BUSINESS SUCCESSION PLANNING
Could your business survive the retirement, disability or death of an Owner or Key Employee? If you do nothing, your business could be negatively impacted or forced to close if one or more of these events occurred.
A Business Succession Plan is a crucial step in protecting you and your business. Key Person Insurance Coverage assures funds will be available to cover costs associated with the loss of an Owner or Key Employee such as:
- Costs to find and replace the Owner or Key Employee.
- Lost revenue associated with the loss of the Owner or Key Employee.
- Provide funding for the purchase of stock from the Estate of the Owner or Key Employee.
- Provide funds for the continued compensation for the Owner or Key Employee.
A Buy-Sell Agreement will help guide the Business through times of uncertainty. This document stipulates that at the death, retirement, disability or withdrawal of a Principal, their share of the business must be sold to the remaining Owners or the Business itself at a specified price. Life Insurance purchased by the Business covering the Owners and Key Employees is an excellent method to fund the Buy-Sell Agreements. Depending on how it is structured, the benefits can be paid out Tax Free!
Henkes Welsh was founded upon one simple idea:
Bring a new way of doing business to our industry, by holding the basic principle of treating our clients, partners
and employee interests above our own.
Henkes Welsh is a professional, full-service insurance agency that promises to exceed expectations. Contact The Henkes Welsh Agency today at (775) 786-8838 Local #, (877) 431-0444 toll free #, or on the web under the Contact Us tab.
