We visited today with Chris Steffl, Co-Founder of Versatile Insurance Services. Chris is what I would call an expert for the experts. He works with insurance and financial advisers in selecting the right products or mix of products that assist the adviser and their clients with customized insurance solutions. They happen to specialize in privately held companies, so you'll want to listen if that's you!
Business insurance solutions are not one-size fits all, especially in today's environment! A very hot topic for the times is in funding Buy Sell Agreements. Another is on insuring your Key People. We decided that instead of using Key Employee Retention (sort of negative, that word 'retention') we'd use 'Sharing in Enterprise Value'. Try that on and see if it's a fit next time it comes up in conversation, because really that's what we're doing when we reward our best and brightest.
Chris himself comes from a family business and is the next generation to succeed his parents. He noted that as businesses change hands, one method of protecting your nest egg that's often missed is in Long Term Care insurance. Do you want to use up all the equity you get from the sale of your business to take care of yourself when you age? Probably not. Chris outlines several ideas and hybrid solutions that make this product an easy add-on to your insurance portfolio.
Lastly, insurance products should tie into your existing financial plan, not be a separate thing.
Find Chris Steffl here: https://www.visins.com/about-us/#team
Find Julie here: https://www.poisedforexit.com/
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