Ultimately, each business owner must decide in what capacity they want their business to continue, what their own long-term contributions will be, the best way to make sure of the future care of their clients, along with an ideal direction and strategy to carry out those goals. If you have not yet developed and communicated a plan for your business continuation in the case of an unexpected incident or catastrophe — unexpected death or disability of an owner or key decision-maker, or a natural disaster — you are missing an opportunity to protect your business from potential devastation.
While financial considerations are often the primary focus, philosophical and emotional considerations, which aren’t always clear, also play a vital role in the approach and design of a succession plan. We will work closely with you and your professional advisors to recognize areas of concern and opportunity and to offer solutions which will help bring certainty to the future of your business. We design plans intended to help your reputation, with your business identity within your community, among your customers, and within your industry, remain intact when there is significant change.
ICS is well respected in the advisor community. With decades of experience in the financial services industry, we help you evaluate your existing life insurance portfolio and identify opportunities to optimize its value. We provide a complimentary initial consultation, after which our ongoing consulting services typically range from $2,000 to $10,000, dependent on your needs.
Our proven process includes the following stages:
- Discovery: A comprehensive fact-finding meeting to help clarify and quantify goals and objectives as they relate to policies, ensuring that your legal, tax, and financial advisors are included in this process.
- Summary: A one-page comprehensive summary of all your existing policies prepared and provided for your review and record.
- Evaluation: An evaluation of your existing policies, which includes contacting the applicable insurance companies to gain an in-depth understanding of your current policies:
– Insurance company financial strength and their ability to meet future claims
– Amount of coverage
– Policy design, suitability, and cost
– Future projections (in-force ledgers)
– Ownership structure as it relates to your goals and objectives
– Options for optimizing benefits
- Recommendation: We will make recommendations
- Review: We will periodically review your plan to ensure your policies continue to meet your goals and objectives.
Please contact us for more information or schedule a time to discuss with us in further detail.