When a founding owner desires to retire within 10 or 15 years, Succession Planning may be necessary today.
We can help you plan to sell, or to pass the company on to the children or another key-person successor while reducing capital gains taxation.
Key business leaders can assure that they are covered with both disability insurance to replace income, and life insurance to meet capital needs and cover liabilities such as company debt. With proper planning, insurance allows you to hire another key leader in the event of a disability, critical illness, or death for the short or long term.
Where ownership is involved, buy-sell agreements backed by life and disability insurance are essential for fair transitions when an important individual's shares need to be redeemed. We specialize in helping your business protect its future.
Start-up firms and smaller companies are especially vulnerable to potentially devastating financial risk because they often lack big company sophistication and in-house risk-control expertise.
We will help you gain control of your financial risk.
Life Insurance. We help business leaders provide appropriate life insurance to pay off debts and/or the mortgage, educate the kids, and/or provide income for a spouse or a disabled dependent.
Business Disability Insurance. We will examine your need for income replacement insurance that can help replace your paycheque in case you get hurt or sick.
Key Person Insurance. We will assess your need for an insurance policy designed to provide a benefit to provide funds to hire the right person if a key individual becomes sick or dies.
Critical Illness Insurance. If a business owner develops cancer, has a heart attack, or a stroke, the illness can wipe out a small business. We have many plans to protect you from such concerns.
Whether you own a partnership or corporation, we can help you set up a buy-sell agreement while you are alive and capable of doing so.
We will help you value your company and set up the right Buy-Sell Agreement to meet Canada Revenue Agency's (CRA) standards.
We can determine if the company has the cash flow or a large amount of money available to fund the buy-out of the deceased or disabled owner. If not, permanent life insurance can be used to fund a buy-sell agreement as it can pay a large amount of tax-free capital at the right time -- at the decease of the business owner.
We will meet with your lawyer and the buyers' lawyers. After the agreement is drafted, all parties will review it to their satisfaction, and then sign it to make it legal. It is suggested that the life insurance be purchased first to ensure that one is insurable. Even where there is a medical problem, in most cases, there is an insurer willing to design a policy to suit the risk, based on the health of the respective individual.
Financial products and services can address specific needs in your financial security plan and help you build a successful business. I have access to a broad range of insurance, investment, employee disability and group benefit products to help meet your individual and business needs and goals. You may have put all your focus and hard work into your business, so it makes sense to protect it properly against the risks that can bring financial hardship.
The people employed in your business or organization help you succeed regardless of whether you depend on three key employees, or a team of 100.
We can offer your firm a comprehensive group benefit plan that enables you to retain your important staff:
Mutual Funds and Segregated Funds provided by the Fund Companies are offered through
Worldsource Financial Management Inc.
Other Products and Services are offered through PIB Financial.
All information provided is believed to be accurate and reliable however, we cannot guarantee its accuracy. Worldsource Financial Management Inc. will not be held liable for any inaccuracies in the information presented, nor will WFM be held liable for any software damages resulting from the use of this website. Mutual funds are offered in Canada only.