I often write a lot about the exit planning process or business value enhancement process for private business. There is another part of wealth management that’s very important, but is often overlooked. That part is disaster planning for the business owner…..specifically what happens if the owner dies or becomes disabled.
I often talk with Clients about their life insurance program. Some people have life insurance for estate planning, others for business continuation and still others for survivorship planning. In all cases I strongly believe that having a life insurance review process in place for all policies that are over five years old is important.