Business Continuation

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Have you taken the steps to ensure that your business will continue to run smoothly if you were to lose a business partner? Have you considered what will happen in the event of divorce, disability or even worse, death?

A buy-sell agreement can establish the value of the business, assure that there is a buyer for the business and improve creditworthiness of the business. Think of a buy-sell agreement as a formal exit strategy that ensures everyone is treated fairly, the business is in a position to continue and the family is well cared for.

With a buy sell agreement, the business owners enter into the agreement today that sets out the terms and conditions of the sale of their business interest at some point in the future.

These terms and conditions may include (but are not limited to) who will purchase the interest, what triggers the buyout, when the sale will take place, the value of the interest, how the purchase price will be paid and more.

EXECUTIVE COMPENSATION

In a small business setting, it could take years to find or develop the executive talent needed to build the business to the next level. Executive talent is hard to come by, and it is even more difficult on the business when it walks out the door in pursuit of another opportunity.

When key executives are presented with a strong monetary incentive package, they are more likely to stay and utilize their talents where they feel appreciated and appropriately rewarded. Structured incentive plans can help keep key executives in place and motivate them to higher levels of performance.

Plans such as Nonqualified Deferred Compensation, Executive Bonus, and Split Dollar Life Insurance are life insurance based plans that enable the business to offer current and future benefits to their key executives in exchange for their continued service for a specified period of time.

For more information on Business Owner Planning, please contact us today.