Here at Flynn Wealth Strategies, we offer a wide array of services to help business owners address their financial needs at every stage of the business life cycle. Taking into account their personal values and financial goals, we create and execute customized plans to help entrepreneurs meet their objectives. Some of our key services are detailed below.
Business Succession and Exit Planning
Succession planning allows owners to leave their business on their own timeframe while preparing their company to be transferred to family members, key employees, an outside party, or even a charity. This must be done in a way that achieves personal financial security, maintains harmony, and achieves maximum value for the business.
Executive Benefit Planning
A comprehensive executive benefit program can be designed to provide selected executives with:
- A continuing level of replacement income for the executive beyond active employment with which to reasonably maintain his or her family’s established standard of living after his or her retirement, disability or death. A 2008 study published by Georgia State University indicated that executives earning more than $250,000 had to earn over 85% of their pre-retirement income after they retired in order to preserve their after-tax level of spendable income.
- Programs to facilitate the executive’s ability to accumulate capital through a combination of company sponsored deferred compensation, personal pre-tax savings and investment programs, as well as through company provided performance related short-term and/or long-term incentive programs.
Each of these objectives can be tied to “golden handcuff” requirements to encourage the executive to remain faithful to the company, and can provide for a “golden parachute” to financially protect the executive in the event of a change of control. Contact us for more information.
Succession Planning
Succession planning allows owners to leave their business on their own timeframe while preparing their company to be transferred to family members, key employees, an outside party, or even a charity. This must be done in a way that achieves personal financial security, maintains harmony, and achieves maximum value for the business.
Key Person Insurance
Key person life insurance offers a death benefit that indemnifies an employer for the loss of one of its most important assets - the key person. This can help assure continuity of the business for employees, customers and creditors, and protects against losses in sales, momentum, and credit. It can also be used to recruit and develop a replacement for the employee.
Buy-Sell Agreements
A buy–sell agreement is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or leaves the business, whether by force or by choice. A funded cross-purchase buy-sell plan utilizes life insurance to ensure that the arrangement is properly funded so that there will be money when the event is triggered.
Deferred Compensation
Deferred compensation is a written agreement between an employer and an employee where the employee chooses to have part of his or her compensation withheld by the company, invested on their behalf, and distributed back to them at a pre-determined point in the future. Deferred compensation can be used as a flexible way to attract and incentivize key employees.
