You've spent years building your business. Now you're looking at starting the next stage of your life. Having a business succession plan that clearly outlines your intentions and goals helps make this transition easier for you, your family and your business.
We'll support you through your planning process with advice and solutions that match your business and personal needs. From business transition advice to wealth management, personal retirement and estate planning, we can help you through this process that will benefit both you and your business.
We'll assist you with:
Building your advisory team
Assessing the value of your business
Choosing an exit option
Financing the acquisition of your business
Creating your personal retirement plan
And more ...
Key Person Insurance
Protect your business against the loss of a key employee
If your business employs someone whose contribution is vital to your company's survival, consider making key person insurance part of your business continuity and succession plan - especially if you're a small business owner.
Should a key member of your team pass away or become disabled, your bottom line may suffer in the short-term, and over the long-term, you may have to find a replacement or even shut down your business. However, with the benefits payable from a key person life or disability insurance plan, you could:
Recruit, hire and train a replacement
Pay off debt and deal with creditors
Alleviate lenders' concerns about your company's financial health
Reassure customers, employees and investors that the business will continue operating
What's more, if you and your family rely on your business as a primary source of income, key person insurance can help ensure that the business will continue to provide a secure financial future.
Using insurance to fund a buy sell agreement is a smart business decision
Planning for the loss or disability of a business owner or partner with a buy sell agreement and insurance is crucial to ensuring the continuity of your business and protecting the financial interests of each co-owner's family.
A buy sell agreement specifies what will happen to the interests of an owner, partner or shareholder who passes away or becomes disabled. If your company's buy sell agreement requires that the other owners or partners must purchase the deceased/disabled owner's interests, you can use life or disability insurance to fund the buy sell agreement rather than personal funds or business assets.
In many cases, the simplest option is to purchase a life or disability insurance policy on each co-owner or partner. This way, funds could be available to complete a buyout and provide the families of each partner or co-owner a secure source of funds for the value of their interest.
Alternatively, the business can purchase insurance on each co-owner or partner and use the insurance proceeds to purchase or redeem the deceased or disabled owner's interest in the business.
Business Overhead Insurance
Make sure your business can always pay the bills
If your business or practice depends on an owner's ability to generate income, an owner's absence due to a long- or short-term disability would impact the bottom line.
That's where business overhead expense insurance comes in. It's designed to help businesses with owners or partners who actively generate income (such as physicians, lawyers, accountants and engineers) pay ongoing fixed expenses - like salaries, rent, property taxes and utilities - in the event that a partner or owner becomes disabled and is unable to work.
It can even offer return to work assistance to support an owner's transition back to work.