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What are your business concerns?
Besides your home, your
business will probably be the largest investment in your
lifetime - an investment both financially and in time
and energy.
As a full service CPA
firm we want to be by your side every step of the way. Whether
you need a total accounting package with monthly or quarterly
bookkeeping and tax compliance work, or objective advice
and consulting as needed, or compiled, reviewed or audited
financial statements, we will tailor the level of services
according to your needs.
Are you starting a new
business?
What form of business entity should you establish?
Should you lease or purchase your capital equipment?
What kind of accounting/software system should you
set up?
How many employees do you anticipate and do you know
the required payroll reporting?
Are there any state and/or industry specific compliance
issues that you need to know about?
We can guide you through the myriad of decisions required
in starting a new business.
Do you have a business
continuation plan in effect for your established business?
You know the importance of delivering a good product
or service and standing behind it.
You also know the importance
of keeping the books balanced, hiring qualified employees,
beating the competition and meeting ever-increasing customer
service expectations.
But until you address the issues
of retirement planning, business continuation and rewarding
and retaining key employees, everything else could be
in jeopardy.
Did
you know…
Only 58% of small businesses have formal written
business continuation plans.
Only 37% of small businesses carry individual business
life insurance and of those that do, 4 in 10 give
the following reasons: To provide estate liquidity;
to provide funds due to the loss of a key employee;
to fund business continuation arrangements through
buy-sell or stock redemption plans; and to provide
additional life insurance benefits to owners and/or
key employees.
Retirement plans are now the third most prevalent
benefit (among small businesses), behind health care
and prescription drug plans, but only 21% of them
sponsor a 401(k) plan and only 16% sponsor a profit
sharing plan.
Sources: U.S. Small Businesses in 2000; A dynamic Market. Authors: Nulifer
R. Ahmed:Anita Potter; Karen Terry – March, 2001
Ask
yourself…
What would happen to your business if you suddenly
weren’t here?
What would happen if you were disabled?
Would your business go on running smoothly without
you, or would there be arguments over who should
make executive decisions?
Would your key people stay on, or would they begin
looking for opportunities elsewhere?
What about your best customers? Would they
stay, or are you the reason they do business with
you?
What is the valuation of your business and how can
you maximize the value with exit/succession strategies
when you are ready to retire?
Good business planning
is more than just ensuring the stability of your business
should you die or become disabled or desire to retire. It
also includes using the business to reward yourself
and your key people while you are living.
By combining Qualified
Retirement Plans and Selective Benefit Plans you can:
Set extra money aside for yourself
Help
your employees prepare for their own retirement
Reward
and retain key employees
Now is the time to review your goals and objectives,
and design a strategy that works best for you and your
business.
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