For Businesses

Business Planning

Implementing the right business planning strategies enables business owners to worry less and spend more time focusing on their most important job: running their business! Veritas Planning Group can assist with all of the following: Veritas Planning Group can assist with all of the following:

  • Group Benefits Planning
    • Medical, Dental, Vision
    • Short-term Disability, Long-term Disability, Life
  • Retirement Plan Services
    • Plan Selection
      • 401(k), SIMPLE IRA, SEP IRA
    • Employee Education
    • Plan Investment Options
  • Buy/Sell agreements
  • Key Person Insurance
  • Business Overhead Insurance
  • Business Succession and Valuation

Life and disability insurance are often used to protect businesses from the financial consequences of the loss or disability of a key person. If something terrible happened to an owner, director, or executive, the business may suffer economic losses due to his or her absence. The key person’s value then becomes the death or disability benefit that will be paid to the business.

Buy/Sell agreements help with the orderly continuation of a business where survivors receive a fair cash settlement for a deceased owner’s interest. The most common way in which to fund a buy/sell agreement is through the use of life insurance.

In small businesses, the owner is usually so important to the profitability of the business that when the business owner becomes totally disabled, the business will suffer economically and may even be forced to close. Business overhead insurance solves this problem. Its purpose is to cover certain overhead expenses that continue when the business owner is disabled. By covering expenses, such as rent, taxes, insurance premiums, utility bills, and salaries, when the business owner is disabled, the business is able to keep its doors open and continue to operate.

The sale of a closely held family business can present a number of unique challenges. When multiple family members are involved, either in an ownership or management capacity, decisions regarding the sale can potentially create tension and disagreements. Veritas can help you prepare for the eventual sale of your business and preemptively address any problems by working with you on all of the key issues.