Your business perpetuation plan helps a company to adapt to a change in their ownership, a downward turn in their niche business market, and also the unexpected death of the principal owner. If your business is not prepared for change, like the dinosaurs did millions of years ago, your company too can become extinct.
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Everyone in corporate America complains about change. When you’re a part of a large company, reorganizations are a bi-yearly thing it seems. What people don’t stop to think about is we actually need change. Change is good, very good. In fact, if there was never any change, we’d still be using horses as the main source of transportation.
You know what else change is good for? Your business and keeping it around for not just a few years, but for generations to come. The only proper way to effectively achieve this is with Florida Business Perpetuation Insurance.
Your Florida business perpetuation insurance plans for the future by helping a company to adapt to a change in their ownership, a downward turn in their niche business market, and also the unexpected death of the principal owner. If your business is not prepared for change, or unwilling to allow change into its world, like the dinosaurs did millions of years ago, you’re company too will be extinct.
You can trust that your Florida business perpetuation insurance agents will hit the five major points of a traditional perpetuation plan such as:
- Buy-Sell agreement – This is the legal agreement between the company and its business owners. This agreement can be between just the owners too. This agreement is key to the perpetuation plan. It gives clarity on how the living owners will legally divided up the deceased owner’s shares and keep the company heading forward.
- Life Insurance – The perpetuation plan needs to include life insurance too. But not any type of life insurance, this would require corporate life. This insurance type allows for the deceased owner’s company assets to be liquidated for the business. And it allows the owners another chance to purchase shares from their deceased partner. By corporate life still being life insurance product at its core, it still will pay a death benefit to either the business or the owner’s family/beneficiary.
- Limited Liability Company – This acts as a holding company for all business interests and business assets. It keeps them safe. At the time of an owner’s passing, the business can maintain operational control, and still transfer ownership very seamlessly.
- Sharing Responsibility – This occurs when an owner has made personal financial guarantees, then the business suffers a large financial loss. A business not ready for change, could be ruined. This plan will help to setup reserves to meet new needs until new credit lines can be established.
- Retirement Planning – The perpetuation plan usually uses corporate dollars to fund a retirement plan. If the company just doesn’t have much money in those reserves anymore, trying to fund one more owner’s or key stockholder’s retirement, could be the straw that broke the camel’s back. It is suggested that an independent retirement fund is setup for the owners and stockholders. This way, no animals will be hurt.
Seasoned Insurance Pros at Horizon Insurance
Representing over 30 insurance companies, the experts at Horizon Insurance will customize your FL business perpetuation insurance to suit the way you run your business.
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From our Bradenton and Port Charlotte locations, we provide business perpetuation insurance protection throughout Florida, and particularly in the Lakewood Ranch, Sarasota, North Port, Venice, Palmetto and Parrish communities. We are an independent insurance agency offering insurance from 30 of Florida’s top insurance companies. Call us today and we’ll do the shopping for you.