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Financial Planning for Business Owners

Sun Life aims to empower business owners with a financial plan to help you future-proof your business and personal life goals. We offer product solutions that address your financial needs at every stage of your business. Sun Life is here to help you through your financial journey.

Start-ups: personal financial planning

Start-ups are businesses that have been operating for less than five years. Business owners at this stage need to protect themselves with a personal financial plan, which can help them prepare for life’s uncertainties such as an illness or accident. It can also help business owners achieve their personal life goals such as travel, child’s education, retirement or even additional capital for business.

Is your business on its Start-up years? We got you covered with our B.I.P.s for Start-Ups like you:

Growth: business continuity and succession planning 

In the growth stage, business owners need to consider retirement planning, employee benefits, business continuity, and succession planning.

For business continuity and succession planning, a business owner may consider getting a key person insurance for key people in the business. Key person insurance allows a business owner to prepare for the financial costs of losing a key employee such as hiring and training a new employee, signing bonuses and the potential risk of losing large accounts, creditors, and suppliers.

Another way to protect one’s business is through buy-sell agreements where life insurance can be used to fund for buying out the shares of a deceased partner or shareholder. This way, the remaining partners do not need to shell out a lump sum amount to buy out the shares and the bereaved family gets a fair amount in return.