Go Back to
www.IndependentRetailer.com INSURANCE Protect Your Business
ACCORDING TO the latest data from the Bureau of the Census, there are roughly 5.9 million busi- nesses in the U.S., and virtually all of these can be considered small. Only 18,469, or less than one-third of one percent, have more than 500 employees. Even getting to several dozen employees is a feat worthy of recognition, as more than 89 percent of businesses have 20 em- ployees or fewer on their payroll. Despite the diversity in industries, resources, location, and stage of growth, those 89 percent have one thing in common, and that’s “you.” By you, it’s meant an owner who is an indispensable part of the business. What would happen to your business if you suddenly dis- appeared for a day? How about a month? What if you never came back? Could your business con- tinue where you left off, or would it simply collapse and disappear into the annals of failed ventures? Most owners are so busy trying to grow their businesses that they don’t even consider what would happen if they were to die or be- come suddenly and permanently incapacitated. Those brave enough to entertain the discussion of their untimely demise do so using the conditional, “if I die,” instead of the certain, “when I die.” The odds are quite good that as a
business owner, most, or all, of your wealth is tied to your business. The odds are also that your family may not have suffi cient life insurance to stay protected. If they are count- ing on your stake in the business to provide for them, that may be unrealistic if the value of the busi-
ness dies with you. Depending on the study cited, it’s estimated that most small business owners typi- cally have anywhere from 60 to 100 percent of their net worth tied up in their business. The exit strategy is typically a partial or complete sale of the business at some unknown point in the future. So the impact of not planning for your death has signifi cant repercussions. It’s time to protect your business and your family from yourself. 1) Revisit the terms of your
personal life insurance policy and make sure it’s up to date. Are the benefi ciaries correct? Is the value of the policy suffi cient
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INDEPENDENTRETAILER.COM for Industry News & Updates April 2011 I
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