Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive coaching approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me

An 831(b) plan, commonly known as captive or microcaptive insurance, is intended to help business owners reduce unfunded liabilities. SRA utilizes the 831(b) Tax Code to create tax-deferred risk mitigation and give business owners greater peace of mind.

Van Carlson is the founder and CEO of SRA 831(b), with 25 years of experience in the risk management industry. His goal is to continue SRA's upward growth while also developing novel products for the market. He joined us today to discuss how to fund uninsured risks without hurting cash flow.

We start the conversation with Van explaining the 831(b) risk management strategy along with the benefits businesses can gain from it. Then we talk about the significance of motivation in financial advice. Risk management should be the primary focus rather than merely seeking tax advantages to avoid potential scrutiny from the IRS. Van then kindly explains the common mistakes people make when setting up an 831(b), especially in the construction industry: proper ownership structure and motivation. We then pay attention to the challenges of exiting an 831(b) plan, where Van explains how they make a simple exiting process.

Further down to the conversation, we discuss the following topics regarding 831(B) risk management strategy: solvency testing, the services 831(b) provides and are unavailable through traditional insurance options, alternatives for 831(b), and the type of businesses that might not be suitable for an 831(b).

 

EPISODE HIGHLIGHTS

[02:13] What is 831(b) risk management strategy? 

[04:43] What 831(b) provides for construction companies

[08:52] The importance of the motivations behind financial advice 

[10:35] The common mistakes

[14:33] Solvency testing

[18:41] Challenges of exiting an 831(b) plan 

[20:31] What unique services do 831(b) offer that aren’t available through conventional insurance options?

[26:23] The types of companies aren’t suitable for the 831(b)

[27:17] Alternative risk management strategies

[28.48] The red flags 

KEY TAKEAWAYS

1. Evaluate Motivations 

2. Clarify Ownership Structures 

3. Prioritize Risk Management 

4. Participate in Solvency Testing 

5. Choose the Right Insurance Agent

 

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Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive coaching approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me

 

RESOURCES

Connect with Van

LinkedIn - linkedin.com/in/vancarlson/ Website - 831b.com/