Any closely held business faces the possibility of an owner dying, retiring or becoming disabled. A business owner’s death or disability can create major problems, jeopardizing a lifetime of hard work and investment, leaving beneficiaries in the difficult position of sorting things out. The remaining business owners are faced with difficult questions:
- How will the business continue?
- Who will control the business?
- Can/will family members of the deceased or disabled owner get involved?
- How will the continuing owners finance the buyout of the owner who is no longer there?
Insurance Design Management can help design a properly structured and funded business continuation plan which is a crucial step to ensuring a client’s business remains intact at retirement, death or other triggering event.