Succession Planning for Your Small Business

Posted June 28, 2011 Company News

As insurance professionals, we are acutely aware of the importance of insuring a business correctly and offering coverage solutions for most potential insurable losses. However, unlike most large businesses, small businesses are also often dependent on the skills and expertise of one or more owners to keep a business afloat. We understand that losing the owner of a small business can be detrimental to no not only the future of the company, but also the owner’s entire family. So the question remains, how do you prevent your small business from closing with the owner no longer in the picture?

Unfortunately, through our experiences working with many small businesses in every type of industry, we’ve seen most small businesses insure almost everything except for the risk of losing the owner. Planning ahead for this loss, or succession planning, is extremely important when planning for the life of a company after the key owner is no longer available, and insurance solutions are often a part of that plan. Henderson Brothers is able to assist your small business in planning for the future without the owner, through comprehensive insurance products and investment tools that work with your succession plan’s goals.

If you would like to read more about the importance of succession planning, MoldMaking Technology outlines some of the pitfalls associated with the loss of an owner in this very interesting article.

For more information on insuring your small business for the loss of one or more owners, please contact our Small Business Department at [email protected].

 


Please note that the information contained in this document is designed to provide authoritative and accurate information, in regard to the subject matter covered. However, it is not provided as legal or tax advice and no representation is made as to the sufficiency for your specific company’s needs. This document should be reviewed by your legal counsel or tax consultant before use.