Life Insurance For Business Protection

Planning The Future Of Your Company Are you taking the right steps to make sure your business can survive the death of an owner or key employee?

Are you taking the right steps to make sure your business can survive the death of an owner or key employee?

Planning The Future Of Your Company Without adequate planning, your business may be negatively impacted or forced to close in a relatively short period of time. Why? Not because you did something wrong, but because you did nothing.

Without adequate planning, your business may be negatively impacted or forced to close in a relatively short period of time.

Why? Not because you did something wrong, but because you did nothing.

Business Succession Planning A crucial step to help ensure the successful transfer of your company or business interests. Helps assure that funds will be available to help provide maximum financial flexibility in the event of retirement, death, disability, or if you leave the business.

A crucial step to help ensure the successful transfer of your company or business interests.

Helps assure that funds will be available to help provide maximum financial flexibility in the event of retirement, death, disability, or if you leave the business.

Key Person Coverage How long would it take to replace your key person(s) and how much business does your company stand to lose during the transition?

How long would it take to replace your key person(s) and how much business does your company stand to lose during the transition?

What Happens To Your Business When You Die? Possible Scenarios: If I die, my spouse will run the business He or she may not want to run the business He or she may not be capable of running the business A competitor will buy the business Competition could take business away instead. Is the competitor interested or financially capable of buying the business.

Possible Scenarios:

If I die, my spouse will run the business

He or she may not want to run the business

He or she may not be capable of running the business

A competitor will buy the business

Competition could take business away instead.

Is the competitor interested or financially capable of buying the business.

What Happens To Your Business When You Die? Possible Scenarios: My death or a key employee’s death will not impact the business Can you find a suitable replacement at the same salary? What if other surviving members want to help run business?

Possible Scenarios:

My death or a key employee’s death will not impact the business

Can you find a suitable replacement at the same salary?

What if other surviving members want to help run business?

Key Person Life Insurance An insurance policy on the key person’s life, where the business is the owner and beneficiary, may help cover the cost of the transition.

An insurance policy on the key person’s life, where the business is the owner and beneficiary, may help cover the cost of the transition.

What If The Company Has More Than One Owner? A Buy-Sell agreement funded with life insurance helps ensure the remaining business owners can buy deceased owners interest at an agreed upon price.

A Buy-Sell agreement funded with life insurance helps ensure the remaining business owners can buy deceased owners interest at an agreed upon price.

Buy-Sell Agreement A legally binding contract that can be used with all types of businesses. Must be drafted by an attorney Stipulates that at death, retirement, disability, or other withdrawal of a principal, his or her share of the business must be sold to the remaining partners, shareholders, or the business itself.

A legally binding contract that can be used with all types of businesses.

Must be drafted by an attorney

Stipulates that at death, retirement, disability, or other withdrawal of a principal, his or her share of the business must be sold to the remaining partners, shareholders, or the business itself.

Buy-Sell Agreement Remaining partners, shareholders, or the business itself must purchase portion of business owned by the deceased, retired, disabled, or withdrawing principal. Life insurance may be purchased to help fund agreement at death.

Remaining partners, shareholders, or the business itself must purchase portion of business owned by the deceased, retired, disabled, or withdrawing principal.

Life insurance may be purchased to help fund agreement at death.

Minimize Risk Help protect yourself and your business from economic loss and increase the likelihood of success. Reduce risk of loss at the death of a key person or at the time of business transfer. Plan to retain control of business and assure the funds will be available to provide financial flexibility.

Help protect yourself and your business from economic loss and increase the likelihood of success.

Reduce risk of loss at the death of a key person or at the time of business transfer.

Plan to retain control of business and assure the funds will be available to provide financial flexibility.

Contact Information Mickey Wells Markham Priest Insurance 20 Central Ave. Ayer, MA 01432 Phone: 617-304-2417 Email: [email_address] www.markhampriest.com

Mickey Wells

Markham Priest Insurance

20 Central Ave.

Ayer, MA 01432

Phone: 617-304-2417

Email: [email_address]

www.markhampriest.com