Having a business succession plan in place can help to ensure the orderly transition of a business along with operations in the event of the retirement, death or disability of one of the partners. Without the proper planning in place, these situations can result in significant business interruptions or even the forced sale of the business.
Key Man Life Insurance
Your company is only as strong as the employees who work for you. Key person insurance is a type of insurance, be it life, health or disability that an employer purchases on a key person(s) to their organization. This type of insurance protects the employer from financial impact should the key person become ill, disabled, or die. The employee will typically have a set of special skills, training, or management that would significantly impact the business should the employee become unavailable.
Disability insurance protects both you and your employees from a short or long-term disability. Most people are not prepared to cover their daily living expenses, let alone, financial obligations, if a disability would prevent them from working. Our experienced advisors can help you find the right disability plan to benefit everyone involved.
A buy/sell agreement offers peace of mind to employers knowing that their business is in good hands should they no longer be able to manage it. Having a buy/sell agreement in place can prevent problems from arising such as internal turmoil, customer erosion and disruption in revenue flow that could potentially damage your business.