Business Financial Planning


In addition to managing their complex business operation, which is required to stay profitable, business owners face a number of other planning concerns.

Below are areas of concerns that may be of particular interest to you, the business owner.

Click to know more about the topics below.


What is the Best Type of Pension Plans?

The choice of what type of plan to use is an individual one. At Planning Needs Financial Group, we work with our individual clients to develop a plan that is right for their unique needs by taking into consideration the different factors that influence the plan selection such as employer goals and available cash flow.

When it comes to retirement plans there are two principal types of plans:

• Defined Benefit – plans specify the dollar amount each participant will receive at retirement age and
estimate how much must be contributed each year to accumulate the necessary future fund.

• Defined Contribution – plans generally put a percentage of current salaries into the plan each year.
The amount at retirement will depend on the investment return and the number of years until a
participant retires.

Both of these plans are Qualified Retirement plans that provides several major tax benefits.

At Planning Needs Financial Group, our skilled and experience financial planners
will work with you to find the best plan that suits the needs and goals of your business,
contact us today for a free consultation.


An employer’s decision to provide group health insurance coverage to its employees adds a significant fixed cost and it’s one of the toughest decisions an employer may have to make. However, the benefit to employees and your organizations efforts to recruit top talent is paramount.

When purchasing business health insurance there are many questions that employers need answered, such as who needs to be covered, how long can the employer wait before coverage is offered to an employee, does the employer have to pay the full premium, the tax benefit allowed by group insurance coverage and many more.

Whether you’re looking into small business health insurance or have a larger organization, at Planning Needs Financial Group, we are here to answer all your questions and guide you in finding the most feasible and cost effective solutions that will allow you to offer this benefit to your employees that will help you reach the desired outcome that you are seeking.

The choice is yours and we are here to help you make the right one! Contact Planning Needs for a Free Consultation to learn more about what your options are with Group Health Insurance.


Protect yourself and your business from a disastrous effect should the untimely death of a key person in your organization occur.

Planning Needs Financial Group, Financial planners can work with you to determine the value of protection that you will need should the loss of a key person occur, and get you the coverage that best suits your needs to provide you with peace of mind in knowing that your business can continue without major disruption should an untimely and disastrous situation arise.

Invest in a Key Person Insurance Plan

The untimely death of a key person or a business owner can result in the following circumstances:

  • A weakening of the company’s credit rating.
  • The financial cost (in time and dollars) to find, hire, and train a replacement.
  • The distraction of other employees, resulting in deadlines not met, deteriorating morale, or a higher level of personality conflicts.
  • A need for cash to fulfill promises made to the deceased spouse or family, such as salary continuation or deferred compensation.
  • The inability to seize a business opportunity, because cash reserves are being used to recruit and train a new employee.
  • A loss of confidence among both suppliers and customers.

Additional problems may exist if key employee is an owner:

  • Disagreements between the heirs and the surviving business owners or key employees.
  • Lack of cash to buy the interest of a deceased owner, requiring a sale of the business to an unknown, outside third party.
  • Surviving owners may be forced to work with someone who is either not competent or not motivated enough to make the business thrive.
  • The business may have to be sold to pay estate taxes.

Don’t let the loss of a key person lead to the demise or disruption of your company,
contact Planning Needs Financial Group, to schedule a free consultation
and start protecting your company and its longevity today!


Retain and Compensate Key Employees with an Executive Bonus Plan.

Retain and compensate key employees by implementing an Executive Bonus Plan. An Executive
Bonus Plan allows you to pay premiums of a life insurance policy on the employee’s life that
pays out a cash value. It is a great incentive that results in higher employee retention and can
contribute to your overall bottom line.

Why an Executive Bonus Plan?

  • Reduce Employee turnover and save on the cost that you will typical incur to hire and retrain new employees
  • Gain a tax deduction for your compensation
  • Maintain or Increase your bottom line by holding on to key employees with added incentive
  • It’s simple to create and can be terminated without IRS approval

To learn more about implementing an Executive Bonus Plan,
Contact Planning Needs Financial GroupToday!


Whether you are expecting to leave your company or not a buy sell agreement is an essential binding contract for a business owner that can make the transfer of ownership a seamless process should the need arise.

If the business is a partnership, consideration should be given to the lifetime agreement among business owners as to how to dispose of the business.

Planning Needs Financial Group, financial planners can help you find the best buy sell agreement that is well crafted to suit the unique circumstances of your business.

Entity Plan – The corporation or partnership buys the interest of the deceased business owner. This type of arrangement is often used when there are several owners.

Cross-Purchase Plan – Each surviving owner agrees to buy the interest of any deceased owner.


  • Guarantees a buyer for an asset that probably will not pay dividends to one’s heirs.
  • Can establish a value for federal estate tax purposes that is binding on the IRS.
  • Spells out the terms of payment and is easily funded with life insurance and disability insurance, if desirable
  • Provide a smooth transition of complete control and ownership to those who are going to keep the business going.


  • Heated conflicts among the remaining owners and the decedent’s family;
  • Unhappiness on all sides, and sometimes litigation;
  • Delays in settling the estate and continuing business growth;
  • Loss of customers; and
  • Possible liquidation of the business which may bring less than full value.


Taking the time now to see that the business will pass in an orderly manner at time of death will benefit
all parties and their heirs. A written agreement can provide:

  • An orderly transfer of the business;
  • A mutually agreeable sales price;
  • Mutually agreeable terms of sale;
  • A value that is binding on the IRS for federal estate tax purposes; and
  • Stability for customers, staff, creditors and investors.
  • An agreement which is favorable to all parties can be more easily drafted prior to a crisis.

Place the future of your business in agreement, Contact Planning Needs Financial Group
today for a FREE consultation on how we can help you with your business financial planning!



