Business Succession Planning
All closely held businesses face the possibility of an owner or other key management personnel retiring, selling, becoming disabled or dying. If one of these was to occur, do you know how the business will continue? Who will control the business?
Life insurance can help in a number of ways. For instance, a life insurance policy can be structured to fund a buy-sell agreement. This would ensure that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. That way, the owners get the business and the family gets the money.
To protect a business in case of the death of a key employee, key person insurance, payable to the company, provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement. Contact one of our professionals today for more information.
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