Financial Strategies for The Business Owner
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Running a successful business takes time and effort. There’s always one more job to do, one more project to be completed, in order to stay competitive. You’re well aware of the risks of running a business, but are you aware of the potential problems of keeping your business successful over the long term? The continued operation of your business may depend on how well you manage the following concerns:
- Planning for your retirement or unexpected death,
- Rewarding and keeping your key employees, and
- Reducing the government’s income tax bite on your business
Thelifeagency.com can explain how life insurance products can be designed to help address these problems. Below is a summary of financial strategies which may be helpful as you consider how to keep your business healthy and profitable.
Strategies for business success
Here are some of the many strategies that may be helpful as you plan for the continuing success of your business:
- Business succession. Your business may be your single most valuable asset. Protect it and your heirs, by planning for its future in the event of your retirement, disability or premature death.
- Business protection. Make sure your business can pay its debts and protect itself in the event of the death of a key employee.
- Qualified retirement planning. Provide a tax-advantaged way of giving yourself the retirement income you deserve while attracting and keeping qualified employees at the same time.
- Key employee retention through non-qualified benefits. Use your business to retain and reward your key employees while tying them to your business.
- Salary continuation and deferred compensation plans. Continue your income after retirement, or use these plans to keep your key employees happy and motivated.
- Welfare benefit plans. A tax-advantaged means of providing death benefits for yourself and your employees.
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