Dallas Kerley, president and COO of Benetrends Financial, is our guest this week on the How to Buy a Franchise Show. Benetrends has been a leader in the financial sector of the franchise market since 1983, and the company pioneered the 401k Rollover, a financial tool that allows franchise prospects to utilize their existing retirement funds to buy a franchise. The 401k Rollover comes with the approval of the IRS.
Benetrends completes more than 1,000 401k Rollovers a year. Typically, a 401k Rollover package, including the incorporation papers and other legal filings, will cost $4,995. Annual maintenance is required to remain compliant with the IRS, and while you can do this work yourself, it may be easier to pay Benetrends to do it for you. The cost: $1,560 annually.
If you’re planning to buy a franchise and you have a retirement fund, the 401k Rollover may be the best way to finance your acquisition. There are no penalties for using your retirement funds for a business that you will own.
You’ll find more information in our interview with Kerley. To get in touch with Benetrends, please contact us here and we will introduce you as a member of the How to Buy a Franchise community.
Listen to us on:401k Rollover, Finance your franchise, SBA Lender
This post was written by Dr. John Hayes