831B Plan - Could be the Secret to Saving Your Business in Hard Times


Manage episode 333708967 series 1166483
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There are many aspects of a business's ability to thrive that are predictable. Just as in life, businesses can be negatively impacted by things that can't be predicted and even preventive. There are legal documents like Buy-Sell Agreements, and insurance products like Key Man Insurance, and technology protocols like continuity and redundancy services. The 831(b) is little known tool that businesses can use to 'self-insure' with pre-tax dollars. Much like the 401(k) tax code allows an employer to set aside tax-deferred dollars for retirement, the 831(b) tax code allows a business to set aside tax-deferred dollars for underinsured and/or uninsured risks. The similarities are clear and business owners should consider the risk mitigation advantages, before the next pandemic, natural disaster, or global supply crisis. Ed Bryan of SRA 831(b) Admin joins Karen to discuss this critical, and little known, element of the tax codes that benefit businesses, large and small. Ed Bryan has more than 20 years of sales and operations management experience with a consistent history of leading high-performing sales teams and operational excellence. As Director of Business Development, Ed leads the SRA team in partnering with clients and valued advisors to provide next-level strategies to business owners. http://831b.com Karen Rands advises angel investors on best practices for screening deals, conducting due diligence & creating a syndication to fully fund the company's round, when selecting private companies to invest in for large upside potential. Entrepreneur business owners benefit from Karen's insights for growth strategies and access to capital through direct public offerings & investor syndication. Visit http://karenrands.co for more information and get in touch with Karen

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