How we can help?
You know what it takes to build a successful business. It takes vision, preparedness, skills and desire – not to mention a focused dedication to achieving your goals. If you are like most business owners, you’ve worked hard and made many sacrifices to grow your business. That’s why you should put just as much energy into protecting it as you did building it.
Ask yourself these important questions:
- Do I have a plan for my business when I retire?
- Is my business capable of continuing its success in the event of my or my partner’s untimely death or disability?
- Is my family adequately protected if something were to happen to me?
- Have I done everything I can to attract, retain and reward the key employees that are critical to my business?
If you answered “no” to any of these questions, you may want to consider implementing a formal business planning strategy. Proper planning can help you protect your business, attract and retain key employees, and help ensure that your business transfers in the manner in which you choose.
No business plan is complete without a financial strategy for the unexpected. Start by exploring all your protection options. Then develop a long-term strategy that can help protect the continuity of your business should you, a partner, or key employee decide to retire, leave the business, or unexpectedly dies or becomes disabled.
Most business owners spend the majority of their time working in their business instead of on their business. We can help ensure that the business protection needs that are critical to the long-term success of your business are taken care of.
In today’s highly-competitive marketplace, it is becoming increasingly difficult to attract and retain top talent. Salary is no longer the sole compensation driver. Employees are also looking at an employer’s overall benefits package and its potential to help protect their families and prepare them for retirement. These concerns are heightened by ever-changing tax laws, pension plan uncertainties, and Social Security shortfalls. As a business owner, you can offer insurance and retirement benefits that can make a difference for both your employees and your business.1
Providing for your employees’ retirement can create a loyal and dedicated community around your business. A variety of retirement-planning products exist to provide the benefits that support your employees’ commitment to your business.
1 There may be implications under the Employment Retirement Income Security Act (ERISA) depending on how certain types of insurance policies are made available to employees and whether such an arrangement constitutes an “employee benefit plan” under ERISA. Employers should consult their own tax and legal advisors for further information on potential ERISA implications.
The death or disability of an owner is one of the greatest threats to a business. Not only can it severely impact the day-to-day operation of the business, but it can raise all sorts of business succession and estate tax problems – proper succession planning can help.
Succession planning affects everyone who has an interest in the business—business partners, family members, and key employees. It is critical that you have meaningful discussions about often overlooked issues, such as who the ideal successor should be, what is the value of the business, and what is the timetable for transition. No matter what event occurs, either expected or unexpected, we can help you develop a succession plan that can help ensure a smooth transition according to your vision for the business’ future.
Whether you’re starting a new career or setting up shop in your first business venture, you need to take the time to assess your financial situation and make sure you have adequate financial resources and protection. A solid financial strategy can help protect you, your business, and your family. If you’re starting a new career, you’ll need to answer questions like, “Does your current insurance effectively cover you and your dependents?” or “How will these decisions impact my retirement plan? And if you’re starting a new business, you’ll need to consider your retirement and the eventual sale or succession of your business. Help put yourself in a better financial position in the future with careful planning now.
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