Protecting the Millionaire Next Door
Posted on August 23rd, 2017
It’s an old book by now, but The Millionaire Next Door is a classic. Small business owners are my heroes, and many of them literally are the millionaire next door.
They may not have gone to an elite business school, or even college, but they work hard, sign the front of a paycheck, and support their families and employees. Some of them do quite well, in fact, and could be described as multi-millionaires, if you value their businesses properly.
These men and women often need help with general business planning, employee benefits, liability and workers’ comp risk management, and succession planning. And most importantly, they tend to be overlooked and under-protected.
As an advisor, it is important to help these small business owners protect their earning capability for their family, even if they get in a car wreck or get too sick to effectively manage their business for an extended period. A key point here is that many owners take a modest salary (which drives many group LTD plans) but take a large K-1 distribution when times are good or they need some additional income.
Many times, an additional income protection policy or business overhead policy can give additional, affordable protection.
If you aren’t asking your small-business owner clients how they are going to protect their family income in case they have an accident or get sick, we’d love to have a conversation with you to see if there is a way we can help.
Need help talking to small business owner clients about life and disability plans? Contact your Cason Group Financial Services Sales Representative.