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| Maintain Control and Retain Key Employees |
| | | | Problem | | | The 52-year-old owner of a privately held Nashville firm was desperately looking for a way to hold onto his top 3 employees. The owner had recently lost an extremely valuable salesman causing a major reduction in his income and knew competitors were quietly romancing several more of his large revenue sales people.
The QUESTION: How could the owner maintain 100% control until retirement or death, and yet satisfy/retain these key individuals? | | | | | | Solution | | | The experts at Gale Smith + Company gave the owner "his cake ...and let him eat it, too"
Having the experience of working with hundreds of businessowners throughout the Southeast, they knew how to provide the "golden handcuffs" often achieved only by the largest U.S. corporations.
Gale Smith guided the client through 7 precise steps so the following results occurred to benefit all parties.
1) The key employees ...knew in writing that if anything happened to the owner - they would automatically assume ownership - and have the down payment prepaid, at no cost to them.
2) The owner ...would receive an agreed-upon, premium valuation for his stock based upon special tax treatment allowed for within the plan.
3) The owners family ...would have no risk upon the onwers disability or death of outside vultures or key employees taking advantage of the families dramatically diminished negotiating power. |
| | | "No other agency... has ever serviced our account like Gale Smith + Company" | | | Before I had to do all the legwork; changes, COBRA, claims. Now I make one call to Gale Smith's Benefits team - and my job is over. No worries.
The only time our old agent would show up was at renewal time and basically said, "Here it is."
With Gale Smith our discussion starts with,
- We could improve this by...
- What would be your opinion of this idea...
That's why I'd recommend Gale Smith to anyone. | | | | | - | Angelique Montgomery
Controller/Benefits Manager
Overstreet & Hughes |
| | "401K, Health, and Business Insurance... Gale Smith handles it all for us." | | | Fourteen years ago Marshall Brown started calling on us. Never any pressure, he just said "Donnie, we'll be here whenever you need us."
Five years ago our insurance company cancelled us, and we "needed" them.
The more we worked with them, the more we came to like how they worked with us.
Today Gale Smith + Company has our 401K, plus the Health and Business Insurance too, and that works just great for us. | | | | | - | Donnie Kemp
President
K&K Trucking |
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