Question
Choose an appropriate plan for the man in the scenario below Mike Smith is the sole shareholder of Craft Manufacturing. Throughout the past years, his
Choose an appropriate plan for the man in the scenario below
Mike Smith is the sole shareholder of Craft Manufacturing. Throughout the past years, his company has flourished due to the hard work and loyalty of his employees. The company (total stock) is valued at approximately $5,000,000. Mike would like to retire, but has not found a suitable buyer for the business. Craft does not currently have a retirement plan in place, so Mike would like to explore his options of retirement plans in hopes of finding a plan that will allow him to retire. Mike's objectives are:
1. Fund his retirement in as short of time as possible.
2.Have employees bear investment risk.
3.Willing to contribute company stock or cash.
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