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As job creators, idea innovators, wealth builders, and taxpayers, business owners are by nature self-driven, responsible, take charge, make-it-happen people.
As job creators, idea innovators, wealth builders, and taxpayers, business owners are by nature self-driven, responsible, take charge, make-it-happen people. Yet, in the rush of day-to-day business activities, many business owners become so engrossed in running their companies, they inadvertently put their personal finances on the back burner.
With much of their wealth locked into business assets, business owners need financial planning that understands and respects this reality. Trove’s specialized tools and plan design expertise can incorporate buy-sell contingencies, business continuity issues, and exit/succession planning into a comprehensive LifePrint™ plan that protects both family and business interests.
Growing your business is hard work. Passing it on shouldn’t be. You owe it to yourself to ensure that your business will continue to flourish after you leave. Proper planning can help provide long-term security for your retirement, your company’s future, and your family.
It is never too early to begin planning for succession. An early start can help you develop an appropriate exit strategy and allow you the time to choose the right person(s) to eventually run your business. A business succession plan can maximize your business’s value and secure your own financial future when the time comes to sell, transfer or wrap things up. When planned properly, your transition should be smooth both emotionally and financially, not just for you and your family, but your employees and your successor as well.
Drawing upon our years of experience guiding business owners through the journey of succession planning, Trove Private Wealth™ serves as your financial advocate to assure that your experience is as simple and smooth as possible.
In addition to offering you solutions that range from estate and tax planning to business advisory and wealth management, as well as looking after all aspects of the sale of your business, we serve as your central facilitator to ensure that all necessary details are properly coordinated with your other advisors, including your accountant and attorney.
The death of a key person can result in serious consequences for the business. Credit could be substantially impaired, or even worse, loans would be called if the key person was a co-signer. The loss of that “intangible asset value” represented by the key person may be greater than that caused by a fire, flood, or other catastrophe. When insuring a loss through death, Key Person Life Insurance can provide an important source of revenue replacement. Further, the insurance can be designed to accumulate reserves that may be used ultimately for retirement, a termination replacement, or the retraining of successors.
Many companies design their Key Person coverage as a Split Dollar Plan. This is an arrangement between an employer and an employee to share the costs and benefits of a life insurance policy. These plans are widely used in gift and estate planning and can be an important part of the compensation package for key executives.
If a business partner dies, a Buy-Sell Agreement protects the business and remaining owners from inactive, uninformed, and potentially dissident shareholders and helps consolidate control in the hands of the agreed upon group. Additionally, it helps fix the value of each owner’s business interest. From the viewpoint of the heirs of a deceased business owner, a buy-sell severs their dependency on the surviving owners and the economic fortunes of a business that has lost a key person.
It’s important to note that a buy-sell agreement is useful only to the extent it is adequately funded on the date of the “triggering event.” Trove Prvate Wealth™ can guide you in the process of developing and funding a buy-sell agreement suited to the needs of your business. The ideal buy-sell agreement is funded and prepared in a manner that is easy for the parties to understand, is reasonably priced, is easily administered, and will not adversely affect the working capital or credit position of the business or professional practice.
Business owners and key executives face tax issues and retirement saving challenges due to restrictive legislation that dramatically limits the amount of income that can be deferred or contributed to the company’s qualified retirement plan. For this reason, a growing number of companies are turning to nonqualified deferred compensation plans to augment owners’ and key executives’ retirement benefits and overcome many of the regulatory restrictions that apply to qualified retirement plans.
We are all hardwired to resist change. Understanding your resistance, and how to overcome it, is the key to unlocking your ability to accomplish your goals – for yourself and your organization.
An executive coach can serve as a valued partner, helping you understand what is keeping you stuck, then, how to change limiting mindsets and behaviors. The result is a transformative process that enables you to close the gap between what you genuinely intend to do and what you are actually able to bring about.
Trove’s specialized tools and plan design expertise help build a comprehensive LifePrint™ plan that protects your interests, aspirations, and legacy. Start protecting your business today!
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Plainville, MA 02762
P: 781.489.9800
info@trovepw.com
Securities offered through Valmark Securities, Inc., Member FINRA/SIPC. Advisory services offered through Valmark Advisers, Inc., an SEC Registered Investment Advisor. 130 Springside Drive, Suite 300, Akron, OH 44333-2431 · (800) 765-5201. Trove Private Wealth™ is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
C12 equips Christian CEOs and owners to build great businesses for a greater purpose.
