Business Planning

What Is Your Plan?

We call it having a written Will for your Business. Some business owners never verbalize, document, or implement a plan in case something were to happen to them. Business owners face many additional risk factors that should be addressed or minimized.

We often take for granted that tomorrow will be business as usual. Unfortunately the day will come that the owner will no longer be able to lead the company, whether it be voluntarily or involuntarily. Having a plan allows the owner to plan for possible estate taxes, maintain company valuations, limit losing key employees, and define succession roles.

Having peace of mind knowing that your family and employees are taken care of can many times be the biggest motivating factor in completing a plan.

Mumy Financial has the experience to help you with:
  • Business Buy/Sell
  • Business Continuation
  • Business Succession Planning
  • Executive Bonus and Non-Qualified Deferred Compensation

401k & Profit-Sharing

401k Plans and Retirement plans are complicated and many Plan Sponsors (Responsible Plan Fiduciaries) need guidance. 401k fees, Plan Benchmarking, ERISA, Fiduciary Liability are all common to plans and need to be addressed. We are located in the Catawba Valley area of North Carolina and are dedicated to the qualified plan market and can help you navigate the sea of regulations. We hold industry designations and are part of multiple 401(k) information and study groups to stay on top of the evolving regulations in our field. Mumy Financial helps you confidently implement best practices for your plan in order to maintain the Uniform Standards of Care. We are independent and use industry leading processes to help Plan Sponsors with plan benchmarking and vendor selection.

With most 401k Plans, employees can't make decisions about which vendor will maintain their 401k or the funds offered in the plan. These decisions are made for all employees by the Responsible Plan Fiduciary. Most fiduciaries have little experience with choosing investments or understand suitability of certain types of investments. Mumy Financial has available many options to significantly reduce a Plan Sponsor's fiduciary liability. These services include: Erisa 402(a) Independent Named Fiduciary, ERISA 3(16) Plan Administrator Fiduciary, ERISA 3(38) Investment Fiduciary, & several other options.

Profit Sharing plans are solely employer directed and many need to be professional managed. We offer a full ERISA 3(38) investment management solution for these type of plans to properly manage risk and plan liability.