7 Best Rollover for Business Startups (ROBS) Providers for 2023

Although Guidant has the highest setup fee on our list, we chose it as the best overall ROBS provider because of the value of resources it provides. In addition to being able to walk you through the process from start to finish, it offers a satisfaction guarantee along with the most comprehensive legal support and audit protection services in our guide.

As one example, Guidant covers the cost for you to meet with an independent attorney each year. This isn’t offered by any of the other providers in this guide and would otherwise cost anywhere from $200 to $400 per hour if you were to hire an attorney yourself. Additionally, this provider’s full audit protection will cover all the costs associated with legal representation if audited, a value-add of potentially $5,000 or more.

When you get a ROBS with Guidant, you’ll have a dedicated account manager. The provider utilizes in-house counsel to ensure your plan complies fully with IRS requirements. Once your plan is established, Guidant offers ongoing compliance reviews to help your business meet the annual requirements of a ROBS.

Other products offered include Small Business Administration (SBA) loans, unsecured loans, equipment leasing, and more.

To figure out if a ROBS is the right choice for you, Guidant offers free consultation sessions. You can also complete an online application to begin the process.

With Benetrends, you have a greater chance of getting funded quickly. It states that ROBS funding can occur in as soon as 10 days, which is among the fastest on this list. FranFund is another provider in our guide that can fund as quickly; however, because it’s best for franchises, it has less flexibility, plus it states that the average funding speed is 15 to 20 days. For these reasons, we chose Benetrends as the best provider for fast funding.

Even with its relatively fast funding speed, it offers many of the same services as other providers. This includes the creation of the required C-corp, designing and managing the retirement plan, setting up the necessary corporate bank accounts, and handling the transfer of funds.

In more than 40 years of operation, Benetrends has never had a plan deemed out of compliance by the IRS or United States Department of Labor (DoL). However, it still offers audit protection and access to legal support to give you even more peace of mind. It also gives you ongoing support to ensure your plan remains compliant and adheres to the annual ROBS requirements.

Benetrends doesn’t outsource its administration services and keeps everything in-house to ensure you consistently receive excellent service levels. It also offers other products and services, such as startup loans, SBA loans, equipment leasing, and lines of credit.

To get started, you can schedule a free consultation or submit an online application on the provider’s website.

Although most ROBS providers require a balance of $50,000, IRA Financial Group has more flexibility. It has no set minimum requirement, making it a good choice if you don’t meet the eligibility criteria of other providers.

This company may choose not to work with you if the fees are too high in relation to your account balance. It’s recommended that you have a balance of at least $30,000 to improve the chances of being able to move forward with the ROBS process.

Since we last reviewed this provider, it has increased the pricing on its ROBS product. It now charges a one-time setup fee of $3,500 (up from $2,500 last year), although the monthly maintenance fee of $100 has remained the same.

IRA Financial Group offers legal support and lifelong audit support. However, it may be more limited compared to other providers on our list. Audit support, for instance, may be limited to supporting your company’s CPA or accountant, rather than acting as a primary resource in the event of an audit.

To get started, you can complete the provider’s online application or call its toll-free number. IRA Financial Group also provides a free 30-minute consultation that you can schedule online.

MySolo401k’s pricing structure makes it a good option for businesses with fewer plan participants. It charges an annual fee of $899 for up to 10 individuals and an additional $75 per year for each additional participant.

On a monthly basis, this provider’s maintenance fee is among the lowest on our list. However, you should consider the projected growth of your business and determine the break-even point to think about whether a provider with a flat monthly fee may save you more money. Other fees charged by MySolo401k include a one-time setup fee of $3,000.

One potential downside of this provider is that it has a much smaller team for legal support and audit protection. It only mentions a single compliance officer and a Harvard law attorney as part of its team.

MySolo401k also provides additional financing for SBA loans, franchise funding, equipment leasing, real estate financing, and unsecured loans. To learn more, you can join the provider’s daily live Zoom call hosted by its owners. You can visit the MySolo401k website for more information or submit an application.

Business Funding Trust is the only provider in our guide that doesn’t charge a recurring monthly fee. As a result, this can be a good option for business owners wanting to reduce long-term expenses.

However, it charges a one-time setup fee of $4,950—this is among the highest on our list, but the fee doesn’t have to be paid upfront. Business Funding Trust also structures its ROBS in a way that allows business owners to qualify for a federal tax credit of up to $1,500 to reduce the effective cost of getting a ROBS further.

A downside of this provider is that it doesn’t offer as much assistance when it comes to helping you meet annual ROBS compliance requirements. Rather, it issues an administration kit for you or your accountant to review. If you need additional assistance, you can pay a fee to have a professional plan administrator provide guidance.

Additionally, Business Funding Trust offers little to no legal support or audit assistance. Its team consists of a pension attorney, a retirement plan specialist, and a corporate attorney, but otherwise makes no mention of services you can utilize. It also has no information about the company’s track record of delivering ROBS plans that have passed an IRS audit.

Pango Financial’s legal and audit support is more limited than other providers. However, it has the flexibility to work with smaller retirement balances and offers competitive pricing, which is why we selected it as the best provider for simple ROBS transactions.

It can work with retirement balances as low as $25,000, which is significantly less than the $50,000 required by most other companies. It charges a setup fee of $3,995 and a monthly maintenance fee of $110, so you’ll want to be sure that getting access to the amount of funding you need is worthwhile. Otherwise, consider this provider’s other financing options, which include SBA loans, business lines of credit, invoice factoring, and equipment financing.

Audit protection comes in the form of assisting your certified public account (CPA) with questions. However, you’ll be expected to take the lead if selected for an IRS audit, something you consider before you choose a ROBS provider. Having a CPA familiar with a ROBS can streamline the audit process.

To learn more or to submit an application, you can visit the company’s website or call its toll-free number.

Many of FranFund’s clients are franchises. If you’re a business owner looking to partner with a company knowledgeable about the nuances of a franchise, it is an excellent option. It can fund in as soon as 10 days, one of the fastest on our list. However, the provider states that most ROBS take between 15 and 20 days.

FranFund has an excellent track record of delivering fully compliant ROBS. In more than 16 years of operating, it has never had a compliance issue. It also states less than 1% of its plans are audited, making it extremely unlikely you’ll encounter issues. However, it does offer legal and audit support should you need it.

You can schedule a free consultation on the company’s website to learn more about whether this is a good fit for your needs. FranFund also offers other financing options, including SBA loans, equipment leasing, payroll services, payment processing, and business insurance.