COVENANT BUSINESS PLANNING SOLUTIONS

The Next Generation

As a business owner, you understand the importance of having qualified, dedicated employees.  Attracting and retaining the best employees with the necessary skills is a challenge that all business owner’s face in today’s competitive environment.

Someday, those employees may be asked to lead your business into the next generation. Many business owners look to key employees to take on extra responsibility when the business is sold or passed on to your adult children. It’s important to find ways to create those key employees and to mentor them into the roles they will play in the future.

One way is to reward your key employees with a non-qualified Executive Bonus Arrangement. Not only is this product easy to implement and will provide substantial pre- and post-retirement benefits for selected key employees – it can also do so for yourself! 

A non-qualified Executive Bonus Arrangement is a tax-deferred, employer-sponsored retirement plan which falls outside of employee retirement income security act guidelines. Non-qualified plans are designed to meet specialized retirement needs for key executives and other select employees.

As owner of the business, you are not subject to the same non-discrimination rules and set contribution limits as in qualified plans.  You can determine who will participate and the amount of the bonus.  Executive Bonus Arrangements provide a way to reward you and your key employees for past accomplishments and an incentive for future performance.

When will you know that it’s time to retire and let the next generation take over?

Covenant Consulting Group has the experience and resources to help you plan for your retirement. We have a professional team of legal, financial, tax and other service providers who will work with you to create the right succession and retirement plan for you.

Begin your consultation with our free assessment (link) and help us learn more about your business. Then, we will schedule a visit with you to review your concerns and look at plan options. We’ll let you know what information will be needed to help us determine the right course of action. We’ll follow up with plan options, based on your specific needs. Then, once you’ve selected your plan, we work closely with you to facilitate each step and help you achieve your desired goals.

Those goals should include retiring with peace of mind.

Contact Covenant Consulting for more information at 877.442.2040