Many business owners seem to think they’re going to live forever and thus have done no succession planning, despite the COVID-19 pandemic illustrating more than ever the need to be prepared for probable, or inevitable, events or setbacks. Planning to work forever is not a business succession plan, and without one, when adverse events occur, the results can be devastating. This article looks at three critical elements business owners should consider to create a successful transition plan that can help maximize the business’s value for themselves or their families and increase the firm’s longevity.
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Appointing a specialist who can control the trust-owned family business or manage the trust’s investments allows the responsibility of managing the trust assets to be shared among uniquely qualified experts.
Read this article from The Nautilus Group to see how using a directed trust can allow grantors to both enjoy the services of a professional trustee and carve out specific areas of responsibility and management over the trust’s assets.
Nautilus, New York Life Insurance Company, its employees or agents are not in the business of providing tax, legal or accounting advice. SMRU 1911595 | Exp. 9/14/23
Watch this short video to learn how medical practices and other businesses can reward and retain their key employees while mitigating financial risk.
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Watch this short video to learn what employees are concerned about when considering retirement, and how medical practice owners can address those concerns.
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Many business owners fall into the trap of focusing on the urgent, short-term operational demands of their business, but neglect or delay the important directional and protective planning critical to its ultimate longevity and long-term value extraction.
This article provides an overview of key issues to consider when creating a business succession plan and the critical components of such that distinguish astute entrepreneurs.
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Do you know how a buy-sell agreement works? If you co-own a business, you can’t afford not to.
Closely held business owners know that retaining and rewarding key employees can be essential to their business’s continued success. In this video, Matt Pate, CVP with The Nautilus Group®, a service of New York Life, talks about ways business owners can ensure their employees stay motivated and happy and their businesses stay profitable. After you’ve heard Matt, let’s talk about how you can use this information to keep your key people on board and your business on track.
Selecting a business entity or organization form can be intimidating and confusing, yet it is an important decision for business owners and one that can have far-reaching consequences. This article looks at the different tax implications, characteristics and administrative requirements for common business types and provides an overview of how the owner’s selection may complement or detract from the business’s ultimate objectives.
How do employers retain top talent? Watch this video to learn more about a key employee retention strategy.
The sudden death of a business owner can have a substantial impact on its customers, employees, lenders, and suppliers. How should business owners prepare now?
How can business owners cope with the loss of a business partner? Listen now to learn how.
How can medical practices manage the cost of high employee turnover and the negative effect it has on revenues? Learn more by watching this short video.
How can business owners build wealth for their own retirement while trying to reduce their income taxes? Watch this video.
Co-owners of closely held businesses often focus on the day-to-day operations, while neglecting important long-term planning. Learn what every business owner needs to understand about buy-sell agreements, and why it’s important to have them in place.
The most successful business owners know when and how to use tools, such as the Marketability Assessment, to increase the return on the investment in their business.
In this short video, we introduce Mario and Maria. Both own successful businesses and have decisions to make when it comes to determining the value and marketability of their businesses as they consider their exits.