A wide range of potential, unpredictable events exists that could impact your business in the future. Events such as the untimely death or accident of a key executive or business owner would have devastating effects on your business if you are unprepared.
Houghton Financial Partners can assist you in taking the necessary steps to protect your future business from an unforeseen event. We offer Business Life Insurance, including a Key Man policy or Buy-Sell Funding agreement. The primary purpose of Business Life Insurance is to protect the future business of the company.
Benefits of a Key Man policy may include:
- Assurance that customers, employees, creditors and surviving owners can continue operations;
- Funds needed to locate, recruit, hire and train a replacement; and
- Funds to help offset lost sales and profits.
Benefits of a Buy-Sell Funding agreement may include:
- An assured market for the sale of the corporation’s shares if the shareholder retires, becomes disabled or dies;
- Prevention of the transfer of shares to shareholders who are not compatible with the present shareholders; and
- Assurance that persons who are no longer active in the business cannot continue as shareholders.