Do you have a buy/sell arrangement for your business?

Business owners are focused on building their business to provide value to the community and to grow wealth for themselves and their families. The demands of the building business occupy their time and energy, and as a result they often don't take the time to understand risks that can threaten both the business and their family.

A straightforward example of a situation that can occur is as follows:  2 equal partners own a business worth $2M.  One of the partners dies and the surviving owner has 2 choices:  pay the surviving spouse $1M or stay in business as equal partners with the surviving spouse.  Business owners will recognize the peril here -- where will I get $1M cash?  How do we agree on what the business is worth?  How do I make sure my partner's spouse is willing to sell?  If I'm the one who dies, how do I make sure my spouse gets paid?

A properly executed and funded buy/sell agreement between business partners is a key strategy designed to answer these questions.  It is a predetermined plan triggered by defined events - death, permanent disability, and others.  Such an agreement gives business owners peace of mind that their families will be properly taken care of and that the business they have worked so hard to build will be able to continue running with a minimum of disruption. 

Insurance Reviews

At MTM we like to remind both our personal and commercial clients how important it is to communicate with us at least annually.  Sort of like your annual physical with your favorite MD!

For our business clients, we understand that your days are hectic and busy, but we want to impress upon you the need to meet with us once a year.  Have you purchased any new equipment?  Are you engaging in any new business activities?  Are you operating in any new states?  Have you added any new locations? Or vehicles? What are your upcoming plans and strategies for 2015?

In order to best serve you and insure you are covered for most business risks, we need to know what is happening with your business.  So, we politely remind you to complete and return our annual review checklists and never hesitate to contact us with any questions or concerns.  We are here to assist you!

Solar Panels

More and more homeowners are installing solar panels on the roofs of their homes.  Be sure to let us know if you have solar panels attached to the roof of your home.  There are special insurance considerations we need to discuss and potential changes we may need to make to your homeowner policy to ensure that you are properly protected.  

Moving

Don't forget to call us if and when you move!!!!!!!!!!!!!!  There are many changes we may need to make to your insurance policies to be sure that you are properly protected at your new location.  Also -- you will need to go "on-line" to change your address with the Registry of Motor Vehicles!

Interesting Statistics

State                Safety      Total             Licensed       Fatality Rate

                        Ranking    Fatalities      Drivers       (per 100,000 Drivers)

Massachusetts      1             349             4,734,000              7.37

Rhode Island         3               64                750,000              8.54

Connecticut           4              236             2,486,000             9.94

New Hampshire     6             108             1,065,000            10.14     

Vermont                21              77              530,000              14.54      

Maine                   27             164             1,008,000            16.27