The fact is, the student has to work and earn the money. Nothing creative or out-of-the-box in that regard. Money paid for actual work delivered for the benefit of the business.

“But they’re at college most of the year”… 

So what?

Hello “social media strategist” for the small business! What emerging adult isn’t capable of improving the family business social media presence? Ever looked into the cost of retaining an agency to perform in that capacity? The initial monthly retainer is $1500–$3000 per month no matter where you live these days.

And that’s just one idea. 

Perhaps the family business owns (or could own) income producing real estate—like the office building it rents to the family business—and the student becomes a participating member of the LLC that holds title of that building. Or leases dental equipment. Or leases medical equipment. Or insert asset name here

A properly designed tax scholarship strategy is similar to a merit-based scholarship that a university might make available to a straight A student or talented student-athlete. For a business owner with two or three kids to put through school, we’re talking about some significant cash flow being redirected from Uncle Sam to the expensive college.

The fact is there are hoops to jump through and important administrative details and actual work and documentation that needs to be done. No one said it would be easy. But it is legal and it is smart and it does save business owners a small fortune when it comes to creating cash flow for college. 

So be that member of your client’s advisory team that sees opportunity and goes the extra mile and works a little harder for them. Grab your cape, make a difference and create a better future—for the kids heading off to college and the parents they leave behind.

Beth Walker is the founder of the Center For College Solutions.

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