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Welcome: Site Map: Adviser Updates: Publications and Documents:
Business Succession Planning: Need for Asset or Buy/Sell Strategy Need for Liability or Key Person Strategy
Simple Succession Plan:
Complete Succession Plan:
One Page Strategy: Simplifying the Valuation Issue
Multiple Policy Approach:
One Page, Two Policy Strategy:
Other Issues:
Sole Proprietors and Families: Third Party Buy/Sell Strategies |
The Complete Succession PlanIssue 2: Financial Needs ( "The Three Needs")
This section focuses on the financial needs that should be addressed in a Complete Succession Plan.
"The Three Needs" A Complete Succession Plan helps you to identify and prioritise three separate financial needs:
These needs are relevant to both Insurance and Retirement Strategies.
Asset Needs (Buy/Sell or Equity Insurance) Click here for an overview. Clover Law describes these Needs as "Blue Needs".
Liability Needs (Debt Reduction and Key Person Insurance) Click here for an overview. Clover Law describes these Needs as "Red Needs".
Personal Needs (Personal or Estate Planning Insurance) Click here for an overview. Clover Law describes these Needs as "Green Needs".
The “One Page Strategy” The "One Page Strategy" is a convenient method of analysing your financial needs (the "Three Needs") on a one page Risk Analysis Worksheet.
The “One Policy Strategy” Once you have identified your Needs, you can aggregate your Insurance Cover onto One Policy ( the One Policy Strategy). The One Page, One Policy Strategy is an alternative to the traditional “Multiple Policy Approach”.
The “One Page, One Policy Strategy” When combined together, Clover Law describes these Strategies as the "One Page, One Policy Strategy". Click here for an overview.
The Other Three Issues: Issue 1: Strategy (The Relationship Between Business and Personal Needs)Click here. Issue 3: Insurance Funding (The “One Page, One Policy Strategy”)Click here. Issue 4: Retirement Funding ("Voluntary Events")Click here. |
Adviser Tip A Complete Succession Plan is not just about Death, it's not just about Insurance and it's not just about selling your Equity.
Please contact us to arrange a meeting or teleconference.
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