Small Business Financial Services

Can your business afford to not have a plan?

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Financial Planning

for Small Business Owners

Business Plans

 

Your business is constantly changing, we help keep you on track

 

 

A good business plan often equates to a profitable business

a good business plan equates to a proftiable business.

Together we will help you:

  1. Explore Your Target Markets

  2. Perfect Your Elevator Pitch

  3. Forecast Expenses and Profits

  4. Stay Focused with Milestones

  5. Review and Understand Your Numbers 

  6. Develop a Marketing Plan

  7. Design Your Company's Benefits Plan

  8. Become a Profit-Centered Business

Employer Sponsored Benefits

 

We aim to help keep your employees happy and you profitable

 
Todd Mann Financial Services provides benefits packages opportunities for Springfield, Eugene, and Lane County aiming to help keep your employees happy and profitable. We offer healthcare packages that will help you navigate the constantly changing healthcare industry, retirement packages that combine time-tested approaches with new and innovative strategies to build wealth and achieve financial success, and life and disability packages which protect your employees, their families, and your business from the unexpected with ultra competitive insurance options.

We will help you navigate the enrollment process for small group health plans.

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We help set-up and manage retirement accounts for you and your employees.

Todd Mann Financial Services provides benefits packages opportunities for Springfield, Eugene, and Lane County aiming to help keep your employees happy and profitable. We offer healthcare packages that will help you navigate the constantly changing healthcare industry, retirement packages that combine time-tested approaches with new and innovative strategies to build wealth and achieve financial success, and life and disability packages which protect your employees, their families, and your business from the unexpected with ultra competitive insurance options.

We can protect your employees and their families with ultra competitive insurance options.

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Succession Planning

 

Facing retirement or declining health?

 
succession planning, retirement, buy-sell agreement, business continuation,

We'll help you plan for smooth business continuation with a well-funded buy-sell agreement

Is a Buy-Sell Agreement Right for You? Ask yourself: 

 

  1. Are there other owners of your business?

  2. Do you have a succession plan in place in case of death or retirement? Is it funded?

  3. Has a business continuation plan been discussed with family members and key employees?

  4. If one of your business partners dies, do you want to continue to do business with the deceased partner’s heirs?

  5. Will your business partners look after your family’s financial needs?

  6. Will there be enough cash to settle your estate expenses?

  7. Will your family receive a fair price for your share of the business?

Two Types of Buy-Sell Agreements:

  • Cross purchase - Other stockholders purchase the stock of the departing member

  • Stock redemption - The corporation purchases the stock of the departing member

A Buy-Sell Agreement Provides:

  • An agreed upon price

  • A guaranteed buyer

  • Prompt settlement

  • Fixed estate tax value

  • Relief to family from burdens

Buying or Selling a Financial Practice in Springfield or Eugene... Let us Know

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Todd Mann Financial Services offers Business Valuation for business's located around Springfield, Eugene, and Lane County. How much is your business worth? Know your equity value, enterprise value, asset sale value, liquidation value. Reasons for a business valuation are: to secure financing, for proper credit and risk management, to sell a business for full market value, to make the most out of your business

How much is your business worth?

Click here to start your Business Valuation

 
Todd Mann Financial Services offer business valuation opportunities for Springfield, Eugene, and Lane County. Equity value, enterprise value, asset sale value, liquidation value

Know your business values...

  • Equity Value

  • Enterprise Value

  • Asset Sale Value

  • Liquidation Value

 Why get a valuation?

  • To secure financing

  • For proper credit and risk management

  • To sell a business for full market value

  • To make the most out of your business

You will need:

  • Two most recent business income tax returns and other relevant figures (goodwill, intellectual property, etc.)

We partner with Ohio National Insurance Company and produce these reports via BizEquity

Lighthouse

Retirement Plans

 

Ask us about profit-sharing, pensions, and 401Ks

 

Oregon Small Business Retirement Plan Options 

(for information purposes only)
Oregon Saves

Features

Tax-free growth

Tax-free withdrawals (retirement)

Employer Contributions:

None

Employee Contributions:

Up to 10% of Modified Adjusted Gross Income

$10,000 Max in 2019

Employer's Role

Must register with OregonSaves

Submit employees' contributions

Key Exclusion Criteria

Employees must be 18 years old

Employee-centered

Portable, can easily move from company to company

Investment Options

Very limited 

*This is for informational purposes only, please speak to a financial professional before making investment decisions.

