Posted by Ralph Sklar @ 09:00am on November 21, 2016
Andrew Carnegie once said, “Take away my people, but leave my factories, and soon grass will grow on the factory floors. Take away my factories, but leave my people, and soon we will have a new and better factory.”
I work with many business owners and most of them would agree with that, so let me ask you this: What is your company doing to protect against the loss of its key profit makers?
Good employees, especially those with strong leadership skills, are always in demand and have plenty of opportunities they could pursue. Sometimes, even employees who would never leave you voluntarily suffer death or disability. This is why so many big companies, like General Electric and Bank of America, maintain cash value life insurance on their most important employees. And family businesses do it too because they find that cash value life insurance is an efficient way to reward, retain, and protect the people who contribute to their success. Properly structured, these policies can increase the stability of your bench, the value of your business, and your own peace of mind.