Small Business Insurance Broker and Exit Planning Advisor
The core of our business is helping small business owners manage their personal and business risk and employee benefit programmes.
During discussions around retirement planning we learned that few of our clients had started planning for the sale and transition of their business. They are generally too busy working in the business to work on the business, sound familiar?
In order to help our clients, we built a network of seasoned professionals that specialize in helping a business owner prepare their business for sale and take it to market. We can help you too.
It can take 5 years to prepare a business for sale and close the deal.
Our mission is to make understanding your risks and exposures and arranging your insurance as easy, effective, and as affordable as possible. When you suffer a loss, need advice, or require assistance, your needs are always managed by friendly, helpful, licensed experts who take the time to make sure you are looked after promptly and fairly.
We begin the process with a fact-finding interview and needs analysis.
Personal risks are covered by life insurance, disability insurance, critical illness insurance and individual health and dental plans and health spending accounts to cover the business owner and additional family members.
Business risks are covered with similar products but with a broader application.
Life insurance is used to fund the buy-sell portion of a shareholders agreement and to protect the company in the event of the death of a key-person.
Disability insurance and critical illness insurance are also used to protect the key-people in the business.
We understand the importance of great employees to the success of a small business and help design employee benefit plans that are both comprehensive and affordable.
In many cases, we install health spending accounts for the small business owner that is reluctant to have a fully insured plan due to the unpredictability of the annual premium.
The health spending account is a great way to contain and lower the costs of traditional plans. Group retirement savings and deferred profit sharing plans are another great way to build loyalty.
We help the business owner plan for their retirement. We show them how to move money out of the operating company tax-efficiently into RRSPs, Individual Pension Plans (IPPs) or other tax-sheltered and tax-advantaged investments.
Exit and Successions Strategies
One day your business will be sold.
It can take up to 5 years to sell a business. Even if you have no immediate plans to sell your business being prepared is important.
It can take two years to correct shareholder issues so that the $800,000 small business capital gain deduction is fully utilized and another year or more to find a suitable buyer.
• The accountants review and “normalize” the financial statements so that they reflect the true value of the business.
• The corporate lawyer will review the shareholder agreements and make any necessary corrections and make sure the “buy-sell” is properly funded.
• The mergers and acquisitions people, (business brokers) will be beating the bushes to find a synergistic buyer who will pay a multiple of your company’s valuation.
If you have not started preparing your business for sale, now is a good time.
Our goal is to help you build and protect your financial security!
(Complete the Contact Form to immediately download our complimentary Business Succession and Transition White Paper to learn more.)
"Begin with the end in mind" - Stephen Covey's Habit #2 in his book, The Seven Habits of Highly Effective People.
Nick Godfrey, the owner of ProInsure, has sold 3 businesses. He is a business insurance expert who learned that many of his business owning clients did not have a succession or exit strategy. Eager to help Nick developed a 5 step process and net-work of business planning experts to help owners sell their businesses and fund a full and well-deserved retirement.
Nick has been an Oakville Ontario resident for more than 20 years. He is an avid hiker, fisherman and outdoorsman who loves to explore the local Conversation Halton recreation areas with his wife, son, daughter and springer spaniel.
Nick is also the Chairman of the Oakville Ducks Unlimited Canada annual fundraising dinner.
"Hope for the best but plan for the worst."