SEP IRA

Features

Invest pre-tax dollars

Tax-free growth

Employer Contributions:

1-25% of employees’ income**

Employers are not required to contribute every year 

Employee Contributions:

None

Employer's Role

Must certify exemption

Submit employees' contributions

Key Exclusion Criteria

Employees must have worked 3 of last 5 years and earned at least $600 per year.

Owner/Employee-centered

Total traditional IRA and Roth IRA contributions cannot exceed $6,000 for 2019 and may be made in addition to SEP contributions.

Investment Options

Very diverse with TMFS

*This is for informational purposes only, please speak to a financial professional before making investment decisions.

**Self-employment tax must be subtracted which results in a lower maximum contribution.

SIMPLE IRA

Features

Invest pre-tax dollars

Tax-free growth

Employer Contributions:

2% non-elective

or

3% elective  

Employee Contributions:

Up to $13,000

+$3000 catch up for age 50+

Employer's Role

Must certify exemption

Submit employees' contributions

Key Exclusion Criteria

Employees must have worked 2 straight years and earned $5,000 and are expected to do so again.

Balanced

Employees only get company match if they participate

Investment Options

Very diverse with TMFS

*This is for informational purposes only, please speak to a financial professional before making investment decisions.

 

Oregon Saves

 

"Oregon employers are required to facilitate OregonSaves if they don’t offer an employer-sponsored retirement plan." 

www.oregonsaves.com

Is your business OregonSaves Compliant?

 

Penalties for Non-compliance

$250 for the first year per eligible employee

$500 for each year thereafter. 
 

Life Insurance

 

We help you and your employees' families prepare for the unthinkable

 

 

Ask us about Guaranteed Standard Issue (for groups of 5 or more people)

and Key Person Insurance.

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Term Life
Insurance

Premiums

Low-cost

Common Duration*

10 years, 20 years or 30 years

Cash Value:

Zero

Death Benefit:

Tax-free

*This assumes all premiums are payed on time and in full.

Universal Life
Insurance

Premiums

Flexible

Duration*

Permanent (for life) 

Cash Value:

Yes

Grows tax-differed

Can be withdrawn tax-free as policy loans**

Death Benefit:

Tax-free

*This assumes all premiums are payed on time and in full.

**Under current tax law, policy loans are viewed as a return of principal and can be with taken out tax-free, certain restrictions such as those imposed on modified endowment contracts may apply.

Whole Life
Insurance

Premiums

High

Duration*

Permanent (for life) 

Cash Value:

Yes

Grows tax-differed

Can be withdrawn tax-free as policy loans**

Death Benefit:

Tax-free

*This assumes all premiums are payed on time and in full.

**Under current tax law, policy loans are viewed as a return of principal and can be with taken out tax-free, certain restrictions such as those imposed on modified endowment contracts may apply.

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Key Person Insurance

What is it?

Key Person Insurance provides a death benefit to the policy owner in the event of the death of an essential employee.

 

Who needs it?

If people are your business's greatest asset, you may need Key Person Insurance. 

Who is a Key Person?

Someone who's contribution to your business is significant and who's death would place a financial burden on the business.

  • Executives

  • Top sales people

  • Highly visible employees

  • Financiers

  • Highly skilled or talented employees

What happens when a key person dies?

Your business may need to...

  • Hire and train a new employee

  • Rebuild company morale

  • Pay money to the deceased's family

  • Repair credit hurt by the loss

  • Replace lost earnings

How much is a key person worth?

Valuation Methods:

  • Multiple of salary

  • Contribution to earnings

  • Present value of projected loss in earnings

  • Replacement Cost

  • One year's profit

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How does it work?

3 Easy Steps

  1. Determine value of employee

  2. Get employee's consent and apply for insurance 

  3. Pay Premium- Business is payer, owner, and beneficiary

  4. If key person dies, benefits are paid to the business income tax free
 
Have Questions?
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TODD MANN FINANCIAL SERVICES INC. 
1840 5th St. Springfield, OR 97477.  

(O) 541-583-0093

Todd@ToddMannFinancialServices.com

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Springfield Chamber of Commerce