Family run businesses are the backbone of The United States and often times present different needs for management than other types of businesses. They often times present a different set of issues to manage sometimes due to a single owner structure or ideals or goals differing among other family members or management partners if there is more than one member involved, how can risks be minimized? Key persons coverage, buy sell agreements, section 162, are all tremendously important in these circumstances to provide options for the continued operations of the organization. If you would like to reach us for a free 15 minute phone consultation please click on our Tungle me link to the left and you can pick a convenient time to schedule a consultation.
- Reducing the financial impact of the loss of a family member or employee key to your business by providing funds to quickly find and train a replacement.
- Keeping the business operating normally to reassure customers, creditors and employees.
- Providing a retention incentive for a family member or key employees by making funds available to bonus key employees, or upon retirement of a key person, creating a retirement benefit with the transfer of a certificate to that employee.
