Business Advisory

Succession Planning

Business exit/succession planning helps business owners develop an exit strategy to maximize their after-tax cash proceeds while meeting non-financial objectives. Succession and exit planning strategies will vary based on the particulars of the business (size, industry, management structure, and cash flow), the state of the economy, the M&A market, and personal objectives of the business owner.

Who needs succession planning? Our specialists will work with businesses of all sizes – ranging from those with less than $1,000,000 in revenue to those with sales in excess of $100,000,000.

Already have a succession plan in place? Our team of business planners can review your plan to provide input, and to recommend any updates or changes that may improve your plan. We've found that reviewing your plan every year as you approach exit will assure you are addressing the areas that need attention prior to sale / succession / or taking your company public.

Qualified Plans

In their simplest form, Qualified Plans are retirement plans that meet specific requirements of the Internal Revenue Code, and as a result, are eligible to receive certain tax benefits.

There are two types of qualified plans – defined-benefit plans and defined-contribution plans (such as 401ks and profit sharing plans). A defined benefit plan is “defined” in the sense that the benefit formula is specified and known in advance. Conversely, for a "defined contribution pension plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance.

Who needs qualified plans? Any company or employer offering retirement plans to employees. As an employer, your company is responsible for managing the plan's investments and risk. Many companies utilizing a qualified plan will hire an outside investment manager to do this. Qualified plans also offer tax incentives both to employers and participating employees.

Cost Remediation

As a Business Owner, you have several areas to focus on to keep your business as profitable as possible. Business expenses are necessary to operate your business, and over time can become a big part of your monthly budget. It's helpful to review your business expenses to find places to save. Cost remediation can help companies maintain their competitive edge by reducing operational costs and corporate risk to improve profit performance. Our cost remediation specialists will consider a number of items to lower your operating costs such as manufacturing incentives, vendor screening, energy deregulation, equipment lease audits, freight and parcel audits, hiring incentives, tax credits, cell phone audits, energy comprehensive studies, workers compensation audits, property lease audits, etc. There is no risk to this process, as our specialists only get paid if they find areas to save, and you decide to implement them. Our business owner clients are often surprised with the savings we find, and are delighted with the process we've built to find and implement them. Contact us today to schedule a free review of your business expenses to see if you can save!