Your business could be in for a shock if one of your partners died or became disabled. Without proper planning, you might find yourself working for or with one of their heirs. It might also be financially difficult, if not impossible, to buy back the outstanding ownership interest. That's a business takeover that neither side wants or wins. Most entrepreneurs are too busy building their business to spend time planning for a business continuation; however, Stratford can design and implement coverage solutions to help prevent problems before it's too late.

Why Do You Need a Business Continuation Plan?
Ask yourself: if you were to die before your business partner(s), what do you want your family to get out of this business for your years of hard work? If one of your business partner(s) died before you, do you think you would find his/her heirs helpful or a hindrance in managing the company?

How Do You Propose To Buy Out Your Business Associate?
One Answer Is An Insured Buy/Sell Agreement!

Types of buy-sell agreements
      (What is an insured buy-sell agreement?)

Funding buy-sell agreements
      (Insured vs. un-insured buy-sell agreement?)

What Is Key Person Insurance?
Nearly every business has key employees who are critical to the overall success and profitability of the business. Key person insurance is used to reimburse an employer for the economic loss caused by the death or disability of key employees. The insurance can also provide funds to attract and replace the deceased or disabled individual. Good business planning dictates the need to provide adequate insurance to protect against loss of tangible assets such as buildings inventory and equipment. Good business planning should also recognize the needs to insure intangible assets, which are important to the success of the business; the most important asset of any business is its KEY people. Every successful business has at least one man or woman who is a key person -- a profit maker.

Key person insurance
      (How key person insurance works)