Small business owners face many struggles including balancing their work and personal life, hiring the right people, and making strategic plans. Plus, most are focused on bouncing back from last year and looking for ways to grow and plan for the future. The pandemic taught this vast market the importance of being prepared to better handle the next crisis in the face of life’s uncertainties.
When it comes to the success of a business, their employees most likely have a huge impact. Having the right benefits in place for key employees can make an important difference in their business’ success. Owners also should pay attention to how they might entice key employees to stay and help grow the business.
You can help your small business owner clients protect their business and keep their MVPs. Talk to them about using life and disability insurance to offer competitive benefits that will keep and attract top talent, reward performance-based incentives for motivation to achieve business goals and encourage loyalty with long-term retirement options.
A business valuation becomes important in the event of an owner’s disability or death. Nevertheless, many small business owners do not know the value of their company. From an insurance-planning perspective, the value of a business is also an integral part of succession planning, estate equalization and even estate-tax planning. To help you assist your business-owner clients in determining the value of their businesses, MVP Financial has free resources to assist.
