Supplemental Executive Benefit Planning
If you are like most business owners, you have worked hard and have made many sacrifices to build your business. Now it is time to think about the talented individuals who helped your business succeed.
Have you done everything you can to attract, retain and reward the employees that your business depends on? These non-qualified plans go above and beyond traditional retirement plans to strategically benefit the valuable players in a business.
These benefits can go a long way towards positioning your business as the employer of choice and fostering loyalty among the employees who are critical to the success of your business.
As a business owner, most likely you have worked long hours and made many sacrifices to build your business into a strong, vibrant organization that you hope will continue to operate for a long time to come.
Have you put as much time and energy into protecting it as you did building it? Think about these important questions:
Will you be able to retire someday?
Do you have a plan for your business when you retire?
Have you thought about your business succession plan?
A business succession plan is the strategy for how you will transfer your business when you or another owner is ready to step down, or if something unexpected happens to you or your partners. It involves determining the value of the business, identifying a successor, and drafting and properly funding a buy sell agreement.
Ira Hermann and his team work alongside business owners and at times their other trusted, professional advisors such as CPAs and attorneys to develop succession plans and fund buy sell agreements.