Business Planning
Services for Business Owners
As a business owner, your personal success is intricately tied to the success of your company. That’s why we address both the personal and professional sides of your financial world as part of one coordinated strategy. We’ll evaluate where your business stands today and where you’d like it to go in the future, both personally and professionally. Together, we’ll identify potential gaps and opportunities, then help implement strategies designed to support objectives such as attracting and retaining key employees, protecting your business, and preparing for long-term succession goals.
We offer thoughtful planning solutions to help support your business through every stage of growth.
Some of the planning strategies and solutions we provide for business owners are outlined below.
Executive Benefits
Whatever your goals for your business, you need the best employees to help you accomplish them. An appealing executive benefit package helps you attract, motivate, and retain high-caliber individuals who help your company become prosperous and stable. Our firm can help you develop non-qualified plans, supplemental employee retirement plans, split dollar plans, and more to ensure you have everything you need to keep the right people in the right place.
Succession Planning
Stepping down from your business can be complicated, and it’s our goal to ensure the process is implemented smoothly. Our team will help you determine how to prepare your company to be transferred to family members, key employees, an outside party, or even a charity. We’ll recommend specific strategies to execute your business succession plan as efficiently as possible.
Key Person Insurance
Key person life insurance offers a death benefit to compensate an employer for the loss of one of its most valuable assets - a key employee. This compensation is often used to support operation costs and maintain stability of the business after the loss of a key person. This benefit can also help protect against losses in sales, growth, and credit due to the loss of a key employee, and it can be used to assist with recruiting and training a replacement. If your business depends on the knowledge and experience of a principal executive or employee, we can help you identify the best way to protect it from the unexpected.
Funding Buy-Sell Agreements
A buy-sell agreement is a legally binding contract between co-owners that governs the purchase or sale of their business if one co-owner dies or leaves the business, whether by force or by choice. The agreement stipulates how and to whom the business can be sold. A funded cross-purchase buy-sell agreement leverages life insurance to help fund the purchase of the remaining share of a business in the event that a co-owner dies. The life insurance payout is used to help the existing owner buy out the deceased owner’s share (typically from the deceased owner’s spouse, other family member, or creditors).
Funding Deferred Compensation
Deferred compensation plans can be a beneficial tax strategy for employees, and they allow employers to attract and incentivize top talent. Deferred compensation is a written agreement between an employer and an employee in which the employee opts to have part of his or her compensation withheld by the company. The withheld compensation is then invested on the employee’s behalf and distributed to them at a predetermined point in the future. Our firm provides guidance and funding for deferred compensation plans to help you optimize your benefit strategies.
We do not provide tax advice. Please consult your own advisors for tax advice
Your Business is Part of the Plan
Align your business and personal planning strategies to support your growth, continuity, and success.
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