Business Succession Planning
Common Problems Companies Face Today
Recruiting and retaining key employees is of extreme importance to most businesses. Likewise, having proactive plans that deal with partner, owner, co-founder or family buy-outs are equally critical. The problem is that people leave for a host of reasons: they get sick, retire, pass away, or move to another firm. It is difficult to cover all of these possible events. Even worse, funding all of these contingent liabilities is an expensive ongoing cost – so most simply don’t. This leaves businesses exposed. We help business owners by educating them on innovative financial strategies and tools that offer a plan to cover all of these situations.
Recruit and Retain Key Employees
Employees don’t stay at companies for 20+ years anymore. Headhunters know how to recruit your top talent. While most businesses understand the need for competitive benefit packages used to retain key employees, businesses are not able to adequately incentivize them without having to make significant financial sacrifices. It is crucial that your employees’ basic needs are not only met but exceeded in order to differentiate your business.
Studies have shown it costs as much as 30% of an employee’s base salary to recruit and train a new executive or employee. We help business owners by educating them on how they can use that money to benefit their key employees and motivate them to stay.
Cost Effectiveness of Traditional Benefit Plans
Most benefit plans require you to pay an annual expense as long as the employee is employed by your company. Even worse, these costs increase over time. How would you like to make only five payments for an employee benefit plan?
Most businesses offer just the basic benefits, like health insurance and 401(k) matching. What separates you from the rest? We give business owners a competitive advantage with their employee benefits.
Business Continuation (Key Man, Buy-Sell, Partner Buyout)
Business partners and executives leave for a variety of reasons. They can become disabled, have a chronic illness, or just want to retire, leaving the business to scramble to cover the loss. In the case of business ownership, most business partners would like to have something in place that would avoid having a large portion of the business ownership automatically transferred to someone who does not have a personal stake in the business. We help business owners develop a plan for these situations.
Contact us to learn about effective strategies and tools to attract and retain key employees, as well as business succession planning.