Business Financial Solutions

Protecting the Business You Built and the People Who Make It Work

For a business owner, your company is far more than just a job; it is a passion, a lifestyle, and often your most valuable asset. You have poured your blood, sweat, and tears into building something from the ground up. You wake up early and stay late, wearing every hat from CEO to janitor to ensure your vision succeeds. At the office of Steven Ballard, we share that entrepreneurial spirit. We understand the unique pressures you face. While you are busy focusing on daily operations, sales, and growth, it is easy to overlook the long-term structural risks that could threaten everything you have built. We act as a strategic partner to business owners, helping you protect your company, retain your best talent, and plan for your eventual exit.

One of the most immediate risks to any small business is the loss of a key person. Every business has them—the top salesperson who holds all the client relationships, the brilliant engineer who designed the product, or you, the owner, who holds the vision together. If one of these key people were to pass away or become disabled, the financial impact could be catastrophic. Revenue might drop, creditors might call in loans, and hiring a replacement could take months and cost a fortune. Steven Ballard helps you implement “Key Person Insurance.” This provides the business with an infusion of cash if a critical team member is lost. It acts as a bridge, giving you the breathing room to find a replacement, reassure clients, and pay off debts without disrupting operations. It is about keeping the lights on and the doors open during a crisis.

We also tackle the complex issue of business succession. What happens to your business if you die or decide to retire? Without a plan, your business could fall apart, or your family could be left trying to run a company they know nothing about. If you have partners, the situation can get even stickier. Do you want to be in business with your deceased partner’s spouse? Does that spouse even want to be involved? Steven Ballard specializes in funding Buy-Sell Agreements. These are essentially “pre-nups” for business partners. We help structure life insurance policies that provide the funds for the surviving partner to buy out the deceased partner’s share at a fair price. This ensures the surviving partner retains control of the business while the deceased partner’s family receives immediate cash for their interest. It is a fair, clean break that protects everyone involved.

Attracting and retaining top talent is another major challenge in today’s competitive market. You may not be able to match the massive salaries of corporate giants, but you can offer creative and valuable benefit packages. Steven Ballard works with you to design Executive Bonus Plans and deferred compensation arrangements. These strategies allow you to reward your most loyal and productive employees with life insurance or retirement benefits. These “golden handcuffs” give your key staff a powerful financial incentive to stay with you for the long haul, reducing turnover and building a stronger, more dedicated team.

For many business owners, the business is their retirement plan. You are counting on the sale of the company to fund your golden years. But what if the market changes? What if you can’t find a buyer when you are ready to sell? Putting all your eggs in one basket is a risky retirement strategy. We help you diversify your wealth. We can set up qualified retirement plans like 401(k)s, SEP IRAs, or SIMPLE IRAs that allow you to save tax-advantaged money outside of the business. This not only secures your personal financial future regardless of the business’s fate but also provides a tax deduction for the company and a great benefit for your employees. We handle the heavy lifting of plan design and administration so you can focus on running your company.

We also assist with the delicate transition of passing a family business to the next generation. “Equal” is not always “fair” in these situations. If you have one child working in the business and another who is not, leaving the business 50/50 can lead to resentment and operational disaster. Steven helps you use life insurance to “equalize” the estate. You can leave the business to the child who runs it and use life insurance proceeds to leave an equivalent cash inheritance to the child who does not. This strategy preserves family harmony and ensures the business has the best chance of survival under capable leadership.

As a New York Life Financial Professional, Steven Ballard brings the stability and resources of a Fortune 100 company to your small business. We take a holistic view of your enterprise. We look at the intersection of your personal goals and your business goals because for an entrepreneur, they are often one and the same. We ask the tough questions that you might be too busy to ask yourself: “Could this business survive without me for a month? A year? Forever?”

Your business is your legacy. Don’t leave its future to chance. Whether you need to protect against the loss of a partner, reward your star employees, or plan your own exit, we have the tools and the expertise to help. Let Steven Ballard help you build a fortress around your business so it can continue to thrive for generations to come.