Andrew Carnegie said: “Take away my factories, my plants; take away my railroads, my ships, my transportation; take away my money; strip me of all these; but leave me my MEN, and in two or three years I will have them all again…”
Your Keyperson is:
The person who has acquired special knowledge, skills and experience in their job.
Usually they carry more than their share of the workload.
They are familiar with specialized duties and the details of the general procedures of your business.
They are the persons that you can depend on to run your business successfully on your retirement (or should you fall seriously ill or become disabled at any time before you decide to retire).
N.B. The margin of success or failure of your business depends on them.
Who are the keypersons in your company?
Managing Director, Directors, President, Financial Controller, Product Manager, Sales Manager, Plant Superintendent, YOU!
There are others; consider your Public Relations Officer, a Creative Employee, Outstanding Salesperson/s, etc.
Threats to the business: There are disastrous losses that occur when a Key-man dies, here are some of the ruinous effects of a Key-man’s death:
Losses through errors of judgement of less competent replacements.
Credit seriously threatened.
Ability to get business is diminished.
Dividends earned may be reduced.
Efficient operations of business is disturbed – impairing morals of workers – competition no longer can be met – evaporation of goodwill.
The idea that I have will provide: -
- Immediate cash to indemnify the business.
- Protect against losses of re-adjustment period.
- Tax-Free Cash to buy the services of a successor or training a replacement.
- Protection of Credit.
- Retire Notes Payable.
- Guaranteed Continuance of dividends.
- Can be used as a leveraging instrument.
Bonus: Reduce corporation taxes paid – solutions owned by the company are tax write offs as a business expense.
N.B. The chances of losing a keyperson at age 45 by death is 14 times greater than having a fire loss.
Brainpower is the Most Valuable Asset of your business.
DOESN’T IT SEEM LOGICAL TO OFFSET THE GREATEST POTENTIAL LOSS?
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