Best Practices: Creating a Business Death/Disability Plan
What would happen to your business, your clients and the value of the company, if something where...
We can help you complete a deal. Where are you right now in your process?
Interested in a listing? Complete the buyer profile to be notified first when a new listing is published:
Whether you are a team of 1 or 100, SRG's open market of seller listings is at your fingertips in MyCompass.
Sign up for our free membership to complete a buyer profile and express interest in any listings you want to bid on. If you are a good fit, we will contact you to begin the deal process.
It is that simple.
Succession Resource Group is a boutique succession consulting firm based in the Pacific Northwest, serving clients across the country. SRG was founded by David Grau Jr., MBA in 2012 after nearly a decade of helping advisors with valuation and succession planning. SRG's team of experts leverage their industry expertise, combined with best-in-class resources, to help advisors, agents, and accountants manage the equity in their businesses...
Setting up an LLC or S-Corp for your financial services business? Unsure of where to start? We can help.
Our entity support services help you navigate the nuances and challenges of implementing a more formal organizational structure for your firm. While it may seem challenging at first, proper business entity formation can serve as the foundation for growth and provides numerous benefits. SRG offers a variety of solutions to help, from our simple Starter service where we provide you all the industry specific agreements to use on your own, to our Elite service where we do it all for you.
While there are numerous reasons to operate your business under an LLC or corporation, it can be challenging to do so when you hold your licenses personally and must be paid directly. But, it is still possible to leverage an entity if done correctly. Our team will help make the process turnkey and effective.
Operating as a formal entity can only help you, and every business owner should have or at least consider using one. You'll benefit from decreased personal liability (not as a licensed professional, but as a business owner), increase your ability to share/sell incremental equity & develop phantom equity plans, and benefit from potential tax savings.
You will receive one-on-one consulting from a dedicated member of our team, with resources designed for your specific business needs.
We offer three entity packages based on your needs. At a minimum all of our entity services include:
Our elite entity package includes additional consulting, recommendations, an entity binder, coordination with your tax professional, and industry resources so you can seamlessly move forward day one.
We guarantee your entity documents with 15 calendar days following federal and/or state approval.
The process from start to finish may vary based on your needs, but we can generally finalize the entity for you within 30-60 calendar days.
If you need the entity sooner, we offer expedited options.
Our entity support service is designed to help advisors navigate the nuances and challenges related to creating and using a more formal organizational structure for their business (e.g., partnership or corporation).
SRG can definitely help you if you have an entity! We review your current entity structure, work inside that framework and ensure that you are well-documented, researched, and compliant.
Our entity support service is for all independent business owners within the financial services industry who typically have one or more employees and/or independent contractor.
The business owner should engage in the entity support service.
There are several reasons to set up and operate your business as an entity:
Tax savings will vary for each business owner, but are usually in the amount of Medicare taxes (2.9% for 2020) saved on distributions received from an S Corporation. For larger teams, the potential tax savings may be sufficient motivation, but there are a multitude of additional reasons to set up and use an entity, all generally more important than the tax savings long-term (but we get it, saving on taxes doesn't hurt either!).
We encourage you to include your CPA and/or attorney in select conversations, which we can facilitate in our Elite service level, making the process turnkey for you.
Compared with businesses in other industries, the flow of revenue in the financial services industry necessitates additional steps because you are paid directly. This results in different regulatory nuances that you will need to know how to navigate. Our firm works exclusively in this industry, ensuring that you are not only compliant for internal purposes, but also for tax and legal purposes. We collaborate extensively with your CPA to ensure this happens and that he/she understands the background on the issue and the solution.
We request you complete a questionnaire. The questionnaire includes the following sections to complete: Business Formation Information, Shareholder/Member Information, Director Information, Officer Information, and Accounting Information.
Meeting Minutes should be completed annually. Most states also require the filing of an annual report. Best practice is to review your entity setup annually prior to the due date of your annual report. You will receive a checklist from us to help with the review and we will send you a reminder notice prior to the due date of your annual report. SRG can also help support you on an ongoing basis for a small additional fee, making it even easier on our clients to have and use an entity.
SRG has years of experience creating entities for our clients. We know your industry. And, we have helped our client's family's and legal counsel put these plans into action when something has happened. This is the experience we bring to each client's plan.
We strive for excellence and, as a result, we are always learning, adapting, and revising our deliverables and resources to ensure that you receive a fair, accurate, and timely solution as the industry changes.
We are neutral. We are not affiliated with a broker-dealer or custodian and can provide the advice that is best for you. We also pride ourselves on service - providing high-touch, high-quality solutions to our clients.
For many services, we discourage you from including staff members early on in these calls so both you and SRG may speak freely, but we leave this decision up to each client.
Nicole Frey, CFP®, Project Manager
Hattie Everroad, J.D., Project Administrator
Gracie Jaeger, Project Administrator
Our entity support service is designed to help advisors navigate the nuances and challenges related to creating and using a more formal organizational structure for their business (e.g., partnership or corporation).
SRG can definitely help you if you have an entity! We review your current entity structure, work inside that framework and ensure that you are well-documented, researched, and compliant.
Our entity support service is for all independent business owners within the financial services industry who typically have one or more employees and/or independent contractor.
The business owner should engage in the employment resources service.
There are several reasons owners may engage, however, the most common are:
If your main goal is tax savings, this may or may not be the best service for you. Tax savings will vary for each business owner, but are usually in the amount of Medicare taxes (1.45% for 2020) saved on profits received from an S Corporation
We encourage you to include your CPA and/or attorney on select conversations, which we will help assist with.
Compared with businesses in other industries, the flow of revenue in the financial services industry creates an additional step since it has to be paid by the broker-dealer directly to the advisor as the licensed person rather than the entity. This results in different regulatory nuances you will need to know how to navigate. Our firm works exclusively in this industry ensuring that you are not only compliant for internal purposes, but also for tax and legal purposes. We collaborate extensively with your CPA to ensure this happens.
We request you complete a questionnaire [link to questionnaire sample]. The questionnaire includes the following sections to complete: Business Formation Information, Shareholder/Member Information, Director Information, Officer Information, and Accounting Information.
Minutes should be completed on your practice annually. Most states also require the filing of an annual report. Best practice is to review your entity setup annually prior to the due date of your annual report. You will receive a checklist from us to help with the review and we will send you a reminder notice prior to the due date of your annual report.
We discourage you from including staff members on these calls.
SRG focuses solely within the financial services industry.
We strive for excellence and as a result, we are always learning, adapting, and revising our deliverables and resources to ensure that you receive a fair, accurate, and timely product as the industry changes.
We are neutral. We are not affiliated with a broker-dealer or custodian.
Nicole Frey, CFP®, Project Manager
Hattie Everroad, J.D., Project Administrator
Gracie Jaeger, Project Administrator
What would happen to your business, your clients and the value of the company, if something where...