Most business in America—99.7 percent—are small businesses, according to the U.S. Small Business Administration. Of those, 4.7 million employ 10 or fewer employees—true small businesses. And the truth of the matter is, small businesses need to do thorough and thoughtful financial planning in the same way that larger firms do.
This video with Brad Cunard is moving in so many ways, not only for the magnitude of what happened, but how closely his business—his livelihood—was tied into the events that unfolded.
My heart goes out to Brad. I simply can’t imagine surviving something like that.
The life insurance that Brad’s friend and advisor Steve McClelland, CLU, ChFC, helped him put in place was a lifeline for him personally in the wake of the tragedy. “The money won’t bring Lisa, Max or Owen back, but it makes the existence I find myself in easier. I don’t have to work while I’m not ready, or sell my house because I can’t afford the mortgage. I’ve been able to think slowly about my future,” he says.
The insurance that was in place for the business, including keyperson insurance, helped keep it going when it lost two of its key people—one to death, one to grief. It prevented the tragedy that happened that stormy day from also shutting down the livelihood of all who worked in the business.