As business owners and advisors, we tend to keep our heads down and stick to business, client relations, plan/product development and putting out fires. While we are tending to our businesses, the outside world is doing research and developing small business strategies in which you might not be aware.
Throughout my years in business, I have been thankful for the advice that others have shared with me, and I am delighted when that advice can be implemented into a plan that saves you time and money.
On this page, I’ve shared just a few of these helpful strategies and divided them into some common business categories.
The possibilities are truly endless when considering strategies like growing your business, how to motivate and retain key employees, and minimize taxes to name a few. In order to know the best strategies and practices for your business, including setting personal goals and objectives, we invite you to come in for a complimentary consultation.
We hope you find the information here useful and beneficial, and are able to share* these strategies with your clients as well.
*As with any type of information, this comes with the standard disclaimer that all of these strategies are for informational purposes only. Before utilizing any information for yourself, with clients or otherwise, please check with the applicable laws in your area, as well as your appropriate legal and/or tax attorney and advisors.
Did you know…
You can greatly reduce a gift tax, while creating a vehicle that brings in a stream of income through a GRAT.
Business owners of S Corporations face additional scrutiny by the IRS in relation to the payment (or non-payment) of payroll taxes. If you borrow from your company in the form of a shareholder loan, make sure you are meeting these minimum standards.
You can have one LLC, yet separately protect up to 4 different properties through a Texas Series LLC.
If it gives you a competitive edge, then it can be considered a company asset, and needs to be protected as such. Have you properly identified all of your company’s assets? If so, are they properly protected in a tax efficient manner?
There are a number of incentive programs, such as a Recapitalization of your company’s stock to create more non-voting shares, that you can use to motivate Key Employees to help grow company value, and to help retain those Key Employees through a company transition.
There are 4 important elements you need to include in your Benefit Planning Strategy to Motivate and Retain your Key Employees.
You can increase the value of your company by implementing Value Maximizers® which are simple processes and procedures that, according to Valuation Specialists, can increase your multiple at the time of a sale or transfer.
Company stock can be gifted through a GRAT.
You can protect your income, as well as your wishes and intentions for your company after a sale or transfer, even if you become disabled or a death occurs. To implement this kind of protection for you, your family and your company, you can utilize a Wage Continuation Plan for you and a Stay Bonus Plan for Key Employees.
General Business Strategies
A Buy / Sell Agreement (also referred to as a Shareholder Agreement) is a critical element in every strong business plan, but simply having that type of agreement does not mean you are properly protected.
Creating and updating a Disaster Recovery Plan on a regular basis will enable a quick recovery and minimal loss of profit and growth should a disruption of business occur. It can also increase the multiple of your company’s value, showing that proper planning techniques have been put in place to ensure your company’s success in case of a disastrous event.