A salary continuation plan is an agreement between an employee and employer, whereby the employer agrees to continue the employee’s salary at retirement, death, or disability. The benefits are normally expressed in terms of a percentage of salary and length of service. It is usually done for key employees.

The ideal way to fund the plan is to purchase disability and life insurance policies on each employee involved in the plan. The employer applies for the insurance, pays for the premiums and is the beneficiary of the policy benefits. The employer can then address the policy benefits as they relate to each employee.

The advantages of such a plan are:

  • No IRS approval is required
  • Can be offered to one or more select employees
  • The plan helps recruit key employees
  • The plan can be discontinued at any time
  • They are easy to establish and administer
  • The employee does not have to report taxable income until the benefits are actually received
  • The employer can recover all costs of the plan through a properly designed program


The Importance of Estate Planning

Alleviate yourself of the burdens that typically occur at one’s demise with proper estate planning by working with a professional financial planner at Corben. Eliminate or reduce problems that will plague your loved ones and heirs and add further stress to their grieving.

Don’t let your estate succumb to financial burdens.

Working with a skilled financial planner that specializes in estate planning can help you overcome financial burdens that typically arise upon one’s demise, such as:

  • Probate Fees
  • Death taxes
  • Liquidity
  • Cash Flow

Protect Your Transfer of Assets.

Lack of or improper estate planning can often jeopardize the money you leave behind for your loved ones, or result in long drawn out, ugly and highly publicized probates. Corben Financial Planners that specialize in estate planning can help you protect the transfer of your assets and make sure your designated heirs receive their payouts.

Contact Corben Financial about your estate planning needs and avoid:

  • Probate Delays and Additional Expenses
  • Assets transferred to minors going into cumbersome guardianship accounts until age 18
  • Additional death taxes

Don’t Leave the Care of Minors for the Court to Decide!

With the right estate planning in place you can rest assured that minor children will be placed with the guardian you choose, by setting up a will and ensuring that their asset management is placed with the right person.

If the wrong person(s) are chosen to manage the assets left for the minor(s), the assets may be lost or unnecessarily reduced.

Contact Planning Needs Financial Group about your Estate Planning
needs today and don’t leave your loved ones future to chance!

Business Concerns:

  • Succession Planning: A business owner faces a series of particular problems when planning to sell his or her interest in the business. Careful planning using buy-sell agreements can allow the business owner to successfully make this transition, achieve a profitable sale of the business, manage the risk associated during the transition and reduce any potential income tax liability.
  • Key Employee Planning: The death or disability of a key person can have a dramatic impact on the operation of a business. In a small business, it can be devastating. Protecting your company from financial losses with key person coverage has long been recognized as invaluable.
  • Executive Benefit Planning: Providing additional benefits for a few select key employees is usually done through non-qualified plans, such as executive bonus and salary continuation arrangements. These are called “non-qualified” plans because they do not meet certain IRS codes and, therefore, have different tax treatment. As such, they do not have to be offered to all employees, as qualified plans do, like group insurance and pension plans.

Estate Concerns:

  • Estate Planning: Business owners have a need for a good estate planning attorney, since most of their assets are usually tied up in their business. Death taxes, probate fees and other estate settlement costs can be a burden if there isn’t sufficient liquidity to meet these expenses.
  • Survivorship Needs Planning: Death of a small business owner entails additional consideration if the business is not able to survive the death of the owner. Family protection needs to be considered if the business was the family’s primary source of income.
  • Charitable Planning: Many persons make gifts to charity for a variety of reasons. Whatever the reason, U.S. tax law is designed to encourage these gifts. Proper tax planning can leverage the gift for the benefit of the donor and the charitable organization.

Retirement Concerns:

  • Planning for Your Retirement: Retirement planning for business owners inevitably includes consideration for what to do with the business. A business owner’s decision to retire requires much more than just setting a retirement date. Succession planning thoughts are inescapable and on every business owner’s mind, whether to sell, transfer or simply close the doors.
  • Qualified Retirement Plan: Employer- sponsored qualified pension plans can easily be classified as either defined benefit or defined contributions. A defined benefit plan specifies a guaranteed retirement benefit, but requires an actuary to determine each year’s contribution amount. A defined contribution plan specifies yearly contribution amounts, but does not guarantee a retirement benefit.And, there are a multitude of choices within these two categories. Selecting the right plan for your business requires expert advice.
  • Investment Risk Analysis: Reducing risk, while maintaining a desired rate of return, requires spreading investments over a number of asset types. But, there is no single investment strategy to fit every investor. That is why a careful analysis of an individual’s investment goals, time horizon and risk tolerance is critical to building a suitable investment portfolio.

Other Concerns:

  • Long-term Care Planning: The need for long-term care is generally defined by an individual’s inability to perform the normal activities of daily living (ADL) such as bathing, dressing, eating, toileting, continence, and moving around. While the need for long-term care can occur at any age, it is typically older individuals who require such care. Business owners can use tax-deductible dollars to pay for long-term care insurance for themselves and/or their key employees.
  • Disability Income Planning: When you consider the likelihood that you or one of your key employees may become disabled, there is a clear need to protect both your personal income and the financial well-being of the company. Disability income insurance is a tax-deductible business expense and can be setup for just you, a few select key employees or as a company wide group insurance program.
  • Life Insurance Planning: Life insurance plays a number of important roles in the business world, benefiting business owners, employees, and family members. Business owners know that family protection is not the only purpose of life insurance. The loss of a business owner or key employee can seriously damage a small business or even result in the business closing its doors. Advance life insurance planning can help cushion the impact of such events.

Give us a call today to speak with a Maryland Financial Advisor regarding your business planning needs.