Business Succession Planning
Imagine for a moment this scenario. You and your partners have spent years investing your blood, sweat and tears into making your business a success. So much so, most of your net worth is tied up in the business.
Now ask yourself these questions:
- What impact would the death or permanent disability of a partner have on the business? Who would inherit their interest? Would you have the funds ready and available to buy their interest out at the exact time you need them most?
- What if a top sales person were to suffer a permanent disability? How would that impact your company's future revenue stream? What would the cost be to recruit and train a replacement?
- What would happen if a partner decides it's time to retire and wants to cash out or sell their interest? How would that be funded?
Business life insurance and disability insurance can play a critical role in the financial stability of your business and insure a smooth transition if an owner, partner or key employee should die or become disabled providing you the funds exactly when you need them.
The consequences of not doing something can be devastating causing financial hardship even dissolution of the business or worse bankruptcy.
As the saying goes, "A failure to plan is a plan to fail". Don't wait till it's too late, call us today.