Points to Ponder

I am sharing 4 points that I presented last night to those I met in Speed Networking. This event is a periodic event of the Edmonton Chamber of Commerce. It is an opportunity to meet a variety of people in a business networking setting.

Since I only had about 45 seconds with each person, the following points were made in pretty much this brevity. Of course, I welcome the opportunity to discuss them in more detail with you, or you may wish to discuss them with your current advisor.

1. Term life insurance rates are now lower, so review your needs and coverage.
2. Life insurance, yes, but protect your most valuable asset—your ability to earn a living.
3. Insurance policies can include a Return of Premiums.
4. Guaranteed investments and income for life may make sense.

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Succession plan for your business

“Due to the astuteness & foresight of the Founder this Business will go on forever!” This was the last slide in the presentation of Gordon Wusyk of The Business Family Centre, Predictable Futures Inc. Gordon was speaking to the Connections 4 Business meeting of the Edmonton Chamber of Commerce this morning.

Gordon enlightened the audience on the need to engage in succession planning to ensure the business passes to the next generations. It is a complex task that requires the consideration of family, business, and ownership interests. Ownership, management, and leadership succession must be addressed. I particularly liked the football analogy where the play is not going to succeed without a good receiver!

A reading recommended by Gordon is Beyond Suvival: A Guide for Business Owners and Their Families by Léon Danco (with Foreword by Gordon Wusyk). It is available for purchase from his website. I bought a copy to read in the very near future.

Insurance is an important part of succession planing, but Gordon explained why a more wholistic approach is required. A Family Business Advisor can coordinate the efforts of your trusted advisors (including financial, insurance, law, accounting).

 

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.