Executive Benefits and Business Continuity
No matter the size of your business
an unexpected death or disability could cause it to collapse.
Maybe you have children who work in the business with you and you want to do what’s fair and what’s right both for them and your other employees in addition to being fair to children not involved in the business.
Who should control the business after you are gone?
If the business is left to your kids will the bequest help them prosper, or will it cause them to grow apart when issues involving management and income come into play?
Your business may be your largest asset, you’ve worked hard to build it, let us show you ways to keep it intact even if you’re no longer around.
We have seen families who have tried to resolve this type of issue by passing the business to the children working in it, and passing the real estate from which the business operates to the non-business-working children. This almost always leads to strife and even legal action.
We have helped business owners’ design, structure and fund business transition plans that allow them to treat all their children fairly.
And as parents, we know that “fairly” does not always mean “equally”. We can do this without tying the hands of the children that should be the voice behind the businesses growth.
A simple way to make sure your business is financially protected
from the death of a key employee.
Almost every business has some individuals that are critical to the success of the company, or whose loss would have a significant financial impact. Perhaps they would be difficult and costly to replace. Key employee coverage, often funded with inexpensive term life insurance policies is a simple way to make sure your business is financially protected from the death of a key employee.
If you have key employees, how can you be assured that they will stay with you rather than start their own business or be hired away by a competitor?
You may pay them well and perhaps you even let them have input into how the business is run, but you are unlikely to give them stock in your company.