Commercial Succession Planning for Wisconsin - West Suburban Insurance Agency

West Suburban Insurance Agency - Brookfield, WI

The purpose of the Business Continuation Plan is to control the transition of business interest, upon the death of an owner, by transferring ownership to surviving co-owners or key employees who will continue the business. These plans are vital to the survival of family-owned businesses and partnerships. Many scenarios can materialize following the death of an owner, including but not limited to:

an inability to pay estate taxes due
the possible involvement of a previously inexperienced spouse or sibling
disputes among siblings or partners
credit holds from suppliers nervous about the business' future stability, etc.

Life insurance coupled with legal documents are used in a variety of ways to benefit the business and provide for a smooth transition and continued success upon an owner's death. The primary goals of all of the following plans include maintaining control over the business ownership, providing a source of liquidity, determining the value of the estate for tax purposes, and maintaining a profitable market for selling a stockholder's shares upon death. Some of the plans available are:

Buy/Sell Agreements
Also known as Cross Purchase Plans, this method provides a previously developed plan whereby all owners/partners of a business agree to be obligated by and/or have the option to buy the stock or business interest of another, upon death, within specific guide lines. Generally the owner(s) and accountant will help place a value on the business, an attorney drafts the actual agreement and your insurance agent provides the life insurance product best suited to the Buy/Sell. With this plan each partner or stockholder pays premiums for the policy on the life of their partner(s) or stockholder(s). Each partner owns the policy and is the beneficiary of same. The proceeds are designated to buy the business interest from the deceased owner's estate. Buy/Sell Agreements should be reviewed and updated on a regular basis.

Split-Dollar Plans
These policies can be applied for and owned by the employer or the executive or third party (eg. spouse). Each year the employer pays a portion or "split" of the premium equal to the increaes in the policy's cash value. The executive or third party pays the balance of the premium. If the executive dies the employer receives an amount equal to its advance and the executive's beneficairy receives the balance. If the plan terminates the employer obtains reimbursement for the advance by surrender of the policy for its cash value. This allows the business to give the individual insured the equivalent of a raise in salary at little or none. It also recognizes the value of that individual to the business and can be used to attract new key employees. Please send an email or call 262-783-6660 for more information.

Please note: We treat all quote and customer information as strictly confidential. We do not disclose your information to anyone without your permission. If you are at all uncomfortable sending us your information electronically, you can complete the form, print it, and fax it to: 262-783-6211 or mail it to: 3620 N. 126th Street, Brookfield, WI 53005 and we will promptly return your quote via the same method. All information contained on this site is intended as general information and is for illustrative purposes only. This Web site does not, in any way, provide an offer of insurance. Every effort is used to maintain accuracy on these pages, but we don't offer any guarantee that this information will apply to any/every specific situation. Please call us at 262-783-6275 with any special situations, and thank you for visiting our site.

WEST SUBURBAN INSURANCE AGENCY
BUSINESS SUCCESSION INSURANCE QUOTE WORKSHEET
NO OBLIGATION!

Owner or Keyperson Name
Address/City/State

ZipCode Date of Birth: Age
Marital Status Occupation
Height Ft. Inches -- Weight Pounds
Job Responsibilities

Gender Smoker/Nonsmoker
Any Pre-existing Health Conditions
If yes, please list below

Are you currently taking any medications?
If Yes, ?

Co-Owner or Partner's Name
Address/City/State

ZipCode Date of Birth Age
Job Responsibilities

Gender Occupation
Height Ft. Inches -- Weight Pounds
Smoker/Nonsmoker
Any pre-existing health conditions?
If yes please list below

Does he/she take any medications?
If Yes, ?

Co-Owner or Partner 2's Name
Address/City/State

ZipCode Date of Birth Age
Job Responsibilities

Gender Occupation
Height Ft. Inches -- Weight Pounds
Smoker/Nonsmoker
Any pre-existing health conditions?
If yes please list below

Does he/she take any medications?
If Yes, ?

Company's Annual Gross Sales $
Company's Net Worth $
Company's Full Market Value $
Desired Amount of Insurance for Owner/Keyperson $
Desired Amount of Insurance for Co-Owner or Partner 1 $
Desired Amount of Insurance for Co-Owner or Partner 2 $
Current Insurance Company:
If none, type "None"
How did you find us?

Your Email Address:
Phone:() - Fax:() -
Best time to contact you:
Use Email/Phone/Fax?

Please fill out this form as completely as possible.

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West Suburban Insurance Agency, LLC
3620 N. 126th Street
Brookfield, WI 53005
Phone: 262-783-6275
Fax: 262-783-6211
Toll-Free 800-564-0801
sales@insurewisconsin.net

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