It seems somewhat antithetical that most small businesses have little to no planning. In fact, most small businesses are unaware of existing problems and future challenges because they work in their business, not on their business. So, a new market of businesses that help businesses is emerging. CPAs, attorneys and trust officers have some influence over these owners by virtue of tax preparation, entity creations and banking. But they don’t address the key issues that confront everyday business owners. There are seven basic business items that are foundational to daily operations, preparing the company for sale and future access to the sale proceeds in a tax favored way.
Recruiting and Retaining Employees requires perks beyond a base salary and healthcare to be competitive with the labor force. Ancillary benefits can provide extra incentive for recruits to join and employees to stay.
Employee Benefits such as health savings accounts, short and long term disability as well as ancillary coverage like life insurance, chronic health and long term care, are necessary to recruit employees in a competitive environment.
Key Employee Coverage for the revenue rainmakers and the administrator that operate your business. Identification on key employees can be the difference between catastrophe and riding out a death or disability of the people that matter.
Owner Disability & Death can sink a company overnight. Having insurance and a buyout plan in place can keep the business afloat while new ownership or employees run the firm.
Exit Planning is tied to three events. The sale of the company, the stepping down of the business owner and the transfer to the new owner(s). With procedures in writing and the insurance in place to fund the exchange of ownership, the transfer should be a relatively smooth one.
Selling the Business in a Tax Advantaged Way can be a daunting task. The outgoing business owner doesn’t want to lose a portion of the sales proceeds to taxation. Tax planning in a buyout scenario is critical to pocketing the sale proceeds.
Estate Planning covers not only the sale of the business, but also the owner’s residence, commercial property, retirement funds, and also legacy planning for children, grandchildren and the charities of your choice.
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