Business Perpetuation

Protecting your business with a buy/sell agreement

Mike Smith is the sole owner of Smith Quality Construction.  Mike’s family depends on the business for their stream of income. To protect his business and family, Mike took out a life insurance policy on himself and named his key employee as the beneficiary.  If Mike dies unexpectedly before retirement, the benefit of the life insurance will be paid to the Smith Quality Construction’s key employee, who will then under contract of a buy/sell agreement, purchase the business from Mike’s wife.  Doing so insures that Mike’s family will get the fair value of his business and  Smith Quality Construction will continue with the key employee as the new owner.  Buy/sell agreements are not only important for an unexpected death of a business owner, they are also vital for transition when a business owner retires.  Did you know that in addition to providing a death benefit, the cash value in a life insurance policy can also be used to help buy a business from a partner or sole owner. Running a successful business requires careful planning.  Taking care of your business’s perpetuation plan today will save your family unduly distress later on.

Preventing Frozen Car Doors

It’s a rookie mistake to wash your car in the evening and leave it sit out all night in the winter.  Chances are you’ll be greeted by frozen car doors in the morning.  Frozen doors in the winter can be a problem.  One way to prevent this is by applying a silicon spray to the car door’s rubber door gaskets.  This reduces the odds that the gaskets will freeze to the frame and prevent entry or exit.  It is also a good idea to spray aerosol lubricant into the car door’s locks.  Doing so will make it less likely that the locks will freeze shut too.