Strategic Planning

You must act, not just wish.

Strategic Planning

You must act, not just wish.

Asset Protection

To begin the conversation about Asset Protection, we must first identify what are assets. When we at IFBCS refer to assets we are referring to titled properties, accounts, investments and holdings that are specifically titled in the name of our clients/executives. This includes both the personal assets and the corporate assets of the companies owned or where the executive has a partnership interest.

Why is Asset Protection important?

The first reason we believe its important is rather obvious: It takes longer to build any corporation, organization or personal wealth, than it takes to lose it. We have all read of examples of people losing 100 year old family businesses in the term of a couple of months. This is because, while the focus was on acquiring and building, no one stopped to think about what would protect it from loss.

The second reason Asset Protection is important revolves around life events (i.e. Sudden disability, a long term care need, degenerative diseases, dementia or other mental disorders, divorce, death of a partner, etc.). Any one or combination of life events, and the associated costs can quickly depreciate the assets of a lifetime of work. When appropriate and proper asset protection is done, the owner and the business should be protected from the nine (9) major life events that could prove catastrophic to business.

Strategic

Proper Asset Protection

Proper Asset Protection has been proven to save marriages, partnerships, businesses in general, corporations and personal wealth. It is the planning staple of the work we do. It is the foundation to every generational wealth plan we perform.

Strategic

TAX REDUCTION STRATEGIES

Paying the least amount of tax allowable by law is not just an opportunity but your legal right. Many CPA’s while excellent accountants, are not tax strategists, nor are they business planning specialists. Because of this, many of the tax saving vehicles that could save you and your business from 50-70% in tax payments are never utilized.

We research and implement the best practices allowed under the current IRC to give you the most comprehensive legal tax reduction strategies. These reductions/savings are redirected to establish very exciting executive wealth programs.

  • An Executive Bonus Plan is a win-win situation. The company normally gets to deduct the annual amount of the bonus and the employee received an additional benefit. The employer selects the executives they wish to benefit; along with the benefit level. The plan requires no administration other than regular payroll and can be terminated by company at any time.

  • An effective planning strategy that provides an effective way for a business to supplement the retirement benefits of its key executives.  Plan benefits can be tailored for each executive, with no consistency requirements and no minimum vesting rules.  Plan benefits are tax deductible to business when they are paid. 

  • Comprehensive Buy Sell Agreements are designed to secure the company against the 8 – 10 major events that could cause the company to dramatically change or completely cease operation.  Examples of a few events would include Louisiana Divorce, Dis-Interest, and Terminal Illness.

  • Non-qualified deferred compensation is an arrangement established by employers to provide retirement income and often death and/or disability benefits to selected managerial or highly compensated employees.  When properly arranged, the employer can defer income taxation of the deferred amounts until the benefits are paid.

  • Split Dollar arrangements are a cost and tax effective way to provide life insurance benefits for select employees.  The employer pays all policy premiums and the death benefit is split between the employer and the employee’s beneficiary.

  • (IRC Section 79)  A business may provide group insurance (Term or Permanent) and take an income tax deduction of premiums paid (which may have a signification effect on corporate and personal tax liability) and have employees receive favorable taxation on the coverage.  No government approval is required; minimum record-keeping; and tax deducts premiums annually contributed.

Tax Reduction and Tax Redirection: What do we mean? Taking what was a tax liability or a current tax arrangement and doing a modification and redirection toward a retirement plan suited for executives that will include bonuses and even double bonuses to give you 4-5 options at the end of your business that you would be able to enjoy.

Is your business bulletproof?

Business Model Conversion

When is the last time you looked at your business model, in particular your business delivery model? It may be time for you to upgrade or consider a full conversion. You have to examine the trends of your revenue, cash flow and evaluate if its necessary to delivery the service as you have always done. Once you have closely evaluated your trends and current position, you may find there is tremendous savings opportunities in expense areas such as employees, workers compensation, and the like and more. A conversion or “upgrade” may be worth exploring.

  • The reason most companies explore and implement a business model conversion is really simple. As you know in business, it basically comes down to dollars. When you evaluate your model, you may find a decrease in cash flow and the strain of maintaining expenses, including sacrificing your own salary to survive in business. A conversion of your business model can provide opportunities to redirect cash flow to greater purposes within your organization.

  • The purposes of a business model conversion is to cause a greater cohesiveness within your organization to allow for a cultural change. It can provide treatment of fairness, allowing individuals to feel they are earning what they are worth.

  • The process of a business model conversion will involve an initial consultation at the offices of Integrity, followed by an operational assessment and financial analysis. If necessary, a representative of Integrity will visit your organization for observation and greater clarity. Once all due diligence has been completed, an implementation plan for your conversion system is performed.

Conversion Options

  • Structure
  • People/Position
  • Marketing Program
  • Service Delivery Model
  • Sales Approach
  • Government Market to Private Pay

Non Profit Organization

The reason that 85% of all non profits fail within the first three years has everything to do with its initial setup. For example: Board Selection – A board that is weakly selected (individuals were not selected because they were influential; they were selected because they were someone you knew). Another reason may be Roles: the board was never told their ROLE is to raise in kind monies of every kind and they are responsible for raising $10,000, $20,000 or $100,000 per year as an individual member. The Executive Director has never been given a role. They often see themselves as an Office Manager, however the Executive Director should pursuing and learning every time a bid is opening and every foundation that is connected, everyone that can bring money to the organization. They work to cultivate these relationships on a daily basis.

We assist our clients to properly identify and structure the board and establish the proper roles as it relates to the organization. We further help them to understand the responsibilities to the government, public and reporting requirements along with proper structural legal documentation to form an organization.