by Ken Cafourek, Agent for Western Fraternal Life
For many of my clients, their business is a meaningful investment in their lives, and they want to protect the future of their hardwork. When people begin a business together, they might not immediately ask themselves what will happen if my business partner(s) die. Will the remaining partner(s) be able to acquire a loan to buy the business? Will the partner(s) be able to afford the costs of the business without the additional investment? What are the intentions of the family of the partner(s) if they die?
My clients have faced situations like these, and came to me for answers. In one of these cases, I recommended that the business partners go to an attorney for a buy-sell agreement that would allow the surviving partner the right to buy out the spouse of the deceased. Then, I recommended a life insurance policy for each of them to cover the cost of the business purchase in a buy out situation.
This had the benefit of making sure that the spouse of the deceased was properly reimbursed, but the business itself would be able to continue. It allows for a smooth transition of ownership.
If you are the owner of a business, or have any insurance need, I invite you to call me at Cafourek Insurance Agency at 507-377-8904 or e-mail firstname.lastname@example.org.
Ken Cafourek is a licensed life insurance agent for Western in southern Minnesota. He has provided insurance for over 48 years, and has expanded his practice to include auto and farm insurance. More information can be found at www.cafourek.com.
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Call 877-935-2467 to speak with a Western Fraternal Life Representative.