Synergy Credit Union - Synergy Credit Union Business and Ag Wealth

Cash Management

Managing cash flow is a critical and ongoing challenge for most businesses. For startups, it often takes time to strike the right balance between cash inflow and outflow. Various factors can impact your business’s cash flow, including but not limited to:

Seasonal fluctuations
The time gap between receiving an order and payment
Your main clients’ payment patterns

At Synergy, we assist business owners daily with cash flow management by:

Offering adequate operating lines of credit
Sharing best practices for cash management
Monitoring warning signs related to your business

Business Overhead Expense Coverage

As a business owner, your ability to work is crucial. If illness or disability prevents you or a co-owner from generating income, Business Overhead Expense coverage can alleviate financial stress and cover ongoing expenses. This coverage includes:

Fixed business costs, such as employee salaries
Fixed expenses like rent, property taxes, and utilities

Key Person Coverage

Every business has key individuals whose contributions are vital to operations. In a small business, losing a key person can have serious repercussions. Key Person coverage can help your business stay operational and protect your bottom line during such a loss. Key Person policy covers costs associated with:

Hire or train an appropriate recruit
Protect profits by offsetting lost income from lost sales or losses due to a delay or cancellation of a project involving a key person

Employee Benefit Program

Benefit plans are an excellent incentive for hiring and retaining top-notch staff. We can tailor a comprehensive employee benefits package that safeguards your employees and their families. Plus, it’s tax-deductible, so taking care of your team also benefits your business. Our employee benefits programs can include:

Group Benefits, including health, dental and more
Group Savings Plans

Buy-Sell Funding

Unexpected events can destabilize your company. What if a co-owner passes away, becomes disabled, or decides to leave the business? That’s where Buy-Sell Funding comes in. It offers:

Protection for You and Your Family: Buy-Sell Agreements shield all owners and their families from financial loss due to unforeseen circumstances
Fair Treatment for Remaining Shareholders: A Buy-Sell Agreement ensures a fair ownership transfer process when a triggering event occurs, such as an owner’s departure
Safeguarded Family Interests: A Buy-Sell Agreement prioritizes family members’ interests, ensuring a smooth transition without complications

Business Succession Planning

Selling or transitioning your farm or small business is a complex and often emotional process. We can help make it as seamless as possible. Working with you and your team of professionals, we can create a succession roadmap that protects your legacy and prepares you for the next phase of your life. We can assist you in:

Establish goals and expectations
Determine a timeline
Protect your assets and mitigate taxes
Implement the plan

Our Financial Advisor team provides expert guidance to help you create a customized Group Retirement Solution for your business, regardless of its size. We offer various options, each with distinct features and benefits. Our personalized approach ensures that the retirement solution not only meets your business’s unique requirements but also supports the financial well-being of your employees.

When employees enroll in the Group RRSP, they receive a welcome package and an introductory letter from their advisor. The account opening process typically takes about 1-2 hours per employee. Employees can choose from the following options:

Regular RRSP
Spousal RRSP
A combination of both

Meetings to discuss these options can be held either virtually or in person.

EMPLOYER BENEFITS

Recruit, retain, motivate & reward staff
Predictable cost
Increased employee satisfaction & wellness
Deductible business expense
Minimal administration
Low cost

EMPLOYEE BENEFITS

Contributions are tax deductible
Tax deferred growth on investment
Automatic contributions
Contributions from pre-tax income
Increased retirement savings & financial wellness
Access to holistic financial planning services

STEPS TO GET STARTED

Appoint a plan administrator - it is usually the person who
handles the payroll for your company
Determine which employees would like to take part in the program
Decide on level of employer contribution
- Wage percentage
- Set dollar amounts

Connect with an expert to start the conversation

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
The information presented was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is for informational and educational purposes, and it is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters.

How to manage and increase your cash flow

Having a positive cash flow simply means having more money coming in than going out.

Does your business fit into your retirement plans?

Many business owners face the possibility that the sale of their business may not generate a large enough nest egg for a secure, comfortable retirement.

Attracting key people

Attracting key people is important to the success and health of your business. You will need a plan whether you are looking to hire or retain key employees.

Three key advisors are important to the success of your business:

It is very important all three of your advisors know each other and discuss your plans to ensure they are all working towards the common goal: helping your business to succeed.

Man and female shaking hands for a business deal

4 situations where a buy/ sell agreement is useful

We understand that running a business or ag operation takes a lot of time and energy – but, on the other hand, it can also be very rewarding.

Business & Ag Financial Experts

Synergy business and agriculture experts live and work in your community, so they understand the challenges you face in growing your operations and know-how to tailor innovative borrowing solutions to your unique needs.

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Business & Ag Wealth