Planning for a closely held business to address business valuation, estate planning considerations, disability protection, key employee protection and retention of valued personnel, retirement planning, and succession planning or exit strategies.
When Contryman professionals provide business planning services, they will try to look at most aspects of a business to help the business operate successfully while protecting the owners’ interests. They advise business owners on entity selection to see that the organization is structured in a manner that will limit liability, provide fringe benefits, provide flexibility for future expansion, minimize taxes, and provide transferable ownership interests.
A business valuation will provide an accurate value of the business for financing purposes, for estate planning, or in divorce or other litigation situations. The estate planning aspect of our business planning services may include a properly structured buy/sell agreement to help a business continue if one of the owners dies or becomes disabled, and see that it is structured to minimize taxes. In addition to providing direction if something happens to an owner, an estate plan also clarifies estate tax valuation expectations.
An injury or serious illness to an owner can be devastating to a business as well as to the owner’s family. Disability protection can help fund salary continuation payments or a buyout. For small service company owners who actively participate in the business, overhead protection covers expenses normally paid by an owner in the ordinary course of business, however it does not cover new purchases or the owner’s salary.
When a key employee is crucial to the operation of a business, we suggest key employee death protection to assure continuation of the business. We offer strategies to help you attract and retain good employees including non-qualified deferred compensation plans, split dollar life insurance, employee stock ownership plans, retirement plans, and other possible benefits. We will explain the benefits of each type of plan and we can help by setting up vehicles to accomplish many of the strategies through Contryman Associates, P.C. or Contryman Wealth Advisors.
We can also help you plan lifetime exit strategies including the transfer of ownership and the transfer of management. We look at the tax implications of possible strategies while trying to meet your needs and respond to your desires and objectives for the business or plan for your estate.
- Meet with a Contryman business planning professional
- We will discuss how your business is structured
- Perform detailed risk analysis (if applicable)
- We can help you determine if a business valuation is needed
- If you have an estate plan that addresses your business, we will review it – if not, we can discuss possible buy-sell agreements and other estate planning considerations
- We can help you determine the level and types of disability coverage that you may need
- We can discuss ways to protect and retain key employees and methods to help you attract and retain other good employees
- Finally, we can discuss exit strategies to transfer both ownership and management