Small Business Solutions

Business Continuation Planning, Employee Retention Plans


Small Business Solutions Insurance

Many business owners create and run their businesses with the intention of one day walking away and retiring. Whether it’s by selling it, passing it down, or simply closing the doors, walking away from the business you’ve built can be a very difficult process. This is where SIA can help you determine your best exit strategy by providing a comprehensive assessment of your business’s value at no cost with multiple solutions to ensure when you’re ready to leave, you get the most money for what you’ve worked so hard to build.

On top of preparing your exit strategy, SIA can also help you identify areas of concern such as “how to replace an irreplaceable employee” (Key Person Insurance), “how to retain talent” (deferred comp/executive bonuses), or “what happens if I die or become ill before I’m ready to retire” (buy/sell agreements). Whatever your concern may be, SIA will do its due diligence to provide you with solutions specifically designed for your business which gives you the peace of mind should something unfortunate happen to yourself or your “key” employees, the business can continue on in the same fashion.

Key Person Insurance

Most companies have that one or two or three employees who are just irreplaceable, whether it’s because of experience or work ethic or simply because that employee just has all of the right connections. Losing a “Key Employee” can be detrimental to the success of your company. That’s why there is “Key Person Insurance”, a life insurance policy designed to provide an adequate monetary value for the loss of a particular “Key Employee”. While the employee, him or herself, are irreplaceable, their monetary value to the company is replaceable. “Key Person” insurance can be purchased in Term or Permanent Insurance and it can be set up where the employer is the full beneficiary or it can be split between the company and the “Key Employee’s” choice of beneficiary. The proceeds from a life insurance contract on a “Key Employee” can allow your company the time it needs to find a suitable replacement and is meant to replace the monetary contribution your now deceased employee provided for your company.

Deferred Compensation/Executive Bonuses

When it comes to talent acquisition or talent retention, many companies offer fringe benefits to those higher caliber employees who are few and far between. Both “Deferred Compensation Plans” and “Executive Bonus Plans” are designed to be “Golden Handcuffs” in that they restrict an employee or an executive from making rash decisions when choosing to leave or join a company or to not means leaving “money on the table”. More times than not these plans are funded through life insurance contracts because of favorable taxation and employer obligation laws specifically designed to help the business attract and retain talented individuals.


Buy/Sell Agreements

No matter your legal business status (sole proprietor, partnership, LLC…etc), there is value to your business which diminishes significantly if the business owner has died or is unable to contribute to the daily operations anymore due to a major sickness or accident. A buy/sell agreement can be used between business partners, owners and key employees, or between competitors to help with extracting the most value for a business should a business owner be out of the picture. The day a business owner is dead, the business value on average depreciates 30-50% and sometimes more. That’s why it is important for every business to consider the “what if’s” so that the full value of the business can be obtained. Those who “fail to plan” have basically “planned to fail” and SIA has the tools and resources necessary to provide you with solutions tailor made for your specific needs.

You are covered

Place to detail information about the different aspects of the business and what all can be covered. This can be just about any information place here or it may not be needed.