BUSINESS SOLUTIONS
"The biggest expense in any investment is the taxes."
- Anonymous
Here at Saavi Financial Group LLC, we offer a wide array of services to help business owners address their financial needs at every stage of the business life cycle. Taking into account their personal values and financial goals, we create and execute customized strategies to help entrepreneurs meet their objectives. Some of our key services are detailed below.
EXECUTIVE BENEFITS
The success of most businesses is tied in to the talent, passion, and work ethics of their key executives. Executive benefit packages can help you attract, motivate, and retain high-caliber employees and keep your company healthy and stable. We can help you with funding non-qualified plans, supplemental employee retirement plans, split dollar plans, and more.
SUCCESSION PLANNING
Succession planning allows owners to retire from their business within their own time frame, while preparing for the company to be transferred to family members, key employees, an outside party, or even a charity. This must be done in a way that achieves personal financial security, maintains harmony, and achieves maximum value for the business. We can provide financial strategies for succession planning.
KEY PERSON INSURANCE
Key person life insurance offers a death benefit that helps indemnify an employer for the loss of one of its most important assets—the key person. This can help assure continuity of the business for employees, customers, and creditors, and protects against losses in sales, momentum, and credit. It can also be used to assist with recruiting and developing a replacement for the employee.
FUNDING BUY-SELL AGREEMENTS
A buy-sell agreement is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or leaves the business, whether by force or by choice. A funded cross-purchase buy-sell plan utilizes life insurance to help ensure that the arrangement is properly funded so that there will be money if the event occurs.
FUNDING DEFERRED COMPENSATION
Deferred compensation is a written agreement between an employer and an employee in which the employee chooses to have part of his or her compensation withheld by the company, invested on their behalf, and distributed to them at a predetermined point in the future. Deferred compensation can be used as a flexible way to attract and incentivize key employees. We provide funding strategies for deferred compensation.
Life plan for your business®
Life Plan Strategies for Your Business was created to provide access to additional tools and resources to business owners The strategies encompass six steps that focus on the client’s short-term and long-term goals by carefully examining what is important to the client personally and to his or her business. Each of the steps listed below include the various tools and resources to help create a business plan for each individual situation.
STEP 1: PROJECT YOUR GOALS
Step one of Life Plan Strategies for Your Business is to understand and project your goals. The tools available will help initiate the conversation around business exit and succession planning as well as begin the information gathering process. A sample of the Life Plan Strategies Inventory is shown below.
Life Plan Strategies Inventory
STEP 2: NEEDS ANALYSIS
The Needs Analysis step in Life Plan Strategies for Your Business will focus on aligning your retirement, business, and life goals. A sample Conversion of Value is shown below.
Conversion of Value Analysis
STEP 3: VALUE YOUR BUSINESS
The Value Your Business step in Life Plan Strategies for Your Business consists of a three-level strategy that incorporates different levels of analysis. A valuation is critical to properly prepare for the business exit or succession process. A sample Estimation of Value is shown below.
Estimation of Value
STEP 4: DEFINE MARKETABILITY STRATEGY
The Define Marketability Strategy step in Life Plan Strategies for Your Business provides concepts and resources to help create a more marketable business. The focus is on strategies tying key employees to the business. Furthermore, we have a relationship with a mergers and acquisition advisor that will help when selling a business to a third party. A sample of the deferred compensation piece is shown below.
Using Nonqualified
Deferred Compensation
to Maximize Value
STEP 5: DESIGN OPTIMAL SOLUTIONS
The Design Optimal Solutions step in Life Plan Strategies for Your Business can help provide different business exit options to help you decide what is best for your unique situation. A sample of the Selling to Co-Owners concept piece is shown below.
Selling to Co-Owners
STEP 6: IMPLEMENT AND MONITOR PLAN
The Implement and Monitor Plan step in Life Plan Strategies for Your Business provides a tool that can be used to review and track the progress of a business plan. This tool will help everyone remain on track and working toward a common goal. A sample Client Timeline is shown below.
Client Timeline
EMPLOYEE BENEFITS
Today’s labor market is competitive, and finding quality employees that have the experience, values, and knowledge necessary for the job can be a challenge. Then, after you’ve put your team together, you still have to figure out how to keep them motivated and happy to be there. Offering benefits that are the right fit for your business can help to reduce employee turnover, which in turn also helps your long-term stability. Even though it’s an added expense, it’s typically much less than what it takes to hire, train, and retain new employees.
We can guide you through the process of designing a custom benefits package that keeps you competitive and doesn’t drain your wallet. We’ll show you a wide variety of services and solutions to find the options that fit your needs and budget. Certain options can come at little to no cost to you, such as a voluntary payroll deduction program. No matter what your needs are or where you’re at in the process of establishing a benefits package, Saavi Financial Group LLC is here to help. Some of our key benefit offerings are detailed below.
GROUP MAJOR MEDICAL PLANS
This kind of plan meets the standards and covers all the minimum essential benefits of the Affordable Care Act (ACA). It also provides benefits for a wide range of inpatient and outpatient health care services.
GROUP DISABILITY INSURANCE PLANS
This kind of plan meets the standards and covers all the minimum essential benefits of the Affordable Care Act (ACA). It also provides benefits for a wide range of inpatient and outpatient health care services.
GROUP DISABILITY INSURANCE PLANS
Group disability plans offer basic salary compensation for employees that experience a short- or long-term disability. Competitive rates are also available on your state-required disability.
GROUP LIFE INSURANCE PLANS
This is a plan that offers life insurance benefits to employees, where the insurance contract is only between the group and the insurance company. Members of the group receive certificates of coverage at little or no cost to them.
GROUP DENTAL AND VISION PLANS
These plans offer coverage for dental and/or vision expenses. Most typically, group dental and vision plans are an add-on to a health insurance plan.
FLEXIBLE SPENDING ACCOUNTS*
Flexible spending accounts may provide you with a way to make eligible out-of-pocket costs pre-tax, potentially helping you and your employees save tax dollars.
VOLUNTARY COVERAGE**
Adding voluntary coverage options to your plan can enhance your benefits program with little or no out-of-pocket cost for you. Some of the products offered are whole and universal life insurance, dental insurance, vision insurance, short- or long-term care, and cancer protection.
RETIREMENT PLANS
We will work with you to find the right retirement plan for your needs and budget, and help you find the best way to fund these qualified and non-qualified plans. Some of the options we offer are profit sharing, 401(k), defined contribution, and defined benefit.
Please consult your own tax advisor for tax advice.
*Your participation in the payroll deduction life insurance program is completely voluntary. Since this program is not intended to be subject to the Employee Retirement Income Security Act of 1974(ERISA), your employer cannot contribute to or endorse any policy offered under this program.