Business Continuation Planning
Small business owners often wear many hats – they are HR, IT, Senior Management, and Operations all-in-one. Being a small business owner can be tiring and time consuming.
Appeal to this market by presenting them with a simple plan – so they can have peace of mind knowing their family and business will be in good hands when they move on.
Help business owners prepare for the future by using a buy-sell agreement.
71% of small business owners surveyed said they have thought about who would run their business in their absence, but only 35% of all surveyed had a business continuation plan.¹
Many business owners don’t have formal plans to transfer their business to a successor in the event of retirement, disability or death. A business may fail due to confusion and lack of a clear plan after such an event.
As a life insurance professional, you can help business owners create a continuation plan using life insurance policies.
How You Can Help Business Owners With Life Insurance:
- Establishes a guaranteed buyer at the time of the triggering event
- Sets a price for the business when the business owner is less vulnerable and ensures the business will be sold at a fair market value
- The surviving business owner(s) won’t have to run their business with the deceased person’s family members (if they choose not to)
- Provides liquidity, when the family needs it most, to fund the sale of the business to surviving partner(s)
We will help you prepare business valuations, design the proper life insurance proposals – give you the tools to become a business insurance expert.
Contact your Life Sales Representative today – maintain a competitive edge in the business insurance marketplace.
1. Lifehealthpro.com, New Tax Laws Open the Door for Business Insurance Discussion, April 2011. Survey was based on 874 small businesses with 100 employees or less.