Business Solutions
If you are a business owner, you have the added responsibility of your business to worry about on top of your personal life. Business owners typically worry about the day-to-day running of their businesses, but they are subject to certain unique risks and also have certain unique opportunities. You live with risk - that's the nature of business. You take on risk when you borrow money to expand, launch a new product or service, hire a new employee, extend credit to a customer. There are dozens of risks in business...and few guarantees. Successful business owners, therefore, work to minimize risk, so they can focus on meeting their objectives.
Business Continuation Planning As a business owner, you are the lifeblood of your organization, the driving force behind its success. Have you considered what will happen to your business when you are ready to retire? Do you have children or other family members ready to continue the family business? Or is there another successor in line who will be able to pick up the reins? Most of all, if you died prematurely or became disabled, will the business you worked so hard to build be able to continue...and will your family be financially provided for? Another risk is that the smooth operation, profitability, and value of a small business often depend upon one or a few key employees. What protects you in the event of the death or disability of a key employee?
The problem can become particularly difficult if that employee is also part-owner of the business and wants to be—or must be— bought out. In the event that your partner becomes disabled or dies and leaves his or her share of the business to heirs, how can you preserve business value, minimize disruption, and assure that the exiting owner and the continuing owners are treated fairly?
If a key person is not a part-owner, it may be in your best interest to consider setting up an executive fringe benefit plan that helps tie that employee closely to the company. You can also create customized “golden handcuff” provisions.
Retirement and Estate Planning
One of the nice perks of being self-employed or a business owner is that you don't HAVE to retire. You're a doer. You like to make decisions and see results. But maybe someday -- perhaps when you're 65, 75 or older - you just might WANT the option to trade the fun and frustration of work for golf, gardening, vacationing with the grandkids or sitting back and relaxing with family and friends. Just as important, you also want to have all your ducks in a row, so to speak, when it comes to making sure your loved ones are well provided for in the future.
Neither of these goals just happens. They are the result of decisions you make today. That means retirement planning and estate planning – mapping out a strategy to create options for you and for your family. Fortunately, there are more retirement and estate planning choices available today than ever before for business owners and those self-employed. As a New York Life agent, I am here to help you begin the process of planning. As the old saying goes: Those who fail to plan...fail.
Employee Benefits
Finding quality employees is half the challenge. Keeping them – and keeping them well motivated – is the other half, especially in today's tight labor market. One way to do that is to provide competitive benefits. I know, when many small business owners hear the words "employee benefits," they immediately think, "one more expense I can't afford!"
If this sounds like you, you might want to think again. Two reasons: (1) Carefully selected benefits can help reduce costly employee turnover, boost morale and, in turn, help assure your company's stability and productivity. (2) Benefits need not cost you an arm and a leg. For example, a voluntary payroll deduction program lets workers – including you as an owner-employee – acquire valuable benefits at virtually no cost to you.
Let’s work together to analyze your needs. I can then help you decide what products and services would be right for you and your business. For a Complimentary Business Needs Analysis, simply click here, fill out the form, and we'll be in touch.
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