors' Bob Liggero, MBA, CFP®, a local member of FPA. Return to top of page Why Financial Planning Matters in the Toughest of Times Why enlist the services of a financial planner when your holdings are down and you’re facing a host of financial problems? Because as dark as times may seem, you’re actually giving yourself a fresh start in building a stronger financial future. Indeed, many people don’t make that choice. A recent survey showed that many people try to go it alone when it comes to a financial plan—and they suffer considerably worse performance in their investment and savings goals over time than those who do. The cost of a financial planner may not be prohibitive due to factors we’ll mention below and younger people have a particular advantage on their side when using one—time. Here are some things to know about financial planning process. It’s a collaboration and a learning experience A financial planner is not a substitute for your own final decision-making. Planners serve as guides, editors and strategists. They should begin by asking questions of you—plenty of them, and it’s not unusual for the first meeting to last an hour or longer. Their purpose is to find out all the goals you have right now – and maybe determine a few you haven’t thought of. Some of these dreams might include buying a home or business for yourself, saving for college education for your children, taking a dream vacation, reducing taxes, estate planning and retiring comfortably. Financial planning is the process of wisely managing your finances so that you can achieve your dreams and goals—while at the same time helping you negotiate the financial barriers and risks that inevitably arise in every stage of life. Planners often specialize Planners, like any professionals, tend to specialize in certain areas of interest, and they may receive continuing education in more than a dozen areas of expertise. Bull & Bear Capital Advisors’ Certified Financial Planner ™ professionals alone can earn continuing education credits in asset management, employee benefits, insurance, investment management, estate management, retirement planning, 401(k) administration and health topics, among others. They charge based on specific services Planners charge for their services in a variety of ways – always ask up front what they charge and how they expect to be paid. Some “fee only” planners charge for a consultation, plan development or investment management, and they may be charged on an hourly or project basis depending on the client’s needs or as a percentage of assets under management. Some charge commissions for the sale of financial products they are licensed to sell, and others have hybrid structures mixing fees and commissions. Discuss advisory services first before committing to buying any particular products. They can talk about your personal investments as well as the ones at work One of the best advantages to working with a financial planner is the chance to have a second set of eyes look at your wages, investments and benefits at work vs. what you’ll be investing on your own outside work-based retirement and other savings plans. Be prepared to bring all of your finances into the discussion. Expect more from Bull & Bear Capital Advisors A comprehensive financial plan often involves input on tax planning and estate planning. At Bull & Bear Capital Advisors, our advisors have access to our own accounting firm as well as our own law firm to better provide you with plan integration and one-stop shopping. May 2009 — This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by Bull & Bear Capital Advisors' Bob Liggero, MBA, CFP®, a local member of FPA. Return to top of page Where The Rubber Meets The Road: Is It Time To Start Preparing Your Business For Life Without You? Step Two: The Exit Strategy See Step One here Now that we have completed the first step in the process (the business appraisal) it is time to get down the important part of planning the exit strategy. As we discussed in last month’s article, the business appraisal creates a safety net in the event that the business has to be sold unexpectedly. More likely, the appraisal can be used as a benchmark in developing the planned exit strategy. In other words, the appraisal tells us where we are with the business, and from there, we can develop a plan to get us where we want to be in the future. Developing a Personal Financial Plan One of the key determinants of where you want the business to be in the future relates directly with your personal goals as an owner. When do you want to retire or leave the business to pursue the next endeavor? What type of lifestyle and income do you and your family want after the business is sold? This type of personal planning is often overlooked while the owner is on the “hamster wheel,” always thinking about current cash flow and very rarely thinking about generating future cash flow from the business to meet your needs and your family’s needs for income when the business is no longer there to provide for everyone. Many owners also assume that their personal financial plan is best addressed after the business is passed to family members or sold. This is a mistake. You will find your options to be much more limited