Are you willing to risk losing your business should you lose a business partner?

There is a solution. Buy/sell insurance from Verdure Financial Planning Solutions inures that no matter what happens to your business partners you are covered every step of the way.

We only use Australia’s most trusted companies!

The team at Verdure worked professionally and efficiently to make sure that my family is taken care of should something happen to me and I can no longer work. I was impressed by their knowledge and experience in the key person field!

Tony, Owner and founder of Large Restaurant Chain.

Where would your business be without you or your partner?

Owning and running a profitable business brings along many headaches and stresses. You have to look after the well-being of your staff, clients and most importantly your business partners. Without you or your partners, the business would certainly suffer greatly. Have you ever considered what would happen if you or one of your business partners were to leave the business involuntarily?  This is where considering buy/ sell insurance becomes critical.

There are many problems that arise from the death or total and permanent disablement of a business partner. Who owns the business? Where will his shares go? How will we keep up staff morale?  If you do not have an effective buy/ sell insurance policy in place then you are leaving your business unprotected from the following scenarios.

  • Should one of the business partners die, the family of the deceased will not get any compensation from the business

  • The company may experience financial loss due to loss of clients

  • Staff morale may suffer and expensive team building exercises may become necessary

  • Confusion may occur due to not understanding where the business ownership lies

  • The deceased family may now be entitled to a share of the business and start making executive decisions

  • Deciding how much the business is worth and what shares need to be transferred to the estate of the deceased business partner may involve lengthy and costly litigation.

Why wait? Protect your business today with a buy/sell solution!

If you are in business with one or more partners, it is essential that you consider what would happen if one of you were to die suddenly or become totally and permanently disabled. Buy/sell insurance, also known as partnership or equity insurance is the solution that will ensure their shares in the business are acquired and redistributed to the remaining business partners without the need to raise the funds needed to do so yourself.

A comprehensive buy/sell succession solution essentially has two components:

  1. The contract: You and your business partners need to come to an agreement as to the value of the business. Once you are in agreement a buy/sell contract will be drawn up by legal professionals. As the value of your business changes, we recommend that you and your partners revisit the buy/sell contract at least once per year and amend if necessary.
  2. The insurance: Once the business value has been agreed upon, we will then implement the buy/sell insurance, which operates similar to a normal life insurance but is designed specifically for business partnerships. Should one of the business partners be permanently disabled or die, this insurance will pay out the value agreed upon to his or her estate thereby allowing the remaining business partners to acquire his share in the business with minimal cost or business interruption.

With over 13 years of experience in key person and buy/sell insurances, Katriel Warlow-Shill and the team at Verdure Financial planning Solutions are the thought leaders for all your business succession needs. Our partner law firm KWS Legal will be more than happy to assist with the buy/sell contract as well as any other commercial law needs that you might have.

The consequences of not having a comprehensive buy/sell succession solution can be costly and could be detrimental to the survival of the business. If a business partner becomes totally incapacitated or dies, his spouse or estate may acquire his shares in the business and they may make executive decisions as such. Furthermore, the surviving business partners need to agree with the spouse or family on the value of the business that could involve litigation and then they need to come up with the necessary funds to buy out the spouse or estate.

Buy/ Sell Insurance helps with the smooth succession of the business from one owner to another and provides security for employees. Ownership protection can provide the surviving business partners, or their nominees, with sufficient cash for the transfer of the outgoing owner’s equity, if a business owner dies, is disabled or suffers a critical illness. A buy/ sell insurance policy can help with:

  • Providing funds to pay out the outgoing partner’s family or estate

  • Retaining income from the loss of business which may occur with the outgoing of a partner

  • Minimise confusion as there will be a clear understanding of the business ownership and structure

  • Avert lengthy and costly litigation of an agreement cannot be reached as to the value of the business

  • Transfer of shares will go into the hands of surviving business partners, which is essential for the wellbeing of the company

If You’re worried about your business and its reliance on your partner you should consider buy/ sell insurance now! Call us today to arrange for a consultation or for an obligation free quote!

