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R&R Insurance Blog

Aunt Betty Will Make Business Decisions For Your Company

Posted by Tom Driscoll

grandma_FaceThis just in: Aunt Betty finally makes a decision regarding the company's equipment upgrade - she decided that she'd rather keep things as they are - at least for this year. Ugh! You can't do anything about it either - because you're gone. You - the business owner - died unexpectedly and didn't have a business continuation plan in place.

Aunt Betty is used here ficticiously to describe an inherited ownership of a company to anyone you most likely did not intend to be an owner/decision maker. Most likely someone who doesn't have any clue about making decisions in your stead.

So what should you have done? You should have set up a Buy-Sell Agreement to ensure that your share of the business passed along to the appropriate people, and taken care of your family financially in the process.

It’s not easy thinking of one’s own demise – but you really have to if you want to protect what you’ve worked so hard for – your family, your business. If you don’t want “Aunt Betty” making the decisions when you pass away, take some time to have your business valued and come up with a plan to buy Aunt Betty out, and take care of her financially! Life insurance is a great vehicle to fund such a buy out!

R&R offers free business valuation plans as a complimentary service to any business owner wanting more information about their business and how to ensure it’s longevity, and adequate funds for their family’s well-being. The service is provided by attorney resources R&R contracts with – again at no charge to you.

R&R Insurance, in fact, is a perfect example of a successful business continuation plan. One thing is for certain, the face of R&R would be much different today, had we not had that proper planning, and I’d be more than happy to share our story with you if you are interested. Don’t leave things to “Aunt Betty”. If you’ve been contemplating additional estate planning or have questions on the perpetuation for your family business, please don’t hesitate to call me at (262) 953-7246. Wisconsin businesses should contact Tom Driscoll for more information about business valuation, Buy-Sell Agreements and estate planning.

Topics: Life Insurance, Business Continuation, Financial Services