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Devon Littlefield
Financial Advisor
Reliant Investment Services
Located at
Reliant Community Federal Credit Union
10 Benton Place, Sodus, NY 14551
Phone: 800-724-7889 Opt. 1
Email: devon.littlefield@lpl.com
May/June 2025
Play the Long Game
As a successful business owner, you're obviously a hard worker. The time and effort you've invested in your business are paying off. But with so much to do, it is often difficult to plan for your financial future. If you haven't already done so, you might consider putting in place certain strategies that use business dollars to fund insurance and retirement benefits.
Fund a Retirement Plan
One way you can use money from your business to provide personal benefits is to create and fund a retirement plan. If you consistently contribute the maximum amount to your retirement plan, you could potentially accumulate a significant amount over time.Two possible options are the 401(k) plan and the SIMPLE individual retirement account (Savings Incentive Match Plan for Employees). A Simplified Employee Pension (SEP) plan is another option. Your financial professional will be able to walk you through the various features and benefits of each option.
Plan Your Exit Strategy
Selling your business is another opportunity to transfer capital. If you plan to sell your business outright, there are tax and succession issues that you will need to manage. For example, if you sell your business for a large profit, you may face a significant tax bill.However, by selling your business in installments, you may be able to spread the tax burden out over time. The risk, of course, is that if the business falters or fails after the new owners take over, you could end up with merely a fraction of the total you had expected.
A succession plan can help provide a structure for the future transfer of your business. Just make sure to include a funding mechanism in your succession plan, especially if a family member is expected to assume ownership upon your death.
Life insurance is often used as a funding mechanism for such an eventuality. Your financial professional can provide details on how this approach works.
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Devon Littlefield is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Reliant Community Federal Credit Union and Reliant Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Reliant Investment Services, and may also be employees of Reliant Community Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Reliant Community Federal Credit Union or Reliant Investment Services. Securities and insurance offered through LPL or its affiliates are:
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