The smartest move you can make is to simply start planning. The following information helps clarify the various solutions available as part of an overall goal-based plan for your small business. The decisions you make today can help improve the future of your business, your family and your retirement.
You are bound to encounter some challenges in this phase which can interfere and erode the income you need to build up your wealth. Some of the challenges you might face include:
A comfortable retirement depends on the successful transition of your business. Different succession strategies may include pros and cons:
Before making any important decisions, it’s critical to know the market value of your business, including your current and projected revenue and your assets. Working with an adviser to determine what your business is worth today will support your succession planning goals in the future
As a small business owner, the success of your business supports your family, your employees and their families. But what if something happens to you?
And what about threats like natural disasters, security breaches and identity theft? Properly managing risk can help ensure that your business will continue to provide for the people that rely on it.
Your key employees are valuable assets that help keep your business running. Losing even one can be costly and trigger a ripple effect, including:
Losing a key employee to a competitor can be even more damaging. Rewarding key employees with long-term incentives gives them both validation and financial security that may result in higher retention rates.
It is also important to have a strong employee benefits package. We evaluate the design of different group benefit options to achieve the optimal structure and the best fit for the company. We also have partnerships with Third Party Administrators, to help with the administration of the plan and to ensure that your employees are getting the highest level of service.
Services Include:
Pittsburgh Office
381 Mansfield Avenue Suite 400 Pittsburgh, PA 15220
Columbus Office
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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by Thryv to provide information on a topic that may be of interest. Thryv is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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Securities and investment advisory services offered through Hornor, Townsend & Kent, LLC. Registered Investment Adviser. Member FINRA/SIPC. www.finra.org and www.sipc.org. 600 Dresher Road, Horsham PA 19044. 800-873-7637, www.htk.com. HTK is a wholly-owned subsidiary of The Penn Mutual Life Insurance Company. HTK does not offer tax or legal advice. Always consult a qualified tax advisor regarding your personal tax situation and a qualified legal professional for your personal estate planning situation. Vigilant Wealth Partners is not affiliated with HTK.
LEAP®, Financial Junk Drawer™, and Protection, Savings, and Growth (PS&G) Model® are trademarks and service marks of Leap Systems, LLC which is an independent affiliate of the Penn Mutual Life Insurance Company (PML). Trademarks belong to their respective owners. It is important to note that the implementation of any strategies provided as a part of LEAP is designed to help find tax inefficiencies and aid one in reaching their financial goals, but no assurance can be made that these goals will in fact be reached. Individual results may vary.
Investing involves risk, including loss of value. Insurance and other financial products and services may be subject to certain terms, conditions and costs not identified within the enclosed material. Any strategies represented are not guarantees of future performance or success, and may not be appropriate for your situation.
This is not an offer or solicitation in any state(s) where not properly licensed and/or registered. For registration or licensing information, please contact me at my office at
412-733-4080.
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