While the rewards of owning and operating a small business can be great, it’s no secret that it’s hard work.
Tremont Street Financial Group understands what’s at stake for small business owners like you. This is why we offer a comprehensive menu of small business solutions including:
Risk management refers to a number of strategies and solutions aimed at reducing liability and risk. Because they often attend to tasks of daily operations, business owners often overlook the risk management aspect of running their company. However, risk management is a valuable process, one that can help to secure the longevity, profitability, and viability your business.
A buy-sell agreement is structure between partners and shareholders that outlines how ownership stakes of a business are transferred upon a qualifying event. Typically, the event will be death, but it can also encompass retirement and disability. Life insurance is regularly used to fund the underlying buy-sell structure. When/if a qualifying event occurs, the remaining partners apply the life insurance benefits to acquire the departing partner’s ownership share.
Many businesses—especially those at the small business level—depend on a few key employees. Should a key employee depart because of death, retirement, or disability, the continued viability of the business may be threatened. A key-person insurance structure mitigates the operational and financial stress that results from the loss a key employee. In this arrangement, the business is both the purchaser and beneficiary of a life insurance policy taken out on a key employee.
Employer Retirement Solutions
As a small business owner, you may feel that retirement solutions—such as the kind you would find with a larger, established business—are out of reach for yourself and your employees. However, there are numerous solutions available to you that can help build a retirement source.
Exit Strategy Planning
While you focus on the life of your business, consider your exit plan. What does this mean? An exit plan simply outlines what will happen to your company when you retire and how you redeem value out of what you have built over the years. Will you sell the company? Transfer it to a key employee or family member? Your choice of exit plan will involve documentation and tax considerations. We are here to guide you through your options.