Life Insurance For Business Protection
Planning The Future Of Your Company <ul><li>Are you taking the right steps to make sure your business can survive the deat...
Planning The Future Of Your Company <ul><li>Without adequate planning, your business may be negatively impacted or forced ...
Business Succession Planning <ul><li>A crucial step to help ensure the successful transfer of your company or business int...
Key Person Coverage <ul><li>How long would it take to replace your key person(s) and how much business does your company s...
What Happens To Your Business When You Die? <ul><li>Possible Scenarios: </li></ul><ul><ul><li>If I die, my spouse will run...
What Happens To Your Business When You Die? <ul><li>Possible Scenarios: </li></ul><ul><ul><li>My death or a key employee’s...
Key Person Life Insurance <ul><li>An insurance policy on the key person’s life, where the business is the owner and benefi...
What If The Company Has More Than  One Owner? <ul><li>A Buy-Sell agreement funded with life insurance helps ensure the rem...
Buy-Sell Agreement <ul><li>A legally binding contract that can be used with all types of businesses. </li></ul><ul><ul><li...
Buy-Sell Agreement <ul><li>Remaining partners, shareholders, or the business itself must purchase portion of business owne...
Minimize Risk <ul><li>Help protect yourself and your business from economic loss and increase the likelihood of success. <...
Contact Information <ul><li>Mickey Wells </li></ul><ul><li>Markham Priest Insurance </li></ul><ul><li>20 Central Ave. </li...
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Plan the future of your business, Life insurance for business protection

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Plan the future of your business, Life insurance for business protection

  1. 1. Life Insurance For Business Protection
  2. 2. Planning The Future Of Your Company <ul><li>Are you taking the right steps to make sure your business can survive the death of an owner or key employee? </li></ul>
  3. 3. Planning The Future Of Your Company <ul><li>Without adequate planning, your business may be negatively impacted or forced to close in a relatively short period of time. </li></ul><ul><li>Why? Not because you did something wrong, but because you did nothing. </li></ul>
  4. 4. Business Succession Planning <ul><li>A crucial step to help ensure the successful transfer of your company or business interests. </li></ul><ul><li>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. </li></ul>
  5. 5. Key Person Coverage <ul><li>How long would it take to replace your key person(s) and how much business does your company stand to lose during the transition? </li></ul>
  6. 6. What Happens To Your Business When You Die? <ul><li>Possible Scenarios: </li></ul><ul><ul><li>If I die, my spouse will run the business </li></ul></ul><ul><ul><ul><li>He or she may not want to run the business </li></ul></ul></ul><ul><ul><ul><li>He or she may not be capable of running the business </li></ul></ul></ul><ul><ul><li>A competitor will buy the business </li></ul></ul><ul><ul><ul><li>Competition could take business away instead. </li></ul></ul></ul><ul><ul><ul><li>Is the competitor interested or financially capable of buying the business. </li></ul></ul></ul>
  7. 7. What Happens To Your Business When You Die? <ul><li>Possible Scenarios: </li></ul><ul><ul><li>My death or a key employee’s death will not impact the business </li></ul></ul><ul><ul><ul><li>Can you find a suitable replacement at the same salary? </li></ul></ul></ul><ul><ul><ul><li>What if other surviving members want to help run business? </li></ul></ul></ul>
  8. 8. Key Person Life Insurance <ul><li>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. </li></ul>
  9. 9. What If The Company Has More Than One Owner? <ul><li>A Buy-Sell agreement funded with life insurance helps ensure the remaining business owners can buy deceased owners interest at an agreed upon price. </li></ul>
  10. 10. Buy-Sell Agreement <ul><li>A legally binding contract that can be used with all types of businesses. </li></ul><ul><ul><li>Must be drafted by an attorney </li></ul></ul><ul><li>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. </li></ul>
  11. 11. Buy-Sell Agreement <ul><li>Remaining partners, shareholders, or the business itself must purchase portion of business owned by the deceased, retired, disabled, or withdrawing principal. </li></ul><ul><li>Life insurance may be purchased to help fund agreement at death. </li></ul>
  12. 12. Minimize Risk <ul><li>Help protect yourself and your business from economic loss and increase the likelihood of success. </li></ul><ul><li>Reduce risk of loss at the death of a key person or at the time of business transfer. </li></ul><ul><li>Plan to retain control of business and assure the funds will be available to provide financial flexibility. </li></ul>
  13. 13. Contact Information <ul><li>Mickey Wells </li></ul><ul><li>Markham Priest Insurance </li></ul><ul><li>20 Central Ave. </li></ul><ul><li>Ayer, MA 01432 </li></ul><ul><li>Phone: 617-304-2417 </li></ul><ul><li>Email: [email_address] </li></ul><ul><li>www.markhampriest.com </li></ul>
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