Selling or Retiring?
The Legend has Retired!
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.
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.
Whether you are selling or shutting down a business, you’ll want to finish strong.
If you are fortunate like Hibbits or one of our numerous family business customers, you've had the rewarding experience of working with a son, daughter, or family member in your business. And now it is time to retire and let the next generation take the reigns and operate this great organization.
It is advisable to consult your CPA and a tax attorney on the best method of buy-out or stock purchase depending on your corporate designation, company valuation, and ultimately the timeline of succession. Hibbits Insurance offers our family business customers the very best accounting and legal counsel on this very sensitive and exciting time and transaction. Click here to learn more.
Closing A Business
When is the right time to sell? Are you ready to retire? Is your business part of an acquisition? Are you unable to operate your business? There are so many reasons why a business could shut its doors. Regardless of why, it is important to have a partner like Hibbits to guide you through this process. Unwinding retirement plan assets and employee benefit programs, terminating liability, E&O, and auto policies correctly and timely are just a few ways we assist during this process. Click here to learn more.
"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