Small Business Planning

Your competition has never been tougher. Running a small business is a constant battle. The last thing that you need is to lose the most valuable asset in your business…. your employees. Finding, recruiting, hiring and training employees is one of the costliest and time consuming aspects of a being in business. Our team at Barron Wealth Strategies can help you develop, implement and monitor incentive programs that suits the needs of your business as well as those of your employees. Your business can then retain and attract the best talent available, leaving your competition behind.

Whether you are a sole proprietor or have hundreds of employees, there is a retirement plan that can help. Our advisors at Barron Wealth Strategies can help you develop a plan to fit any size business. In the past, retirement choices including traditional 401k’s, safe harbor 401k’s, single owner 401k’s, SIMPLE IRA’s, and SEP IRA’s. There are pros and cons to each. The options include, the amount of company match, number of years’ employees must work to be vested, cost, and administrative requirements just to name a few. Once the plan type has been established, we are available to meet with employees to assist them get the most out of it. We also provide ongoing education to your employees.

If your business has one or more employees that you absolutely cannot do without, we can assist you with key employee strategies. These plans are non-qualified which allows you to be selective about which employees are allowed to participate. You are not required to offer them to all employees. These plans offer a lot of incentive for the key employee to stay with the company for many years.

At some point, you may want to exit the business. You may desire to transition the business to a family member, a business partner or sell to an outside party. We can assist you to make this transaction as seamless as possible, mitigate taxes, and without interruption to the business.

If you have a partner or a successor owner in mind, it is essential to have a buy / sell agreement in place. A buy / sell agreement is a legal document that establishes valuations, formulas, and guidelines for one owner to exit. They are also vital in the event of an untimely death of an owner. A buy / sell agreement protects all parties regardless if the sale is due to the death of an owner, retirement, or because the owners can no longer get along. The best time to create one is now, before it is needed.

Give us a call today to discuss how we can help work with your attorney for your small business.

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