Businesses and their owners generally pass through several identifiable stages during their business life cycle. Business Preservation and protection is the first stage: Helping to ensure protection against unexpected pitfalls.
- Would your business be threatened by the death of a key employee?
- Regulations change. Have your plans kept pace? When was your last “checkup”?
- What about your partners? Do you have a buy/sell plan in place? How is it funded? What is your businesses current value
- What about Employee benefit plans? Just as important, what are your “Selfish Benefits”?
Key person insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business–the ones whose absence would sink the company. You definitely need to consider key person insurance on those people.
Without a business succession plan, the death of an owner can create problems for the business owner’s heirs and the business itself. In fact, many businesses do not survive upon the death of one of the business owners. A buy-sell agreement can help ensure the business continues after an owner is no longer around.
Multiple generations in the workforce simultaneously can make benefits a tricky issue for businesses. The key is understanding how benefits can help you attract and retain top talent by offering the right solutions for each generation.
Let's get started!
Contact us for a free audit of your current situation.
When’s the last time you had a business valuation? Do you have a plan in place should a partner get sick? How about a Key-Employee? Have you looked into benefits for employees? What about “selfish” benefits for you? Lot’s of important information to think about.