Business Protection Services

A business generally depends on an individual or a few people to produce the profits, provide the capital or manage the business. If one of those people die or are unable to continue working and there is no viable succession plan, there may be significant financial hardship for the remaining business owners and family members. For every business it is important to look at the impact of 3 concepts to protect your business, yourself and your family.

If your business partner passed away, would your business survive working with family who know nothing about your business?

Can you be assured your family would receive fair value for the business asset you have built?

If these questions concern you, then you need a Business Will or a Business Succession Plan.

  • A Business Succession Plan, or Business Will: is a pre-agreed strategy to enable a business partner or shareholder of a business to exit the business in the event of a specified trigger point. Retirement, death or total and permanent disability (or some other defined event such as trauma etc). The terms of the Agreement are outlined in a Business Succession Agreement and the funding arrangements for your business can be established and managed by a clearly documented plan with an experienced business adviser.
  • Buy sell If you are a co-owner in a business, one of your main concerns could be the continuation of the business in the event that another co-owner dies or is permanently disabled and cannot continue to be a part of the business. In such situations, the remaining owners of the business typically do not want a successor of the deceased owner to become an integral part of the business. The successor may not have the necessary business expertise to be one of the owners, but it may be impossible for the remaining owners to keep him out of the business. A buy/sell life agreement is a type of contract that business owners enter into with each other. The main purpose of this type of agreement is to bind the owners of a business to buy out the shares of another owner if some specific trigger events occur. The trigger events that typically activate a buy/sell life insurance agreement include the death of one of the owners, Total & Permanent Disability due to accident or injury, divorce, voluntary retirement of one of the owners.
  • Key Person protection if something were to happen to you as a business owner or partner, would your business survive, could it cover its debts and cashflow. If there isn't a suitable replacement within the business, it may take substantial time and financial inducement to find and train a successor, let alone restore any loss of revenue during a very stressful time. Key Person protection can provide your business with liquidity to cover for the loss of turnover and associated replacement costs of key employees or business owners to provide stability in the business .

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