Why Verdure Financial Planning Solutions?

Verdure Financial Planning Solutions is a boutique financial planning practice with offices in Sydney and Melbourne and with clients all over Australia. Our planners have over 15 years of experience in financial planning and can help with all aspects of your insurance needs.

With experience comes knowledge, and we know that Australian business are under insured. Verdure Financial Planning Solutions are the thought leaders in buy/ sell insurance, making sure no stone is unturned when it comes to the protection and safety of your business and its succession needs.

Buy/ Sell insurance agreements can become messy and that is why you need the best commercial law advice possible. With our partner law firm KWS Legal, we are able to make sure that all the necessary paperwork and headaches are dealt with speedily and efficiently and that the future of your business is secured.

How Verdure Financial Planning Solutions can help you

You worked very hard to build your business, so it is worth protecting it by considering buy/ sell insurance to cover for the loss of an outgoing partner. Protect your business! This is a chance to insure your business’ continuity should an unforeseen departure of a business partner necessitate it.

Buy/ Sell insurance should be considered for all businesses. In particular, it can help growing companies such as:

  • Start-up companies  where all partners are vital to its success
  • Partnerships such as accounting and law firms, café’s and dental practices as well as GP’s operating in a joint practice
  • Partnerships such as accounting and law firms, café’s and dental practices as well as GP’s operating in a joint practice
  • Any business which does not have a clear succession plan

We are here to help you. We also specialise in the following areas of business related insurances that may be of interest to you:

  • Key person insurance
  • Business expense insurance
  • Debt protection insurance

Get in touch with us today for all your key person needs

Every Dollar Matters

We understand that for each business, especially start-ups, every dollar matters. Therefore, we are committed to finding you the most suitable insurance option at the best price. We do not charge any fees for preparation, research, consultation or application. Just one of the many reasons to choose Verdure Financial Planning Solutions for all your insurance needs.

FREE Private Consultation:

You can come to our office, or we can come to you. Simply contact us any time, 24 hours a day, to discuss your case with a member of our Insurance team

  • You can come to our offices, in Melbourne, or Sydney
  • Or we can travel to meet you in person to discuss your situation
  • You do not need to give us any personal information if you don’t want to. You do not have to share anything with us if you don’t want to
  • Simply tell us what you can about your business, and we will give you our professional opinion on what your options are.
  • Our Insurance experts will then give you their review of your situation, and share their expert opinion as to the best course of action you should take.

Here is what our clients have to say:

Now that my Board has taken out a key person insurance policy for me, I can rest easy knowing my family will be supported in my absence. Verdure managed to cover all bases so I am covered every way I turn.

David, Spiritual leader, Large community organisation.

Due to an unfortunate freak accident I am now classified as totally and permanently disabled with no prospect of returning to work! Thanks to the insurance solution Katriel and the Verdure team have implemented for me, I am now receiving over $19,000 in payments every month from a policy Verdure got for me. Thank you guys!

Grant, Proprietor and founder of international ergonomics assessment business

Since Rod and I are the two main salesmen and technicians we couldn’t imagine what would happen if one of us was unable to work for extended periods of time due to illness or injury. Key person insurance wasn’t even a want. It was a need! Thanks to Kat and the Verdure team for getting us the best solution to rest assured that should something happen to one of us, our business would continue to operate.

David, Partner, IT cloud based consulting firm

We are a busy and growing start-up law firm and it was essential that our key partners were protected. Without these key persons our business would not be able to continue to exist. The Verdure team really delivered with what we needed providing a personal approach and tailoring their solution to fit in with our business model. Well done!

Harriet, Managing Partner, Start-up Law firm

With the fast pace of the advertising industry, you never know what could happen. We needed to make sure our key personnel were well looked after, and that our business could continue to function profitably in their absence. The Verdure team implemented a solution that would take care of our costs, should a key person suddenly not be able to continue to work due to illness or injury

Jerome , Owner Advertising corporation

Arrange your free review and consultation today but clicking here now! And one of our experts will contact you immediately.