Comprehensive, accurate, and well-presented financial documentation is critical to capturing the interest of prospective buyers and to completing the due diligence process that precedes the negotiation of the purchase agreement.

Owners who are new to selling a business may question what financial documentation they should have ready and why it is necessary.

Your business is probably your most valuable asset, so it’s important to properly understand its value. Whether you realize it or not, the value of your business will have a big impact on both the personal and the professional aspects of your life. When you know what your business is worth, you have a more realistic perspective from which to plan for the future direction of the business, as well as the future income needs of you and your family.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, averting the largest automatic tax increase in American history at the end of this year when the 2017 Tax Cuts and Jobs Act (TCJA) was set to expire. The new law includes a range of permanent, pro-growth tax reforms designed to boost small business investment, encourage hiring, and drive economic growth and innovation.

And while there remains looming economic challenges, higher interest rates, and pressures pertaining to tariffs, the OBBBA brings some relief and certainty that should ease the financial and operational strain on small businesses.

Here are six ways the legislation specifically affects American small businesses.

When considering a qualified retirement plan for your employees, you may want to consider two plan types that are designed specifically for small businesses: a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE).

Let’s take a closer look at each type of arrangement.

Most people buy life insurance when something good happens in their lives, like the purchase of a new home or the birth of a child. These events mean more financial responsibility, and protecting your family with enough life insurance is essential.

So what is the best way to go about shopping for life insurance and deciding how much coverage you need? Most people approach the buying process in the same way: “It’s insurance … I will probably never need it … I just need to find the least expensive coverage possible.”

It’s OK to look for low cost life insurance, of course, but there are some important things to consider when deciding what type of policy—term, whole, or universal life insurance, to name a few—to buy and how to buy it.

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• Outline the challenge of fighting inflation against a backdrop of trade wars and recession fears.

• Describe the two pivotal themes for the U.S. economy for the remainder of 2025.

• Underscore the importance of keeping a long-term perspective and staying diversified.

As highlighted in our previous edition, 2024 exceeded consensus expectations: risk assets outperformed, consumers proved resilient, and the labor market remained robust. Entering 2025, the expectation was moderation, attributed to several factors, including elevated valuations, persistent inflation, diminishing fiscal stimulus, and policy uncertainty. However, underperformance of U.S. equities and a historic sell-off in early April was not in the cards.

Tariffs, market uncertainty, and future possibilities. What does it all mean and how is it impacting your investments? Daken Vanderburg, Chief Investment Officer of MassMutual Wealth Management, gives a breakdown in his latest market

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- Provide a timeline of the tariffs proposed and imposed.

- Outline the goals of the tariffs – to build back U.S. manufacturing sector and reduce the trade deficit

- Propose three possibilities for market reaction in the months and years ahead.

There are different stock programs that vary from employer to employer, including:

- Stock Options

- Restricted Stock Units (RSUs)

- Employee Stock Purchase Plans (ESPPs)

- Employee Stock Ownership Plans (ESOPs)

Your HR department will typically provide a benefits manual that dives into each of their stock offerings, but these tend to be long and difficult to understand. So, what can you do?

Chances are you have a beneficiary. They are pretty common, from retirement accounts to trusts to wills. And they figure prominently in life insurance policies.

Simply put, a beneficiary is the person (or legal entity) that will receive the proceeds from a financial vehicle once the owner passes. So, they typically tend to get named every time an account is opened or policy purchased.

But just as common are certain mistakes that get made around beneficiary designations. Here are five that financial professionals like to warn people about when they decide who should be their beneficiary.

Aside from you, your business partners, and your family, there are other key people who play critical roles in the business planning process. The reality is you need a team of advisors, which may include your attorney, accountant, financial professional, property and casualty agent, and banker, to effectively manage and protect your business interests.

As we enter the first quarter of 2025, institutional markets are facing an evolving landscape shaped by economic shifts and interest rate uncertainties with significant impact on business dynamics that require close attention. To best manage, businesses will need to focus on strategic solutions, quality assets, and strong partners to navigate these changes effectively.

For many entrepreneurs, their business provides a means of employment and income as well as an outlet of their passion and desire for an independent lifestyle. However, many business owners don’t realize that their business is, in actuality, an asset that should one day be monetized for their financial benefit and that of their family.

Because business owners don’t often think of their business as an asset, they don’t manage it as an asset. While they may focus on running the business successfully, they don’t focus on growing its value. Instead, they treat the business like a job, and as long as it’s generating sufficient income to support their lifestyle, then it’s considered a success.

By not treating your business like an asset, you could be missing out on growth opportunities today and the potential for a more financially flexible life tomorrow.

How do you know if you treat your business like a job?