7 Powerful Questions You the Life Insurance Advisor Can Ask a Business Owner

According to recent studies, a controlling shareholder’s median age is 60 years old. For many of these business owners, their largest asset is their investment in the business. As retirement age nears for these business owners, advisors should find opportunities to begin a conversation with their business owner clients about their inevitable exit. Yet, you’ll find that in most cases, very little planning has been done to protect the value and potential sale or transfer of their largest asset. Many advisors and business owners procrastinate when it comes to these discussions because the complexities and time involved make this a seemingly overwhelming topic.


To help you get started, here are several simple, but important questions to ask.


  1. Do you know the value of your business?
  2. Have you had your business valued?
  3. What age do you want to retire?
  4. Do you plan to keep the business or sell the business?
  5. Have you thought about how your retirement could impact the business?
  6. Who will replace your role in the business when you retire?
  7. Who is critical to the growth, leadership and stability of the company?


By starting with these questions, you’ll be able to start a conversation and eliminate many of the planning options that make this process seem overwhelming in the first place. From here, KazSource can help mold the plan, identify gaps in the plan, and ultimately increase and protect the value of the business. Resources such as a no-cost, informal business valuation and a buy/sell review are readily available to help start the process.


Start the conversation now about how business owners you know will exit their company. Even if you are not sure of the answers, building the strategy now will help ensure the successful transition of the business to the next generation or the next level of growth.