If you are the owner of a company, or even part of the leadership team, you want everything to be run in your vision to achieve success. However, you won’t be part of the company forever, and it’s of vital importance to make sure that your intentions for how it’s run is an issue that has to be dealt with. Keeping your employees protected during any passing of leadership is just as critical as finding the right person to continue after you step down.
JM Patton Associates offers comprehensive business planning services to companies who are looking ahead to the future and want to ensure that what they have started carries through long after they are out of the picture. The following are some of the components of business planning that we offer.
If you either leave the business you hold ownership in, or you pass away unexpectedly, buy/sell planning, also known as buy and sell agreements, allow you to have your stake in the company re-assigned to another party of your choosing. Whether your partner or partners gain sole ownership or your shares are sold by some other means, this gives you a plan for a time when you can no longer operate your business.
Your business likely has a specific influential executive that has a critical role in the company’s operations. This could be the owner, founder, or another leader on a board of trustees. For any concerns about how things will be run in their unexpected absence, you can take out key person insurance on them to gain expenses to help your company until you find a suitable replacement.
Business Overhead Coverage
Even if you are unable to work, your business needs proper funding to make payments and give your employees compensation. If an event comes about where you are unable to work for a period of time, we can cover your expenditures to keep your business afloat in the interim.
Qualified and Non-Qualified Plans
To help your employees, your business will have to provide retirement planning options. There are two types of plans: qualified and non-qualified plans.
Under this kind of plan, payment is paid at a later date, with taxes deferred as well. This gives your employees tax benefits and may come in the form of pensions and other similar plans. There are types of deferred compensation plans that are qualified, such as 401(k)s, as well as non-qualified such as 409(a)s.
There’s going to be a time where you step down from leading your company, and you will want to pass it on to someone you trust so that things continue to run smoothly. Our succession planning services can help you stay prepared for your business’s life after you and help you find the perfect person and plan of attack to carry on in your absence.
If you have any questions about our benefits programs or any of our other services, call the JMP team today. We value our relationships with our clients and would be more than happy to speak with you on which plans best fit your needs.