if you don’t take some time out of day to day operations to assess your personal income goals before you make irreversible decisions on business succession. Once sold, you can’t go back to the cow for more milk. As an illustrative example, it would be important to know – before you set a sale price – how much future income can be reasonably generated for you and your family to live on from investing the proceeds of the sale. Some business owners underestimate this and some owners overestimate. In fact, some owners react solely out of the irrational fear that selling the business will automatically result in such a decreased standard of living for their family that they believe they must continue working until their health ultimately fails. With proper advance planning, this scenario can be easily avoided Developing a Tax and Estate Plan Most business owners already have a close relationship with their accountant on the ongoing running of the business. And they typically consult this same accountant for tax advice when they are ready to sell the business. What these owners may not realize is that when you are ready to sell your business, you need to bring in the help of a highly specialized team, familiar with the ins and outs of buying and selling a business. At Bull & Bear Capital Advisors, we have an experienced team of attorneys, CPAs, and Certified Financial Planner ™ professionals well acquainted with the needs of a business owner through all phases of a merger and acquisition, even down to the often overlooked personal needs of the owner following the sale. The most successful business owners build wealth not just within the business, but also within their personal balance sheet. A major reason for this diversification of assets is to protect family wealth from the liabilities of the business. Tax considerations are an important (and often overlooked) part of the strategies used to build that personal wealth. For example, how should tax-deferred vehicles, tax-exempt vehicles and taxable vehicles be used in combination to provide for the family’s future? A well drafted estate plan is also a key component to the owner’s personal financial plan. Should the owner die with the business still in his estate without performing any good estate planning, there could be significant estate tax obligations. Obviously, the more tax that is owed by the surviving family members, the less wealth the family has to continue to live in their current lifestyle. This situation can force dire consequences following the death of an owner operator. For families that don’t have significant, liquid wealth outside the business, a sudden death of the owner could force the family to fire-sale the business, property, or even the family homestead to pay the tax bill. Proper estate and financial planning in advance of unexpected occurrences could safeguard both you and your family. Coordinating Advice While the business exit plan relies heavily on the three-legged stool of the personal financial plan, the tax plan, and the estate plan, the three planning legs MUST work in coordination with one another in order to adequately support a solid exit plan. All too often, the owner meets separately with a traditional attorney, a CPA and (rarely) a financial planner, which can lead to an exit plan that resembles an unfinished jigsaw puzzle. The better method is to coordinate and consolidate this process within the combined framework of a well-run team. This will also help avoid the problems of miscommunication and redundancy, as well as any potential conflicts of interest between the advisors. Collaboration will also allow everyone to focus on the “big picture” goals that the owner would like to accomplish, optimizing the skills of all three professionals as warranted. A great start to this type of collaboration is hiring a multi-disciplinary firm, like Bull & Bear Capital Advisors, that has tax, legal and financial planning as its core, to help manage these complexities. If the process seems overwhelming, start with a competent advisor who understands your goals, has experience working with other professionals and is willing to quarterback your team for you. Then let us get to work for you. Because as a business owner, you’ve worked too hard to let the failure to plan fail you and your family’s future. Provided by Bull & Bear Capital Advisors' Chuck Ostholm, CFP®. Return to top of page BULL & BEAR CAPITAL ADVISORS 6817 Southpoint Parkway, Suite 1003 · Jacksonville, Florida 32216 phone: 904.363.3600 Securities offered through Bull & Bear Brokerage Services, Inc., Member MSRB, NASD, SIPC.

Issue #17: May, 2009

In This Issue... • When 25 Equals 4½ • Preserving the Family Vacation – Top Tips to Keep Spending in Check • Why Financial Planning Matters in the Toughest of Times • Where the Rubber Meets the Road: Is It Time To Start Preparing Your Business For Life Without You?

Return to top of page

Return to top of page

Return to top of page

In This Issue...

• When 25 Equals 4½
• Preserving the Family Vacation – Top Tips to Keep Spending in Check
• Why Financial Planning Matters in the Toughest of Times
• Where the Rubber Meets the Road: Is It Time To Start Preparing Your Business For Life Without You?