November 18, 2021
MAKING YOUR FAMILY BUSINESS YOUR LEGACY

By Jason Thompson, CPA/ABV, ASA, CFE, CFF
Partner and Director of Valuation and Litigation Services

Like any successful entrepreneur, most business owners look upon their company as not just their livelihood, but as part of their identity. As they approach retirement, it's a natural instinct to want to protect that legacy and pass it on to worthy successors. This desire can be complicated when the business in question is family-owned.

The thought of relinquishing control to the next generation of the family may seem reasonable when you’re looking far down the road. But when the day actually arrives, control is often the last "asset" owners are willing to give to someone else.

"...RETIREMENT?....RETIREMENT?!"

By Liz Belcher, CPA
Manager, Tax Services

As COVID-related disruptions continue and the economy keeps shifting, you're probably not in the most comfortable headspace to focus on your personal retirement planning. But then again, retirement looks different for everyone. It doesn't have to mean a life of binge-watching Netflix shows or lounging in the sun. You may find yourself busier in your retirement than you were in the working world. Retirement can be whatever you want it to be!

You'd think most people would relish the thought of retiring, but it can be anxiety-inducing for some, as it marks the start of a whole new lifestyle for them and their loved ones. Don't allow the status quo expectations of retirement at age 65 corner you into a decision you aren't ready to make. In addition to financial planning, you need to make time for activity planning, so you don't become bored and aimless. After all, there are only so many seasons of The Office to watch, and they might just remind you of work!

EMPLOYEE SPOTLIGHT: JO-ANN LEWANDOWSKI

Jo-Ann Lewandowski has been serving Sponsel CPA Group since the firm was born. A Manager in Retirement Plan Services, she focuses on serving clients in managing their benefits packages, retirement plans and related compliance issues.

With a bachelor's degree in financing from Millikin University and several years of work experience under her belt, she has a great deal of familiarity with DOL and IRS compliance requirements, including creating plan documents and preparing appropriate government filings, as well as processing participants' loans and distributions.
EMBRACE THE SPIRIT OF THIS HOLIDAY SEASON

By Tom Sponsel, CPA/ABV, CFF
Managing Partner

Given all the noise — vaccines, supply chain disruptions and political upheaval — you may not hear the holiday bells ringing at the moment. Don't let the holidays sneak up on you. Tune out the negativity and plan to embrace the positive spirit of the season. 

With Thanksgiving just around the corner, now is the time of year to focus on what's really important and the things for which you should be grateful. Who are your rocks of support during shaky times like these? Set time aside to spend with them. The holiday season is all about fellowship. But those gatherings around the fireplace don't happen automatically. You must deliberately plan visits with friends and family. Don't wait until the last minute.
What We're Thankful for This Year

This year, we at Sponsel CPA Group give thanks for our wonderful team members, their families, our clients and our referral sources — everyone who has blessed us through hardships and triumphs. We wish you all nothing but the best this holiday season!