Selling or Shuttering
Selling or Shuttering?
Wise counselors tell business owners they must start with the end in sight. Now that you’re nearing the finish line, you’re surely wondering what loose ends need tidying.
When businesses crack the local market and manage their affairs efficiently, they become mature. Mature firms have achieved a certain amount of name recognition. Contacts are well-established, sales require less effort, the business produces a reliable stream of cash, and borrowing becomes easier. At this point, intensive marketing may be needed to increase or maintain market position, and there is little product innovation. Profit margins tend to stabilize.
There are two general types of liability insurance policy forms, and when it comes to selling a business or being acquired, owners should not just cancel their policies and walk away if the organization has claims-made policies. The types of policies that are written on a claims-made policy are professional liability, errors and omissions, executive liability and sometimes employee benefits and tough product liability exposures.
Depending on your line of work, you’ll probably need a suite of insurance products:
Whether you are selling or shutting down a business, you’ll want to finish strong:
"Hibbits Insurance is great to deal with! Administering benefits to our participants is easy. They take care of you."
Charles Brunson, Owner, Capitol Coffee Systems