I always ask business owners if they have buy-sell insurance or partnership insurance. Surprisingly, about 50% of them didn’t know what it was, let alone possess it. When I asked if they had a Partnership Agreement in place, most answered, of course. Some were more formalized than others, but most saw the importance behind having a partnership agreement. Then, I … Read More
Why Using Private Medical Clinics May Cost you More for Life Insurance
Using Private Medical Clinics May Cost you More for Life Insurance. If you use a private medical clinic – like Medcan, Medisys or The Cleveland Clinic – it may cost you more for life insurance. In some cases, it may cause a postponed decision or an outright decline by an insurance carrier. This may not seem significant to some, but … Read More
8 Clever Uses of Life Insurance by Business Owners
Not many people say they love buying or the process of buying life insurance. Who wants to discuss the eventual demise of oneself? There are certain situations which are reliant upon life insurance to create an insurgency of cash into a business when weathering the loss of a business owner. There are, however, clever uses of life insurance by business … Read More
Overcome These 5 Colossal Mistakes When Drafting Your Shareholders’ Agreement
If you own shares in a private corporation, you should be no stranger to a shareholder’s agreement. This document, which outlines how the company should be operated and the rights and responsibilities of the shareholders, is integral in protecting your rights as a stakeholder in the business. You may also be aware that there are significant benefits in funding your … Read More
4 Key Things to Consider When Building Business Owner Wealth
The Keys To Building Business Owner Wealth You’ve built a thriving and successful business. You continue to be profitable and continue to reinvest into your business while building wealth for your eventual retirement. You have a succession plan in place and a plan to exit the business at some point over the next 15 years. The plan is to work … Read More
5 Types of Business Risk Every Business Owner Should Absolutely Prepare For
Ignoring Business Risks Could Mean Disaster for Your Family, Your Retirement, Your Business and Your Employees As business owners, we expect and accept a certain amount of risk. If there weren’t any risk, then everyone would go into business for themselves. Like in life as in running a business, there are smart risks, calculated risks and completely random risks. Some … Read More
What are the 6 Things I Need Business Protection Insurance for?
Reduce Business Risks by Implementing Business Protection Insurance for Management Team and Key People As Business Owners, we all assume certain business risks. In my discussions with business owners, I’m astounded by the types of business risks that some owners are willing to make. Ironically, none of these individuals I would consider stupid, overly aggressive or brazen. Some of these … Read More
The Top 8 Things Business Owners Should Consider When Buying Life Insurance
Buy-Sell Agreements, Insured Retirement Plans, Business Contingency Planning or Succession Planning: Life Insurance Has a Role in your Business Whether you’re purchasing life insurance to satisfy a buy/sell agreement, creating an Insured Retirement Plan to get money out of your business in a tax favourable way, for business contingency planning or succession planning, life insurance can fulfil a very cost-effective … Read More
Partnership Agreements and Business Insurance: You Can’t Have One Without the Other
You’ve set up insurance to protect yourself, your family and your business in case something ever happens to yourself, a Partner or a key employee. Finally, you have peace of mind that you’re protected and that your family and the business will be looked after in the event if something should happen to my business partners or me. But am … Read More