Business Continuation Planning Niche

[Cash]

I am looking to jump into Business Continuation Planning. I did a buy/sell agreement for a business after selling one of the owners a small life policy. Thank goodness I was able to get some guidance from an older agent on that or I would have been lost. But now I want to focus on this area since the money seems good.

What good companies are out there that work well in this area?
I know that the Principle has free buy/sell reviews and business valuations but I have never worked with them.

Right now I am calling on businesses that I already have a connection with. I know with this type of selling it can take a long time to get paid. So what other ways would be best to fill my sales pipeline so I don't run dry?

Thanks for any help and advice.

 

[Full Throttle]

I am looking to jump into Business Continuation Planning. I did a buy/sell agreement for a business after selling one of the owners a small life policy. Thank goodness I was able to get some guidance from an older agent on that or I would have been lost. But now I want to focus on this area since the money seems good.

What good companies are out there that work well in this area?
I know that the Principle has free buy/sell reviews and business valuations but I have never worked with them.

Right now I am calling on businesses that I already have a connection with. I know with this type of selling it can take a long time to get paid. So what other ways would be best to fill my sales pipeline so I don't run dry?

Thanks for any help and advice.

I would just keep calling small business owners and write the larger cases along with the bread and butter cases.

 

[MikeRobinson]

Principal does have a excellent program for business succession planning. Their business valuation offering is a good door opener. Plus the work with you on the overall account.

 

[Bob_The_Insurance_Guy]

Check out Athene. Used to be Aviva.

Mass Mutual as well.

 

[Cash]

I would just keep calling small business owners and write the larger cases along with the bread and butter cases.

That's what I'm going to have to do. I don't have enough in the pipeline to stop selling life insurance to young couples, my primary business. The business planning seems like enough to be a world to its own though. A lot to learn for sure.

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Principal does have a excellent program for business succession planning. Their business valuation offering is a good door opener. Plus the work with you on the overall account.

How do you present the business valuation to get new clients?

 

[DHK]

http://www.insurance-forums.net/for...ion-forum/free-valuation-business-t47601.html

 

[DHK]

Don't forget the "retail vs wholesale" presentation the Irwin Burt Meisel made up a long time ago. Here's my version of it that I did in an Excel file.

Just remember to adjust the "Annual Interest" percentage of the death benefit.

For example: $10,000 per year for a $1,000,000 DB, that's a 1% annual interest charge.

 

[DHK]

"5 Ways" needs planning visually illustrated

 

[Cash]

Don't forget the "retail vs wholesale" presentation the Irwin Burt Meisel made up a long time ago. Here's my version of it that I did in an Excel file.

Just remember to adjust the "Annual Interest" percentage of the death benefit.

For example: $10,000 per year for a $1,000,000 DB, that's a 1% annual interest charge.

That is pretty powerful stuff. Thanks for sharing it.

 

[Brian Anderson]

I think it's a great market to slowly expand into with a lot of potential. Stats show fewer than 1 in 3 family owned businesses maintain operations into a second generation, and just 1 in 10 survive to a third generation - mainly because they don't have a succession plan in place and need your help to get them to tackle it. They can't just rely on selling their business - only about 30% of businesses put up for sale ever actually get sold.

Below is a link to an article on getting into succession planning by Paul LaPiana, SVP of Individual Distribution at MetLife, that ran in Life Insurance Selling a little while back. I still remember this analogy from it:

It’s helpful to think of the business owner’s situation as being similar to that of a couple that has recently purchased a century-old home. Immediately fixing every blemish the home inspector caught is not only too intimidating, it might be a waste of time and resources. Instead, it’s important to take one step at a time, identify the priorities and then tackle the challenges. Start by fixing the plumbing. Once corrected, the next task can be accomplished with even greater confidence. The same is true for helping business owners — find out what part of the overall structure needs the most support and start building from there.

Are you asking the right succession planning questions? | LifeHealthPro