Banknotes

Jordon Geiger, Vice President and Trust Officer

What is a legacy? Is it the continuing operation of your business? It can be. Your personal wealth? Your family’s wealth? The brand image and reputation you’ve built? The lifestyles and careers of your children or other successors? Yes to all.

There is no formula a business owner can use to address the emotional side of succession. But there are strategies and leading practices an owner can use to confirm that his or her legacy isn’t left to chance.

By: Mark Drachenberg, CFP®, Vice President and Trust Officer

If you are a fan of the mundane things in life, then 2018 was not your kind of investment year.  On the other hand, if you thrive on the wild side, then the markets did their best to take you along on an adventure.  A challenging year to say the least.  The same might be said about 2019 once it is in the books. 

Cost of living increase will kick in during the 2019 tax year which means individuals can save more money in tax-advantaged plans prior to their retirement. 

Here are some key numbers:

By: Dan Savage, Senior Vice President and Senior Trust Officer 
and Cathy Durham, Shareholder, Capital Valuation Group

If you own a business, odds are that it is your single largest asset. This has profound, long-term implications for you and your family’s financial well-being. 

Every business owner should develop a clear and accurate understanding of the value of his or her business.  I often find myself discussing this topic with valuation expert Cathy Durham, a shareholder of Madison-based Capital Valuation Group. 

By:Alyssa J. Chance, J.D., Vice President & Personal Trust Officer

Is 2019 the year?  If so, congratulations!  Whether your plan is to stop working cold-turkey or ease into retirement slowly, there are a few things that will help make the transition easier and more stress-free.

Buy-sell agreements or buyout agreements are often referred to as prenuptial planning for business partners.  What happens to the business if a partner dies, becomes incapacitated or wishes to leave are all things that can be addressed with solid upfront planning.  It is extremely valuable having an attorney draft an agreement that deals with situations that could disrupt the business’ continuity.  A solid buy-sell agreement provides a value of the business and partner’s interest as well as terms dictating how the business continues while providing proper consideration to the departing partner or his/her estate.

By: Dan Savage, Senior Vice President and Senior Trust Officer

Your employer’s retirement plan is a valuable fringe benefit.  It will likely be your primary source of retirement income security years down the road;  therefore, avoiding certain fundamental investment errors is a must.  Here are eight for your consideration.

Jordon Geiger, Vice President and Trust Officer

According to the Insurance Information Institute, 91 natural catastrophes occurred in the United States in 2017, totaling $23.8 billion in insured losses. Natural catastrophes always seem to be an item of interest on the national news taking place in a land far away from us. 

Unfortunately, like State Bank of Cross Plains, many of our partners, clients and friends came to the realization that our homes and place of business are not excluded from natural catastrophes. 

By Dan Savage, Senior Vice President and Senior Trust Officer

Parents invest considerable time, energy and money preparing their children for a successful life.  Think piano lessons, academic tutoring, specialized athletic opportunities, travel abroad, classes designed to maximize SAT scores and even mundane things like…braces.  To be sure, we love our kids!

Yet, some parents…even business owners and other professionals…forget to prepare them for financial success.  Here are five important things to teach your college-age children:

By Dan Savage, Senior Vice President and Senior Trust Officer

Savvy business owners understand that legendary service results in exceptional customer retention rates…and…greater profitability. Savvy business owners also understand that:

• Human interaction is the basic element of any customer experience.
• These interactions create an experience that customers remember…and feel.
• These experiences are the foundation for long-term relationships and…the glue that binds them.
• Deep relationships are far more important than the product, services, and price.
• Customers don’t love companies…they love you and your relationship managers!
• You serve people…not companies.