Is business continuity a concern if you or a partner dies?


As a business owner, you’ve got plans for things within your control. But what about the things
that aren’t? A business succession plan lets you decide what happens, even if you’re not there.
Start by asking yourself these five questions to see if your business is ready for the unexpected.

Who would run the business if I died?

It’s a hard question, but the answer is easy. Most partners aren’t in
a financial position to buy out a share of the business if the need
arises suddenly. A buy-sell agreement, funded with life insurance,
can specify the buyout terms so your family is fairly and promptly
compensated, and your partners can maintain the business.

Could my spouse or children take over?

Sometimes, a spouse or children have run the family business
for a long time. In other instances, keeping a business in the
family is not possible or desirable. Your agreement spells out
your wishes and provides the funding to make it happen.

What if I get sick or injured and can’t work?

If you’re permanently unable to work, a buy-sell agreement funded
with disability insurance can help ensure business continuity and
provide income to maintain your family’s lifestyle. Individual disability
insurance coverage can further sustain your family.

Who are the employees I can’t afford to lose?

In many businesses, a handful of employees have a key impact. If they were
unable to work or suddenly passed away, you can protect the company against
lost income or sales and cover the cost of finding someone to replace them.

Beyond my business, would my family be OK financially?

Individual life insurance picks up where business succession plans leave off, providing funds to
cover family debts, living expenses, and future needs such as college and retirement. The payout
from an individually owned policy is generally income tax-free and may not be subject to creditors.

For help navigating these questions and more, call Beck Insurance Agency in Archbold or Whitehouse at 419-446-2777, email us at, or click here to submit your request.