Business Continuity Contingency Event Recap
On October 18, 2018, GIACC proudly presented Business Continuity Contingency planning event.
We had Industry business experts present to share ideas with Business Owners about what kind of contingencies to expect and plan for as they develop a succession plan for an unexpected death or disability. We also discussed proper succession planning when eventually either you want to sell your business or pass it on to family.
The panel was presented by:
Douglas Stein, www.SteinLawLLC.com
Founder, Stein Law, LLC
Suzie Jurenek CFP®, CLU®, ChFC®, suzie.jurenek@wellsfargo.com
Vice President, Insurance, Wells Fargo Advisors
Grace Puri Multani, CFP®, grace.multani@wellsfargoadvisors.com
Financial Advisor, Wells Fargo Advisors
Some of the key points made were as follows:
- Create proper buy-sell agreement with your business partners. A buy sell agreement is a legal Advice to aid in the continuity of the business after an essential member of the business dies, retires, becomes disabled or otherwise exits the business. Early planning needed to have buy/sell especially if business has more than one owner. It ensures smooth transition, consistency.
- Insurance can be used as an effective tool to mitigate risk. This could be Life insurance, property casualty insurance, business overhead expense insurance, or disability insurance. For example a business can fund company through key man insurance that causes injection of funds to the company at demise of a rainmaker.
- Planning. It is all about planning. You need to have your team of Accountant, Attorney, Financial Advisor be involved in the planning. Your estate plan, operating agreement, buy sell agreement are all integral parts of the planning to make sure the business you have worked hard for continues in the event of death disability and transfer.
The meeting was attended by several board members and guests.