As a business owner or key executive, you want the same thing as any individual-the opportunity for a good retirement & adequate protection against the threats that potentially could rob you of an enjoyable retirement. This however is a little more complicated as you are subject to considerable more regulations and responsibilities. I will help you with the extra challenges you face working towards your retirement while owning or running a business.
Depending on the size of your company and the investing goals you have, this will determine the type of plan to establish
I will help you establish a plan or improve an existing plan
I will act as a Fiduciary and teach you how to act prudently as you are also a Fiduciary as the Plan Sponsor
Frequently, as the owner or key executive, you are the largest plan participant, but are so busy running the business, you do not have time to run the plan. You have the most to benefit from having a good plan.
Welfare Benefit Plans
This is quickly becoming a more used type of plan to set aside dollars for post-retirement medical expenses. These are sometimes referred to as VEBA's. You may recall reading about this when the United Auto Workers established this as part of their recent dealing with GM.
If you have a business partner who also is part owner of the business, what would happen to their share of the business if they experienced an early passing? Without the proper planning, your new business partner could be their spouse, their children, or both. I doubt you or they would want this to happen. I can help you eliminate this threat to the way you would run your business. What if the person was fortunate not to pass away, but instead suffered a disability? What plans do you have to still effectivily run your business should this unfortunate event occur?
The Buy-Sell is an essential component of succession planning, yet is used so infrequently.
Other Tax-Advantaged Benefits
The current tax code allows you as a business owner to use corporate dollars to provide certain benefits to select employees, but is not manadatory that you offer them to all employees. Most have current tax benefits & some will also serve for future succession planning. Some of these are disablity insurance, long term care insurance, non-qualified deferred compensation plans, and retention bonuses (also known as "Golden Handcuffs")
New or Recently Opened Businesses
Are you planning on opening up or have recently opened your own business? In order to have as little impact on cash flow, I will work with you each month to address a different financial planning topic and spread the fees out over a monthly basis.