There are many factors that influence the success or failure of a business. The costs of doing business, including manufacturing, distribution, and marketing of products or services are some of these financial factors. Overhead costs, such as rents, employee salaries, and utilities can also eat into the profitability of a given company. If the company’s … Continue reading Business Overhead Protection: What You Need to Know
Family-owned businesses are unique in the world of commerce. These businesses may have started simple, then grown over the years to become local, regional, or even national powerhouses. Family businesses may be passed down from generation to generation. When a business owner dies or becomes disabled and is no longer able to handle business operations, … Continue reading How Family-Owned Businesses Should Handle Liquidation
Passing down a successful business from generation to generation is the goal of many business owners, as discussed in our previous piece. With advanced planning involving an insured Section 303 stock redemption plan, many obstacles that occur at the owner’s death can be avoided. Some obstacles that a Section 303 helps to avoid are: Estate … Continue reading A Section 303 Redemption Plan Helps Avoid These Obstacles
Business owners who intend to leave their successful business to one or more children should consider an insured Section 303 stock redemption plan for estate tax purposes. No one wants to give the government more of their hard-earned money than legally obligated. If planned correctly, an owner of a closely held corporation can reduce … Continue reading Handing a Business Down? Use This Stock Redemption Plan
For business owners, leaving a legacy behind for their children is often a driving factor. Leaving that legacy to chance is not. If the owner of a business passes away, often, the family will have to borrow the cash needed to pay for funeral expenses, taxes on the estate, and ordinary income taxation of stock … Continue reading Can Life Insurance Help Protect Your Legacy?
Businesses looking to attract and retain loyal and valued employees often need to use more than salary alone. A qualified retirement plan can enhance an employee’s benefits package. The self-made, vastly successful businessman Andrew Carnegie summed up how to run a successful business, “Take away my factories, my plants; take away my railroads, my ships, … Continue reading How to Attract the Best Employees with Qualified Retirement Plans
Let's take a comprehensive look at the various components of an owner-only 401(k) savings plan and how both employers and employees can benefit. Contributions to an Owner-Only 401(k) Plan Employer – Contributions by the business to the plan are tax-deductible in the year made, up to specified maximum amounts. In addition, employer contributions are not … Continue reading A Complete Review of the Best Owner-Only 401(k) Plans
As mentioned in the previous article, two problems that smaller corporations face when competing with larger companies are hiring and retaining key employees, and inadequate retirement benefits offered to key employees and owners. There is a common solution to this problem: A Selective Executive Retirement Plan (SERP). SERP Benefits and Funding A SERP is tailor-made … Continue reading Small Business: Utilizing SERPs to Compete with Corporations
Smaller corporations often face two problems: the hiring and retention of key employees, and an inadequate retirement benefits payable to owners and key employees. The solution to this problem can be a selective executive retirement plan. Most prosperous businesses have one or more crucial employees who are largely responsible for the success of the corporation. … Continue reading A Small Business’ Solution to Long-Term Success
As a business owner, hiring and retaining employees who are loyal and become an integral part of the company dynamic is key. Providing these employees with more than just a paycheck may mean the difference between a business thriving and one that fails. The power of a qualified retirement plan helps business owners attract and … Continue reading Will Retirement Plans Really Create a Successful Business?