Retiring from working in your own business is sure to bring about a lot of emotions. Having built something from the ground up, invested a considerable amount of your life in it, and leaving it behind is a monumental decision.

Planning your retirement is more like closing the chapter of a book before starting anew. However, before you move on to your next journey, you need to ensure that your business and your employees will still be taken care of when you retire. 

Why not look to a partner Professional Employer Organization (PEO) to care for them? How can you find a partner PEO that can do this? 

You can leave it to a PEO broker to help you search for a partner PEO that will fit your company's values, needs, and mission-vision. But aside from peace of mind, what other benefits can you get from having a PEO broker vet your PEO?

We've listed down below some of the benefits you'll get if you hire a PEO broker:

• Decreased fees

• Compliance

• Fiduciary responsibility

• Decreased administrative action

• Your PEO broker and you

Decreased fees

A PEO broker will have a network of capable PEOs that offer businesses a package of resources and services. When you decide to work with a PEO broker, you'll gain access to these. Depending on the size of your business, your preferred health insurance carrier, payroll technology, and HR services, you'll still have many options from which to choose.

Getting a broker to help you with your organization's needs will lead to savings for your company. Here are a couple of ways that your broker can decrease fees and ultimately save you time and resources:

Lower Professional Employer Organization Service Fees

A PEO broker's network will know that when your broker is looking for a PEO, they're not the only ones that are playing the field. PEOs know that there is competition, and to avoid it altogether, they'll offer you their best prices right off the bat. Hiring a PEO broker can help save you a lot of time in trying to find one.

Better Rates for Health Insurance

Brokers can help you search for a PEO company that uses your preferred health insurance carrier. One of the benefits of working with a PEO is receiving better insurance rates through co-employment.

Reducing the Cost of Mistakes

As a business owner, you handle a lot of paperwork. Messing up important documents can make government levy heavy fines on your business. A PEO broker can help ensure that costly mistakes like those are less likely to happen by connecting you with a PEO that's well-versed in these.

Related topic: PEO Analysis - The Difference between Hiring a PEO Broker and Not

Compliance

Labor and employment laws vary per state and are constantly changing. Therefore, when it comes to recruitment, termination, overtime, and payrolls, you're going to need to search for someone well-versed in these processes to avoid being non-compliant with the law.

Hiring someone who has all the information ready at their fingertips will make the transition much easier.

Fiduciary responsibility

One of the most significant responsibilities you hold as an employer is the management of your employee's 401k. Your staff's 401k is essentially their retirement savings, and having to manage all of that plus constantly vetting your staff for eligibility takes a massive toll on your headspace.

Outsourcing your fiduciary responsibility to a PEO means that your co-employer will be handling the following tasks:

• Determining eligibility

• Maintaining records

• Authorizing investment decisions

• Filing the annual 5500 reports to the Department of Labor.

• Providing employees with 401k educational materials and investment advice

Working with a PEO that can execute all of the items above absolves you of the legal responsibility of an investment manager. Meaning, if the stock market dips, you won't be held financially responsible.

Another related topic: Choosing the perfect PEO - Is it legal to compare PEO services?

Decreased administrative burden

Running your business means being involved in the day-to-day operations. Hiring a PEO that will help you run your daily operations without a hitch is a dime a dozen, but with a broker, you might just get it on your first try.

Essentially, retiring means that you will stop watching your company like a hawk and delegate the work to someone else. Instead, the right PEO will handle your business's human resource transactions flawlessly, thus giving you peace of mind.

Your PEO broker and you

Retiring from your business means tying up a lot of loose ends. Usually, one of the biggest fears is that your staff won't be properly taken care of and that the government will call upon you because of a costly mistake.

Hiring a PEO broker to help ensure that your business is complying with labor laws and regulations while running different administrative functions like an expert is definitely a great way to ease your burdens and make sure that you are entrusting your business to capable hands. 

If leaving your business in the most capable hands is something you want to do, click here and let's get you started.