Small business owners often wear many hats – you are HR, IT, Senior Management, and Operations all-in-one. Being a business owner can be tiring and time consuming.
At Bush Insurance we can work with you to create a simple plan – so you can have peace of mind knowing your family and business will be in good hands when you move on. 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. 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.
At Bush Insurance, our Advanced Planning Specialists can help you as a business owner create a continuation plan using life insurance policies. We do this in a way that will:
- Establish a guaranteed buyer at the time of the triggering event
- Set a price for the business when the business owner is less vulnerable, and ensures the business will be sold at a fair market value
- Ensure the surviving business owner(s) won’t have to run their business with the deceased person’s family members (if they choose not to)
- Provide liquidity, when the family needs it most, to fund the sale of the business to surviving partner(s)
We will help you value your business and make your plan for the future. Give us a call!
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