Whether you are starting a business or contemplating succession or exit strategies, you need an experienced, trusted advisor to help guide you through the process of protecting what you have built. By focusing on your largest asset, your business, we use strategies that are available to help owners achieve their personal financial goals. We provide comprehensive planning for business owners, with our typical clients being owners of privately held small to mid-sized companies. These businesses may not realize it, but they have access to many beneficial financial strategies that are typically thought to be reserved for bigger corporations.
A Buy-Sell Agreement is a legally binding agreement between co-owners of a business that, under agreed upon circumstances, allows one or more owners to buy-out another owner. Buy-sell agreements are most frequently used in the in the event of the death, retirement, resignation of an owner or even in the case of management deadlock. A well drafted and up-to-date buy-sell agreement reflecting the expectations of the owners is imperative to avoid costly, drawn out litigation and ensure the long-term viability of the business. Very often owners create a buy-sell agreement shortly after forming the business and then never look at it or update it again because they don’t truly grasp the potential impact of this agreement on their business. Our recommendation is for business owners to review their buy-sell agreements at least every few years because, as we know, things change. Whether the business has changed, your circumstances have changed, your partners have changed or the tax law has changed, it makes sense to evaluate the document that will dictate how your most significant asset is handled during the most meaningful times of your life.
Exit Planning is a crucial element for every business owner, yet unfortunately many don’t give it enough attention… until it’s too late. Exit planning is defined as the creation and execution of a strategy allowing owners to exit their businesses on their terms and conditions. It is an established process that creates a legal roadmap or Exit Plan, involving the efforts of several professions, which may include your attorney, CPA and other professionals and facilitated and led by an advisor who ensures not only the plan creation, but its timely execution.
Succession Planning differs from exit planning in that it refers to the transition of the family business to the next generation. Working in a family businesses poses specific challenges that go along with succession. It is said that only about 30% of family and businesses survive into the second generation, and that number dwindles drastically with each subsequent generation. In addition to traditional exit planning skills, succession planning requires the ability to integrate planning with the business, ownership structure and family dynamics.
Employee and Executive Benefits help your business attract and retain qualified employees through Employer Sponsored Retirement Plans such as 401K and Profit Sharing and Group Benefits such as medical, dental, disability and life insurance. We can turn your benefits plan into a strategic investment by helping you achieve your objectives of employee attraction, retention and productivity. Blue Chip Financial is available to review, evaluate and make recommendations regarding existing plans and policies. We are not tied to any one firm but have a wealth of reliable strategic partners and suppliers. We work for you. By representing ALL the leading insurance companies, we can be objective and truly represent your group’s best interests. We evaluate all your specific needs including: cost, benefit design, employee contributions and key physicians before making any recommendations.
In everything we do, we bring our unique perspective to help you understand which strategies are available to help build and protect your business success. We then strategize, collaborate, implement and integrate the most beneficial plan of action for your particular set of circumstances. We pride ourselves on our responsiveness to our customers. We will always get back to you in a timely manner and will follow through to make sure the insurance carriers fulfill their their obligations. We always fight for our clients. We are committed to helping you secure what you have built.