Client Centered
Sell My Business To An Insider
Thompson Planning Group has evaluated both the monetary and psychological side of what keeps employees happy and committed to the company they lead. Initially we work in a consultative fashion to find the most value of a plan design based on customized rewards that mean the most to each individual key employee.
Everyone deserves their own financial strategy and all financial plans are different in some way. It’s been our experience that many owners do not know what’s possible as it relates to tax favored and selective compensation arrangements that can minimize employee turnover.
It is extremely rare for us to come across a business that actually has these plans in place or even ever having heard of them. Knowing what their competitors may be doing, especially when it comes to productivity and protecting the business from expensive turnover cost is of tremendous value. Most current company turnover can be prevented.
*Studies show that losing a key employee could cost as much as 1 to 3 times their salary in replacement cost. Preventing these expensive turnovers is the space that we operate in and we enjoy sharing all that we know and have learned over the last three decades as it relates to current business planning strategies.
Client Centered
Deferred Compensation
Deferred compensation could be characterized as a protected savings account that can include timelines for access earlier than typical qualified plans ie; 59 ½ years old. These types of plans can incentivize chosen employees thereby keeping great talent from resigning to go to the continuous outside job offers they see every day.
Key employees will leave for small increases in current income offered by competitors if they do not feel appreciated. All employees enjoy being recognized and they see attractive job opportunities everyday on LinkedIn. Business owners need and are searching for plan designs that can alleviate these constant concerns about losing key employees.
Employees themselves can also elect to defer what would be taxable earned income in a given year to a later year when tax rates may be less or the tax bracket is lower due to lower income totals in future years.
Although deferred compensation plans are popular and attractive there are numerous compliance concerns that must be met to prevent a business from getting into trouble with the DOL and ERISA. Thompson Planning Group can supply the guidance necessary by way of a turn key process and can assist with the proper implementation of these unique opportunities.
Client Centered
Reward/Retention Strategies
Client Centered
Continuity and Exit Planning
1) A sale to 3rd party, outside buyer,
2) An inside transfer of ownership to the next generation or a key employee group or
3) The third exit would be the owner never sells the company or transfers the company stock and dies without ever transferring the business. The earlier a business owner prepares for it can provide for the largest sale price of the company. With strategic planning, the owner is able to transfer the company to who they want, when they want, and for the value that they want.
Our History
Years of experience have prepared us to guide you through your life transitions.
Our Values
Trust. Honesty. Integrity. We believe values matter, and we live by ours every day.
