In this industry, we’re planners by nature. It’s what we spend our time doing — working out a plan for a client to help them achieve their dreams. Much of our planning is for the what-ifs. If this event ever happens, what does that mean for my client? We plan for individuals. For families. For businesses.
So let’s discuss the often-overlooked need for a disability buy-out plan. Businesses must plan for the possibility of a partner becoming disabled. And it’s essential that the planning takes place before the disability happens. Either first-hand or through stories, we’ve all experienced tragic events that force businesses to sell to the lowest bidder, discounting years of work and sacrifice. Those outcomes are the result of not having a plan in place in advance.
Just establishing the need for a plan is a great way to start. Ask your clients some basic questions, giving them things to think about should one of them become disabled:
Unlike common life valuations, there is not a goodwill multiplier or a gross sales multiplier. Just use the tax documents to follow the steps above and you’re ready to go.
Experience teaches us that plans change. But without looking forward, without preparing, we won’t be able to help clients – or ourselves – achieve success.
The key here is to help your client create a formal written plan, regardless of how they decide to fund it. In many cases, disability insurance is the answer. But even if it’s not, just having a plan is what matters.
And as always, the Ash Disability team is here to provide solutions. Just let us know what you’re trying to accomplish, and we’ll help you see it through to paychecks, made possible.
© 2018 Ash Brokerage LLC.