The ability to attract and retain quality personnel is the key to the success of any business. We offer advice on deferred and preferred compensation policies which provide a mechanism for businesses to implement a retention strategy.
Similarly, the capital replacement cost of key personnel in the event of their death or disability can be insured against by means of a life policy taken out by the business on the life of the relevant key employee. This is commonly referred to as Key Person assurance and is offered by Millhouse Wealth.
The continuation of a business on the death or disability of one of the directors/partners should be provided for by means of a buy-and-sell agreement providing for the purchase of the deceased share of the business by the remaining partner/director. Our legal division assists with the drafting and vetting of these agreements.
The tax implications of company-owned risk insurance policies on the life of an employee or director are important to understand so that risks are adequately insured against.
Millhouse Wealth performs an in-depth balance sheet analysis of your business and advises on adequate risk solutions to cater for the above requirements.