“831B is just a toolbox for business owners and for the right business owner, it’s potentially a game changer.” Van Carlson
Risk management has always been an important tool in running any business, particularly when a market experiences turbulent times. Understanding the types of risks that face your business and the mitigation tools available will help you be more strategic with how you cushion yourself and your business against adversity. This is according to Van Carlson, who has been helping business owners to manage risks by simplifying the 831b program.
As Founder & CEO of SRA 831(b), Van is an innovator, developing products for a variety of industries that can take advantage of adding additional revenues while mitigating risk at the same time. By delivering institutional-type ideas to small-and-mid-sized business owners, SRA positions its clients at the forefront of their industry, allowing them to weather any storm.
Van Carlson has an extensive background in Risk Management with more than 24 years in the industry. Prior to founding SRA, Van ran his own property and casualty firm for 15 years. With many commercial business owners as his clients, he saw the Great Recession of 2008 hit hard, and just like them, he was also affected by the sharp downturn in our economy. During this time, he realized there must be a better way to manage risk overall. From that desire to improve business operations for both himself and his clients, along with his extensive background in insurance, risk management, and finance, SRA was formed.
Since its start in 2008, several changes in US Government regulations have allowed the business to thrive – substantiating what Van already believed in: businesses needed a better solution to mitigate risk and create a war chest for the future. In 2013, increases in domiciles allowed the company’s success to skyrocket – with double-digit growth year over year
In today’s episode, Van provides insights on what code 831b is all about, and how businesses can benefit from the program.
- I’m born to be an entrepreneur, and I love interacting with people.
- It took effort to get to where our company was able to be successful, and we’re blessed in a lot of different ways from that standpoint.
- Mitigating risk is an important aspect of the business, because when running your own business, there are many unforeseen events that come your way.
- The 831B tax code, is the one we utilize for our clients, and it provides an incentive for you to manage risk that you either can’t transfer to traditional carriers, or it’s limited in scope.
- In instances where there is risk that you can’t insure against, the 831B comes in to help mitigate the risk more effectively.
- The biggest worry for businesses is whether or not they can keep the cash flow they have, and keep it rolling forward to grow their business, and that is where the code comes in.
- We are an 831 B administrator, where we admin or clients’ plans, make sure they stay compliant and that they’re doing things they’re supposed to be doing and enjoying the benefits.
- The greatest compliment we get from all of our clients is that they are more at peace knowing that they have signed into the program.
- We now have about 180 advisors around the country representing our product and present in all 50 states.
- Commercial break
- When I sit down with business owners today, they all know that they got to change and stop doing the same thing over and over again.
- There’s a ton of unfunded risks that you can’t transfer to traditional insurance companies and we bring a simple turnkey approach to it, and make sure that we’re not complicating our business owners lives.
- 831B is just a toolbox for business owners and for the right business owner, it’s potentially a game changer.
- Making profit is not easy in business, and when you do, you’ve got to recognize the risks you took to get there and know to mitigate that risk going forward.
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