As a business owner, sometimes running your business is all that you have time for. However, as your business grows there are important things for you to think about:
- Who would take over if something happened to you?
- Do you have a succession plan in place?
- Are you providing benefits that show your employees they are a valued part of your team?
While these questions may not seem important today, they can make running your business much easier in the future and can help ensure your long-term success.
At Central Trust Company, we can offer you a broad range of tailored services that are unique to your individual needs. We know it’s not easy running a business, and that’s why we’re here to help.
Business Succession Planning
One of the key goals of business management is to make sure a successor is ready to fill key positions upon vacancy. In succession planning, managers pinpoint employees at risk to leave and the resulting impact on the company, examine bench strengths of current employees, profile position requirements, analyze employees’ skill sets to forecast readiness for promotion, and identify potential successors. Developing internal talent can be a significant source of savings, considering external recruitment and training can be twice as expensive as finding internal replacements.
Our team includes individuals who have assisted many organizations and their outside advisors with their business succession planning. We are happy to set up a no-obligation consultation with your business today.
Selling Your Business
Selling a business can often be a challenging decision, and one that can leave you with many questions including:
- What should I do with the assets earned from the sale?
- How much tax burden will I incur?
- What will happen to my employees?
- Will my hard work and legacy still live on?
Succession planning is important to the longevity of your business, as well as proper planning for the sale of your business. Our team has helped many business owners make this transition, guiding them in making the proper investment choices to ensure long-term financial goals are met long after the sale.
Retirement Plan Services
We know that your employees are your best asset as a business owner. So, taking care of them is important to your success. At Central Trust Company, we offer a comprehensive retirement plan program, centered around you and your employees.
Additionally, Central Trust Company can help reduce your liability by acting in a fiduciary capacity for your business. This includes acting as your plan’s record keeper and investment manager.