Business Continuation Coverage & Buy Sell Funding in Visalia, CA
Creating your business plan, selecting your business partners, and solidifying investors – these are just a few of the things that go into starting a company. One question business owners fail to ask themselves is: what happens if one of my partners becomes ill, disabled, or dies?
That is where having the proper business continuation and buy sell funding coverage comes into play. At Navo Financial Inc., we can ensure you have the right plan in place to protect yourself, and keep your business in operation.
Business Continuation & Buy Sell Funding Details
No matter the size of your company, business continuation coverage and planning will ensure the continuity of your business if one of your partners were to die or become unable to continue their duties as co-owner.
This often partnered with buy sell funding which comes in two forms:
Cross-Purchase Plan: All business owners take out a life insurance policy on each owner. When one of the owners die, the remaining owners use the death benefit to purchase the deceased owner’s share of their business.
Entity Purchase or Stock Redemption Plan: Each owner enters into an agreement with the business for sale of their respective interests to the business.
This type of plan has the following benefits:
Promotes equitable and orderly transfer of wealth, ownership and management
Guarantees heirs a buyer for assets they may not know how to manage
Provides heirs cash to pay estate debt, expenses and taxes
Assures remaining owners that the deceased’s share of the business will not pass on to someone unsuitable
Assures continuity for customers, creditors and employees
What you can expect from us
Our agents are highly knowledgeable in this type of coverage and have worked within many markets to create this policy. This type of plan is not limited by the number of employees you want to insure or the amount of time you’ve been in business. Call or contact us today to learn more.