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A Brief Discussion

Congratulations, it’s more difficult running a family business,
than a lot of people know.

Now how do we know that? Well, we are also a family owned business. We have worked with many other family owned businesses for over twenty years. There are many challenges as well as many rewards. So where do insurance and other benefits fit in to the picture?

If your business is incorporated, you may well qualify to have a Health and Welfare Trust set up to allow for most medical expenses to be tax deductible to your company. This is also available if your business is unincorporated, but there are limits.

A family owned small business is often more affected if there is an occurrence of a death, disability or a critical illness to an active family business member. There is usually more than one person affected in the operation of the business. Time off and disruption often times affects cash flow. That’s just how family dynamics work. It doesn’t take much money or much time, to insure that sufficient liquidity be injected in to the company to have a continued financial health, in the event any such unfortunate event occurs. We have to tell you that all insurance just represents the delivery of cash for some specified event!

Then of course there is the age old question of splitting up your estate between your children. Probably not all children are active in the business. Many people have been faced with this situation. A lot of successful business people have excellent accountants and lawyers. The question is, have you included an Independent Insurance Broker on your list of planners.

Whether you are concerned about the succession of your business, cost effective and practical benefit plans for your business, liquidity for your estate and your business, or something as simple as travel insurance for a short holiday, The Benefit Guys can help.

The Benefit Guys have been involved with many of these situations over the years. We aren’t going to offer any real fancy suggestions, but we can probably add some practical, easy to understand alternatives for you.

Don’t hesitate to ask us the questions that are on your mind. If you look around our site, you may find what you are looking for. If not, complete the Client Data Questionaire with your specific needs, and The Benefit Guys will be back in touch with you in a more personal way.

Thank you for taking an interest in our family business.