It's commonly understood that hiring the right people can make or break a business and that the right leadership directly impacts the entire team. Therefore, finding the right executive team is critical to finding business success.
Having a formal plan in place will help you incentivize key executives to stay with your business. Our Executive Compensation Strategies are designed to help you:
- Attract the best talent with better executive bonus and retention programs than your competition?
- Select few key folks who can continue your legacy?
- Create a plan for employees to buy you out of your business so you can retire?
What we'll use to help you develop a compensation plan:
- A census on the participants you are proposing to be included in the plan.
- The name, DOB, Date of Hire, Title, base compensation, and any bonuses
- Answers to the following questions:
- Are tax deductions up front necessary? Typically, non-qualified compensation plans defer the deduction until the benefit is actually paid in the future. There are different plans, however, that can produce deductions up front for the corporations if desired.
- At retirement age, would the company like to provide a lump sum benefit or a lifetime benefit paid over time.
- What age should we assume retirement begins?
- If a lifetime benefit, how long should the benefit last (e.g. “20 Years”, “Until Age 85”, “Paid out over 4 years”)
- Is there an annual budget we should look to work within? What is the total annual amount you would be willing to put into plane for your key folks?