Small Business Planning
Small businesses like yours are the backbone of
our economy. While we remain focused on
our clients, we often neglect our own business financial planning, especially
for retirement. A retirement plan for
your business may be one of those things that you hope to get to “someday,” but
there’s never been a more important time to think about a plan for yourself and
your business. Why?
- The right plan will replace owners’ income in
- Most business owners plan on selling their businesses when they
want to retire. The challenges of
selling your business are numerous, but two of the larger difficulties are:
- The business is dependent on the reputation and
skills of the owner and these are not quickly transferable.
- The timing is not always an option – health and
family issues often intervene to alter the owners’ plans.
- Retirement plans offer tax advantages -
Advantages apply to both owners and their employees including:
- Reduced taxable income – Contributions to a
retirement plan generally reduce an individual’s taxable income.
- Tax-deferred growth – Earnings in the business
retirement plan grow without annual taxation allowing for compounding and,
potentially, the ability to save more for retirement.
- Employee Retention and Recruitment improves when
a retirement plan is offered – Having a business retirement plan demonstrates
the owners’ commitment to assisting employees save for their own
retirement. The existence of a plan will
often attract higher quality employees and keep them employed at the business
for the longer term.
Which retirement plan is right for my business?
The answer depends on a number of different factors that are
unique to your circumstances. The best
option is to contact us and we will recommend a personalized plan to fit you and your company's specific requirements and needs.
To learn the
basics about the different retirement plans, click on the link
Owner only 401k
Profit Sharing 401k
Defined Benefit Plans
If you are interested in receiving a brochure describing business retirement plans in more detail, please
email Barbara to request one.
2020 contribution limits, click here
What does my business receive when working with our team?
Craig Wealth Advisors' role:
Our team will not only assist in evaluating options,
but will work with you on an ongoing basis to coordinate the different
components of the retirement plan process. We believe that establishing a
retirement plan for your company also means creating long-term relationships
with your employees – helping them understand how to invest and coordinate their
retirement plan allocations with their other assets to develop comprehensive, personalized financial plans.
To achieve this,
- We will meet with you, the business owner, to
determine which retirement plan is best suited for the business and your goals.
- We will meet with each
employee to complete the necessary paperwork.
- The team at Craig Wealth Advisors will set up and manage the
retirement plan so you can concentrate on growing your business.
- Once the plan is set up, we meet with
each participant on a regular basis to discuss their investment options and
- Our team will work with each new
employee to ensure they have a solid understanding of the benefits of
participating in the retirement plan.
Debbie's background and Experience:
Debbie grew up in a small independent insurance adjusting business. Her parents worked very hard to grow the company to four locations throughout Michigan with a staff of 20. They knew their business, but no one was helping them plan for their future. Large companies have the advantage of pensions and benefits, but the smaller companies need financial advice to guide their financial futures. No one is waiting at retirement time to hand the small business owner anything.
Debbie is proud to dedicate her time and energy to help Northern Michigan business owners develop a plan that is designed to help them retire with financial independence.
She has over 20 years of financial planning experience during which time she has worked with many different businesses in the area to set up, administer and
manage their retirement plans. She combines this experience with her CFP® to help all plan participants to move toward a successful
Click here to learn more
her experience and qualifications .