Business Owners
I find that most business owners are so busy working in their business, there’s little time to work ON the business, such as how to increase the value of the biggest asset they own and most likely, that will provide critical retirement income. 7-10 yrs prior to retirement is ideal. CEOs report that their biggest concern is Key Employee retention…..the very people that drive revenues can leave to your competitor without the incentive to stay. Another unique opportunity that business owners often overlook is the tax-efficient transfer of assets from the corporate pocket to the personal pocket. This leaves much money on the table. We can also address critical Business Succession planning in the event of the death, disability, divorce, retirement , etc. of the business owner. Proper planning frequently yields much bigger profits. As Houston is the gateway for Latin American business, I’m well positioned to serve this group, as they prefer the cultural and language connection.
Business planning concerns |
Percentage who consider it a major concern |
Percentage who have taken action to address the concern |
Keeping key employees loyal to the business |
53% |
30% offer special benefits for key employees |
How the business would be affected by the possible death of an owner or key employee |
44% |
32% have a buy-sell agreement triggered by death of an owner |
How the business would be affected by the possible disability of an owner or key employee |
40% |
25% have a buy-sell agreement triggered by disability of an owner |
Protecting assets from lawsuits, seizures, etc. |
38% |
30% have a business asset protection plan |
Transitioning ownership or finding a buyer when owner is ready to retire |
32% |
26% have a formal business succession plan |
Who will run the business if an owner leaves, becomes disabled, or dies |
31% |
26% have a formal business succession plan |
Handling estate taxes in the event of an owner's death |
25% |
46% have an estate plan |
(Source: MassMutual Business Owner Perspectives Study, 2011 Insights in an Uncertain Economy, CRN201309-152111).