Broker Check

Protecting Your Business Against Loss

As a business owner there are many concerns and issues that keep you up at night.  Some of those concerns may feel very immediate to you and you know they need to be addressed today.  For instance, what could have happened if you , a business partner or a key employee of your business had died or became  disabled  yesterday? 

 

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Business Continuation

Have you taken the steps to ensure that your business will continue to run smoothly if you were to lose a business partner?

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What is Your Business Worth?

If someone walked into your office today and wanted to buy your business, how much would you ask for?

 

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Funding a Buy-Sell Agreement

Having a formal buy-sell is important, but just as important is making sure the money is there to complete the buy-sell.

 

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Entity Purchase Agreement (Sometimes called a Stock Redemption Agreement):

Under this agreement, the buyer is the business. The business owners agree to sell their ownership interest back to the business if they become disabled or wish to retire. If there is a death of an owner, the owner’s estate is required to sell the deceased owner’s interest back to the business.

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Cross Purchase Agreement:

The co-owners will purchase the selling owner’s business interest. The business itself will not be involved in the purchase.

 

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Wait-and-See Buy-Sell Agreement:

This agreement allows the business owners to delay the selection of an entity purchase or a cross-purchase buy-sell agreement until an actual death, disability, retirement or sale of a business interest.

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Protect Your Small Business with Key Man Insurance

As an entrepreneur, have you thought about the possible consequences to your business and your family if something were to happen to you or to one of your partners?

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Life insurance

For many business owners, insurance can be the most cost effective option. The life insurance death benefit can provide the needed cash to complete a purchase at death and the cost to purchase the insurance may only be pennies on a dollar.

For lifetime buyouts in the event of divorce, disability or retirement, the policy cash value can be accessed through loans and withdrawals to supplement funds needed to complete the purchase.

Note that the cost and availability of insurance can vary based on age, health and benefit amount. Policy loans and withdrawals reduce the policy's cash value and death benefit and may result in a taxable event.

 

 

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