Business Continuation For Women.
Using Life Insurance to Ensure Business Continuity.
The loss of critical personnel can be life-threatening to small businesses; however, it’s a risk that life insurance often can mitigate. In fact, life insurance policies are frequently used in plans aimed at making it possible for a business to survive a change of ownership or the loss of a partner, the chief executive or an employee whose creative talent, technical knowledge or salesmanship drives the business.
Most commonly, life insurance is employed as the funding mechanism in buy-sell plans — legal agreements that provide for an orderly transfer of ownership interests — and to compensate for the loss of a key person.
- Buy-Sell Agreements
- Insuring a Key Person
- Practical Matters
Your insurance agent can provide information about life insurance terms and costs. Keep in mind that insurance premiums are not deductible business expenses and that life insurance cash values and death proceeds may result in corporate alternative minimum taxes.
Read the full article at: http://www.bizmonthly.com/using-life-insurance-to-ensure-business-continuity/
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Business continuation for women.
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