Business Succession Concepts (BSC) is designed to do one thing; sell insurance. Whether that sale is for buy-out at death, key employee coverage, or to provide benefits to the owners, its primary objective is to demonstrate the value insurance provides the owners.

BSC can be used to introduce a new prospect to the concepts of using insurance for business succession and key employee coverage and it can help present a formal proposal of insurance coverage.

If an advisor is using BSC to break the ice and get a conversation started, one essential datum is an approximate value of the business. It’s hard to go very far unless some value is used as a starting point. That’s why we include a very simple valuation calculator in BSC. Any astute business owner can give the rough figures needed for our valuation calculator. This lets the sales process continue.

We don’t for a moment consider our valuation calculator as something to take the place of a formal valuation. Business Succession Concepts is not competitive with formal business valuation tools or processes. It’s complimentary.

By having a good initial value to use, your advisors can show and explain how the various techniques for using insurance to provide succession (and retirement) solutions work and benefit the business owner. Most business owners are not going to go through the trouble of providing the data that a more detailed valuation requires unless they are first sold on the idea.

Once a business owner understands the value of planning for succession (and their exit from the business), getting the information needed for the detailed valuation and insurance applications is an easier process.

After the detailed data collection, the data (formal valuation, life insurance illustrations, etc.) can be entered into BSC. Then the advisor is ready to make a presentation of their solutions. And that’s where our products excel.