Financial Planning for Businesses

Whether you are just starting out and trying to bring that dream of yours to life or if you are running an established business and looking to slow down, prudent financial planning should always be taken into consideration. Here are a few areas we help business owners with:

  • Business Succession – a business succession plan helps determine how your business will be transferred to others and outlines the steps necessary to prepare for the transition. A good succession plan helps ensures your wishes will be carried out if you should die suddenly or can no longer run your business due to illness or disabling injury. It can also help you ease into retirement or provide a retirement income.
  • Key Person Insurance – provides life insurance or disability benefits to your company if it suffers the loss of a key employee. These funds can help keep the business running by providing cash to help attract, hire, and train new employees. It can also assure creditors, existing employees, and customers that funds are available to meet commitments.
  • Buy-Sell Agreement Funding – A Buy-Sell agreement provides for an orderly change of ownership under certain circumstances such as the death of a partner or shareholder.  The insurance proceeds can help ensure the deceased’s beneficiaries are provided with a fair market value for the shares and that the shares are sold to the surviving member(s) of the business and can protect them from unwanted shareholders such as family members of the deceased.

There are also several opportunities available to business owners that can help make the assets in their corporation become more tax-efficient. Financial Heights Inc., along with the assistance of a team of experts available to us though Freedom 55 Financial, can show you some of the strategies available to help you improve and protect your business

If you have any questions or would like to set up a meeting please * contact us.