You are more experienced now, your bank account is larger, and it is easier to think further ahead.
Would you sign this contract?
If my partner, or fellow shareholder, dies, becomes disabled or critically ill, I agree to:
1. Turn down all new business
2. Make no further purchases
3. Pay off all obligations -- immediately
4. Not borrow money in the firm’s name
5. Sell all business assets for cash
6. Dissolve the business
7. Continue to share profits
Should I fail to do any of the above, my associate or his family will have the right to sue me for failure to comply with this agreement.
WITHOUT A BUSINESS CONTINUATION PLAN FUNDED
BY INSURANCE, YOU’VE ALREADY SIGNED !!!!
In fact, if you are like most businesses you have an agreement that states all types of conditions but you have not addressed the proper way to fund the liability. Unfortunately a number of businesses go bankrupt after the death, disability or diagnosis of a critical illness of a partner because no proaction has been taken.
When it comes to your business, reaction is often far more costly than proaction. It is also necessary to blow the dust off of previous proaction every now and then and make sure that the agreement and the funding is still appropriate.
If you want to be proactive, call any time.
You are more experienced now, your bank account is larger, and it is easier to think further ahead.
Without barely a moment’s thought, you would protect your family from an immediate threat.
Do you ever feel like life is too automated? Maybe you’re suspicious of the cruise control feature on your car.
You have worked all your life and saved for retirement. What other planning work could possibly be left?
