Every business owner needs to plan for the day they step down or slow down and how they are going to accomplish that goal. They also need to establish who will buy their business and how to fund that transfer or sale. We spend all our time and energy in building a business – but not nearly enough time planning our exit strategy. Ironically, there is a plan in place for all – courtesy of the state in which you reside – but once you take a closer look, you will likely find it is not the plan you had in mind!
People are the most important factor behind most successful businesses. Losing someone to a premature death is often a crippling blow to their family, but it can also be crippling to the business as well. Let us show you some inexpensive ways to solve that problem.
Once you build a successful business, at some point you need to decide what happens when you no longer want to or can work, and who buys your ownership interest at what price. Businesses that fail to plan usually find that the death of a partner often means the death of the business. If you fail to plan – the IRS will do the planning for you and they are clearly not on you or your family’s side!
Management has a need for disability coverage as well – be it a professional or a key-man in the business. The risk of a disability before age 65 is three times higher than a premature death. Disability obviously affects the employee’s family, but it also directly affects the business as well.
If you are healthy and of an average build – there is no reason not to protect your family or business with all the low-cost plans that are available. Talk to us about what is important to you and what you are most concerned about in the future.
Perfect for when you are looking for an innovative way to retain and compensate that key person you really cannot afford to lose. There are also some nice tax benefits for both parties as well.
You can use payroll deduction to allow employees to acquire the benefits they want, but that you do not want to pay for, and you can even save on some payroll taxes.