Injury or Illness to Business Owner,
Partner, or Key Employees
You will never be able to work again
Those are the words just spoken to you by your doctor. Applying odds to these words are as real as picking two sides on a die on a single roll. That’s a 33% chance of becoming disabled before the age of 65 – FACT.
This ‘what if’ in life can come from a drive to work leaving us paralyzed, or brain injured. Maybe a cancer diagnosis, a genetic disorder or one of the thousands of catalogued illnesses one can get.
Your business becomes compromised
As the business owner or partner of the company you have built – not being able to return to work feels surreal. Your lack of rehabilitative progress stirs the following realities: can the company survive without you? Will it impact revenues? Will clients and staff become flight risks? Will lenders get nervous and call back loans? With revenues impacted how do you address the commercial lease, support staff, business expenses? Will public healthcare wait times fuel these problems? Read More
These unforgiving demands force you into problem solving mode prompting questions like: do you have enough corporate retained earnings to float this situation for 6, 12 or greater than 24 months? Do you have enough loans/credit limit to access? Do you sell business assets to float you? If it’s a key employee impacted – how do you replace the irreplaceable? How do you buy out a partner whose disability is now compromising your company’s survival? These challenges feel like certain doom.
Your home, family, lifestyle start to collapse
Not being able to draw income from your business is felt viscerally at home. It becomes apparent your lifetime income, career, home, children’s education, lifestyle, and retirement savings are at stake. Your situation is such your spouse reduces hours or terminates their employment to become your primary care giver. Now there are two incomes at stake. Read More
You pull yourself together and take inventory on how to best address this mess. You start to weigh the pros and cons of: do you have enough savings to float the bills to retirement? Does accessing savings attract tax? Will the draws and loss of compounding impact retirement? Do you have enough for home care? Does your situation call for acute care? Perhaps respite care to reduce spousal burn out? Do you sell your dream home? Do family members have to seek work to help out? If there’s a hope for recovery or improvement of quality of life – can you afford to seek treatment privately? Inside or outside Canada?
Tax free cash to preserve what you have built
What if there was a way to transfer these health risks and ‘what ifs’ over to someone or something promising peace of mind with cash for such events? What if your lifetime income could be protected? How about floating your business expenses and staff while you recover? If your disability is catastrophic how about the means to fund a buyout to ensure your company is at least able to continue without you or your business partner? What if you could soften the blow to losing that key employee? Imagine if you had the means to expedite your treatment at the best hospitals and doctors available on the planet?
Alberta, British Columbia & Nova Scotia