Wealth in Waves Ep 16: BOSS 2.0: NQ Deferred Comp
You’ve done a great job of establishing your business, and as opposed to the “old” days where you literally had to do everything, you’ve developed an employee or maybe even a handful of employees that, while they can’t do everything you can do, they excel in certain parts of your business, possibly even as a key driving of profitability. Maybe it’s a highly productive salesperson that provides a significant portion of your revenue. Maybe it’s an office manager that handles all of the daily details and allows you to focus on what you do best, which is growing your business. You get the idea. Now imagine that person walking in the door today and letting you know…that they have decided to pursue other opportunities. Maybe even with one of your competitors. What do you do? Throw more money at them to get them to stay? You probably already gave them a raise and cash bonuses, but it wasn’t enough. How will your business adapt to losing what is commonly called a “key-person” employee?
What if I told you there is was a way to get ahead of this scenario? A way to keep your key employees loyal that is stickier than just throwing cash bonuses at them? That didn’t require you to do the exact same for ALL of your average rank and file employees? A way that gave you some element of control and came hand in hand with requiring that key person to stick around for a number of years to reap the full benefit of your generosity?
Hello, my name is Josh Null, sitting alongside co-host Will Steih. We are Gulf Coast Financial Advisors and this is our Wealth in Waves Podcast, a show specifically dedicated to the financial planning, investment management and tax planning needs of established business owners, professionals and entrepreneurs living along the Gulf Coast of Louisiana, Mississippi and Lower Alabama, as well as the pan handle of Florida. Today we ask, would you be interested if we told you that there is a way to develop a reverse pink slip for your most important employees? You have questions. We have answers. So let’s get to it!
Good afternoon Will, how are you today? Great. For those of you new to the podcast, quick intro before we get to our main discussion. My name is Josh Null and he is Will Steih, and we both are FINRA Series 65 Securities licensed fiduciary based financial advisors. We work together at Gulf Coast Financial Advisors, an independent investment management and financial planning firm based out of Fairhope, Alabama. In addition to his primary role as a financial advisor, Will is also a licensed CPA, which allows us to offer forward looking tax planning services to our clients as well. You can always reach us by calling 251-327-2124 or via our website at gulfcoastfa.com.
Great discussion today, Will. Alright, listeners, if this topic is of interest to you, you can reach us at Gulf Coast Financial Advisors by calling 251-327-2124. You can also reach us thru our website gulfcoastfa.com, which lists all of the other services we offer in addition to cash balance plans.
Many thanks to Coastal College for providing access to their recording studio in downtown Fairhope, to local bank Sloth Racer for supplying the show music, to our producer Chaesare Gray and of course to you the listener, thank you for joining us today. This has been the Wealth in Waves Podcast!
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