Business Planning
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.
Buy/Sell Planning
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.
Key Person
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.
Testimonials
Thank you, Anthony. It was our pleasure to work with you on this account. While we didn’t win this one, we are very happy to hear that you did - and it comes as no surprise, as it is evident that you take great care in providing your clients with the best possible options, consultation and education. As I’m sure you already know, this goes a long way and will continue to be the secret to your success.
Thank you again for your thoughtful note and looking forward to working with you and your team on future submissions. - Teresa D., Insurance Wholesaler for JM Patton Associates
Our organization has been with J. M. Associates for over 20 years. Our agent, Marty Wilson, provides first class customer service, understands the needs of our business and gives sound advice in helping us with our insurance decisions. When you’re consistently treated as though you are THE most important client, why go anywhere else? - Karen, HR Director
Anthony Mirarchi and JM Patton assisted us in securing malpractice insurance this year. The degree of responsiveness and attention to detail was beyond comparison. They continually exceeded our expectations and delivered a policy that was perfect for our needs. They are the ultimate professionals when it comes to the insurance business. - Dr. S., Vascular Surgeon
Keith has handled our insurance needs for over 30 years…that point alone speaks for itself. Keith always makes himself available to resolve any problems large or small. He has proven time and again that a great/knowledgeable agent can make a huge difference when a claim is issued. Marty at JMPatton is always prompt and helpful. She is a pleasure to work with. Keith reviews all available coverage options yearly, to ensure our pricing is the best available…working only with AAA rated insurance companies. Both Keith and Marty at JMPatton make dealing with anything insurance related so much easier. - Nancy D., Controller Hays Sheet Metal
I have been working with J. M. Patton for many years and they are always very responsive to our needs. Our agent, Marty Wilson, is always available to answer questions or address any issues that come up. Marty also reviews our insurance annually for both coverage and premium, ensuring we have the best coverage and pricing available. - Stephanie M., Director of Finance; Medical Device Developer/Manufacturer
Keith has been my insurance man for many years would not even consider getting another. He always looked out for my business, always getting me the best prices and sending me personal reminders. It has been a pleasure working with him and JM Patton. Look forward to many more years of doing business with him. - Jack M, Owner Linart Construction
We began our relationship with JM Patton about 6 years ago. The professionalism, courtesy and knowledge of the staff has been extraordinarily helpful in navigating the requirements of government contracts, funders, and employment regulations, keeping us in compliance with regulations and staying ahead of potential pitfalls. We especially appreciate the quick response time when we need a change in coverage or a COI for a special event, a funder or a landlord. The fact that responses are not only quick, but friendly as well, makes the experience all the better. - Susan T, Finance Director
Our organization has been with J. M. Associates (JMP) for over 20 years. We have always found their staff to be professional, knowledgeable and responsive when it comes to our unique insurance needs. They are always available to review and advise on the many contractual needs of our organization and provide us with practical solutions. They perform a complete review of our insurance annually, providing us with a thorough marketing review of our 15 lines of insurance and an outline of the best insurance options available to us. We would recommend JMP to any organization seeking a professional and detailed insurance brokerage. - Rinku M., Director of Finance
I had the extreme pleasure of working with Anthony Mirarchi from J.M. PATTON Associates, Inc.. on my malpractice insurance this month! After shopping around for the best insurance with multiple brokers and underwriters, Anthony was the only person with the confidence and dedication to get something done! He delivered for me the best malpractice insurance and above all else was available for any questions while always seeming in control. I felt that my best interests were always being taken care of in a professional and timely manner! I am very thankful for my experience with Anthony Mirarchi and will be recommending him to more doctors for help! Thank you! - Brad Schaeffer D.P.M., The Learning Channel – My Feet Are Killing Me
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.
Deferred Compensation
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.
Succession Planning
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.