Business owners face a significant number of financial decisions that your non-business owner clients don’t. In addition to managing the taxes of their business, employee retirement plans, long-term care and wealth transfer decisions, business owners must also actively provide benefits aimed at retaining their top executives, preparing for the potential loss of a key employee, and making plans for how they will eventually exit and transition out of their business.
These are all financial concerns that business owners need your help with, and you can help them address these concerns with a variety of different financial strategies, including Succession Planning, Buy-Sell arrangements, REBA plans, Estate Equalization strategies, Non-Qualified Deferred compensation plans, and Key Employee coverage.
The need for services that someone like you can provide is great, as is the business development opportunity for those professionals as well. As of 2010, there were over 27 million small businesses in the U.S. And of those, over 5 million of them are owned by someone who’s age 55 or greater. 66% of those businesses having no succession plan and need the help of a professional advisor. Why? Only 30% of family owned business succeed in the 2nd generation, and only 15% make it to the third generation, often due to a lack of planning.
At the links below you’ll find the best marketing pieces and strategies our insurance carriers have to offer on this subject. I encourage to take a look and begin thinking about the ways you can successfully approach this marketplace. When you’re ready to talk more, call me and I can help.