Business Owners Need Your Help!
Small and medium size business owners are experiencing numerous challenges with this economy. These challenges have created the perfect opportunity for you to share ideas to keep their companies on track and how to plan their Exit Goals. Here are some ideas you can offer:
- Increase business value with incentives that reward long-term employment and provide short-term incentives to increase their bottom line.
- Preserve the value of their most important asset – their Company. Minimize tax exposure and protect the company from unexpected risks (example: key employee departure, divorce, disability, death). If they have a contingency plan, offer a review.
- If they plan on eventually selling their business to a third party, have the business positioned and ready for sale when the economy rebounds. Just like any stock, you want to sell a business when it is on the upside of the growth curve.
- If an ownership transfer to children is planned, review the timetable. Assuming they are nearing the appropriate age and experience, now may be the perfect time to begin that transfer. With a reduced business value due to current economic conditions, it may be financially easier to transfer the company now.
- If transferring the Company to employees, this may be the optimal time to begin. With a potentially lower business value, if they decide to bonus key employees stock of the Company, you can do so with minimal effect on cash flow and a lower tax impact on your key employees. You can bonus stock, still retain control and simultaneously motivate key employees to stay with the Company.
- Prepare a comprehensive personal financial plan, evaluate the current state of their personal affairs and determine what is needed to secure their personal financial future.
Great Plains Annuity and Life Marketing can help you create new clients that need your help. We’ll also show you how to network with CPAs, attorneys, bankers and business brokers to become the trusted advisor for the Business Continuation and Succession Planning market. We work with well known, top rated carriers that support this market and our own Advanced Underwriting experts!
Contact us today to discuss YOUR marketing plan: 800.710.1115