At Rooted Resilience LLC, our Financial Management services focus on identifying and mitigating risks to business owners and key employees to ensure consistent revenue generation. Beyond typical Property and Casualty Insurance, we address larger, often overlooked risks:
- Key Person Life Insurance: Provides a lump-sum payout if a key employee passes away, aiding in hiring and training replacements. It also accumulates cash value over time, offering additional liquidity at favorable rates.
- Key Person Disability Insurance: Offers a lump-sum payout if a key employee becomes permanently disabled, helping to secure a suitable replacement without accumulating cash value.
- Buy-Sell Agreements: Ensures that if one owner dies, the policy pays out to the remaining partner to buy out the deceased owner's share, preventing potential business disruptions.
- Deferred Compensation Plans: Establishes a whole life policy on the owner, accumulating cash value to buy out the owner upon retirement, securing a smooth transition for successors.
- Succession Plans: Strengthens business value and stability by planning for future ownership transitions, boosting confidence among customers and suppliers.
Effective succession planning is crucial, as only 30% of family businesses transition successfully to the second generation, and just 10% to the third. We also emphasize retaining key employees by offering incentives, ensuring continuity and preparedness for future leadership.
Our comprehensive approach covers all facets of financial risk related to business owners and employees, safeguarding your business's future.