SERVICES
Business Continuity
Take your growing business to the next level with a solid foundation
The importance of having a Contingency Plan in Place
What is the potential risk of a business when it loses its key executives? This is an impending question that every business owner or leader of the company has to ask themselves when comes to succession planning. Your key executives are your most important assets, and the loss of any of the key executives may lead to a loss of profits, creditworthiness, the confidence of partners and suppliers, and cash flow problems. The business recovery process may be long as the cost of finding a suitable replacement is high and time-consuming. But what if you have a succession plan set in place, then the equation of success and continuity will be assured. We have just the solutions to support every business in its succession planning, coupling Life Insurance and our Partnership Buy-Sell Concept strategies. It ensures that your business continues and does not leave an emotional void and great financial hardship. Perplexed? Not if we are walking with you every step of the way. Talk with our Financial Advisers, and we will work out the best Keyman protection solution for you and your company.
How it Works
Your company buys a Term Life Insurance coverage, pays for the premiums, and becomes the owner and beneficiary of the coverage. Upon the demise of a key person, your company will receive the benefit, which can be used to keep the business in operation. In a Partnership Buy-Sell Entity coverage, the partnership agreement ensures that the partnership will purchase (liquidate) each partner’s interest at death, funded with life insurance. When determining the amount of insurance to purchase, your company should consider the cost of replacing the key person and training the successor.