Coasting in Retirement – Episode 75
Happy New Year, Gulf Coast friends! Whether you’re dreaming of sandy beaches with your toes in the sand, hitting the road for new adventures, or spending more quality time with your grandchildren, the beginning of 2026 is the perfect moment to pause, reflect, and put strong plans in place for both your business and your retirement.
Josh Null (host of Coasting in Retirement and owner of Gulf Coast Financial Advisors) and his longtime co-host Jay Stubbs (from Providence Partners) recently sat down to revisit some of the most impactful topics from their popular B.O.S.S. series: Business Owner Strategies & Solutions. Drawing from years of working with business owners, solo entrepreneurs, and key employees across the Gulf Coast, they shared practical, real-world advice on protecting what you’ve built and positioning yourself for long-term success.
From succession planning to powerful retirement plan strategies, here’s what stood out…and how you can apply it right now.
Why Every Business Owner Needs a Strong Plan: Lessons from the B.O.S.S. Series
Building and growing a business on the Gulf Coast takes hard work, sacrifice, and smart decisions. But far too many owners spend more time planning family vacations than planning for what happens when they want to step back, retire, or face the unexpected.
Josh and Jay walked listeners through four key areas every business owner, from those with many employees to solo entrepreneurs, should consider. Even if you’re not a business owner yourself, these topics matter if you work for one, are married to one, or have family members in business.
1. Buy-Sell Agreements & Succession Planning: Avoid Chaos When Life Happens
One of the biggest risks for any business is the lack of a clear succession plan. Josh and Jay pointed out that roughly 70% of small businesses fail to successfully transition to the next generation.
Using the relatable example of co-owning a wine distribution company, Jay explained what happens without a buy-sell agreement: if one owner passes away, the surviving owner could suddenly be in business with the deceased partner’s spouse, someone who may not want to (or be able to) run the day-to-day operations. A well-crafted buy-sell agreement, funded with life insurance or other methods, creates clear triggering events (death, disability, divorce, etc.) and ensures a smooth, fair transition.
They also discussed different types of agreements (cross-purchase, entity purchase, and “wait and see”) plus the importance of regular business valuations and estate equalization for family businesses with multiple children.
Quick Action: Pull out your current agreements (or schedule time to create them).
Ask: “What is the triggering event in our buy-sell agreement?” If you don’t know the answer, it’s time to act.
2. Retirement Plans That Reduce Taxes and Reward Your Team
As businesses become more profitable, taxes often become a major burden. Josh and Jay highlighted how qualified retirement plans can move money from the business balance sheet to your personal balance sheet in a tax-efficient way. Options include:
- 401(k)s, SEPs, and SIMPLE IRAs: These allow substantial tax-deferred contributions (with 2026 limits reaching as high as $72,000 in some cases). SEPs and SIMPLE IRAs are often easier to administer for smaller or closely held companies.
- Cash Balance Plans: These defined-benefit plans can be layered on top of a 401(k) and are especially powerful for owners in their 50s and older. They offer significantly higher contribution limits based on age and actuarial tables, delivering major tax savings while still providing benefits to employees.
Quick Action: Review your current retirement plan setup. Are you maximizing deductions? Could adding a Cash Balance Plan meaningfully reduce your tax bill while helping retain key employees?
3. Non-Qualified Deferred Compensation & Golden Handcuffs
For retaining top talent, Non-Qualified Deferred Compensation (NQDC) plans, often called “golden handcuffs,” offer flexibility that qualified plans don’t. These plans can be offered selectively to executives and key employees without non-discrimination rules.
Employers can set conditions such as non-competes or continued service requirements, while employees gain supplemental retirement income. Jay noted that these plans work well alongside group benefits and qualified plans, creating a more complete compensation package.
Quick Action: If you have key employees who are critical to your success, explore how a custom NQDC or SERP plan could align long-term incentives.
4. Key Person Protection: Don’t Let One Loss Derail Everything
Jay stressed the importance of key person life and disability insurance. These policies protect the business when a vital employee (someone who drives sales, holds key relationships, or runs daily operations) is no longer there. The proceeds can fund hiring, training, or a smooth transition.
Combined with the other strategies discussed, this creates a solid layer of protection.
Wrapping Up: Build Your Own A-Team for the Road Ahead
Josh and Jay aren’t just sharing theory, they’re living these strategies while helping Gulf Coast business owners navigate growth, taxes, succession, and retirement. Whether you’re looking to reduce your current tax burden, protect your family and team, or create a clear exit strategy, the right plan makes all the difference.
If any of this resonates with where you are right now, don’t wait. A simple conversation can open up new possibilities.
Let’s Talk About Your Business and Retirement Plan
If you’re a business owner (or key employee) thinking about succession planning, tax-efficient retirement strategies, key person protection, or simply whether your current plan is positioned for the years ahead, we would love to talk.
You can reach us at 251-327-2124, or visit gulfcoastfa.com and click the blue button in the upper right-hand corner to schedule a meeting. We offer:
- 15-minute introductory calls
- 30-minute Zoom meetings
- In-person meetings at our offices in Fairhope, Orange Beach, or Mobile
No pressure. No obligation. Just a clear, professional conversation. Here’s to a strong, well-protected 2026, full of confidence and financial peace of mind on the Gulf Coast.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.