In the media
CLEVELAND (WJW) -- The banking industry, like many others, is responding to the coronavirus pandemic and starting to put new measures in place.
Nik Wearsch, a financial advisor with Carver Financial Services in Mentor, said he always encourages clients to be prepared for the unexpected but not to panic.
“If you’ve got your immediate provisions set aside, food, a little cash, and then within your account you have money to carry you through a few months of needs, then there’s no need to make an immediate change,” Wearsch said.
He noted the federal government made changes after the 2008 financial crisis to support banks.
“I don’t think people should be worried about the bank not having enough money because the government’s already putting a lot of that emergency procedures in place,” Wearsch said.
He said most banks are federally insured. At FDIC-insured banks, all deposit accounts are covered up to $250,000 per depositor, per insured bank.
Any opinions are those of Nik Wearsch and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.
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Business owners who fail to consider the tax implications of selling their business are asking for trouble, says Randy Carver, president and CEO at Carver Financial Services, Inc.
“If you structure the sale incorrectly and the proceeds are deemed income as opposed to capital gains, there can be 50 to 100 percent more tax paid,” Carver says. “Depending on what you’re doing, there may be ways to avoid the tax altogether, or defer it. If you’re selling to another company and you don’t need as much cash, maybe you do a stock exchange. There may be no tax implications at all.”
While it sounds like an easy mistake to avoid, Carver says he has seen far too many business owners take a less-than-committed approach to developing a comprehensive exit strategy before putting their company on the market.
“Everyone who comes here is working with a team; no one has their own clients. The idea is we’re building the next generation.” - Randy Carver
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Carver Financial 10,000-square-foot expansion underway
Carver Financial Services Inc. of Mentor began a 10,000-square-foot expansion June 12.
In 2012, Carver Financial launched a five-phase improvement program and phases one through four have been completed. Read article.