Don t just stand there!

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1 Protect your business and insure your key people Chick St Clair & Partners Pty Ltd, ABN ( ), is a Corporate Authorised Representative (CAR No. : ) of The Advice Exchange Pty Ltd (ABN ) who holds an Australian Financial Services Licence (No ) and Australian Credit Licence (No ). Version

2 Don t just stand there! I believe that there are many businesses in Australia, from the small start-up through to the multi-national investment firms, who are either neglecting their fiduciary duty to protect shareholders if publicly listed, or to protect the valuable business asset that they have worked so hard to build. They are effectively putting both shareholders and their own businesses at risk, because they have not put key person insurance in place. Big companies, with public boards, have a responsibility to shareholders and if they re aware of risks and don t put the necessary measures in place to protect against them, the share price will be affected if they lose a key player due to death or disability. Privately owned companies have an obligation to the equity owners as well as their customer base to ensure that their business will be able to continue to operate in the event of the death or disability of a key person in the business Why might you need Key Person Insurance? Most businesses cover themselves against the loss of their assets that don t produce profit, such as equipment or buildings. However they more than likely fail to protect the human asset, which are the key people responsible for the business. What is the risk of not having it? Without trying to sound too dramatic, in short it is the risk of losing it all. How effectively can a business function without one or all of its key people? Investment companies are particularly vulnerable here, with research houses and investment committees from the largest investment and platform providers more often than not, determining access to their investor base from an analysis that includes reviewing key person dependency.

3 Three Key Areas to Consider There are 3 core business insurance concepts to address the risk management needs of most businesses. These are: Key Person Insurance Guarantor Protection Insurance Buy Sell arrangements 1. Key Person Insurance What is Key Person? A key person is someone whose continued association with the business provides that business with significant and direct economic gain. Economic gain is more than just profit. It can mean goodwill, cost savings, capital injections and access to creditors, customers or suppliers. By definition, if a key person is lost to the business through illness or injury the business suffers a negative economic impact. This loss can be insured through a key person insurance policy.

4 Key Person Policies There are 2 types of key person insurance policies: Revenue Purpose Policies - protect the P&L Capital Purpose Policies - protect the balance sheet A key person revenue purpose policy is taken out to protect the business from a fall in revenue or increase in costs as a result of the loss of that key person. This protects the company from any adverse impacts on the profit and loss statement. An example of revenue protection is to insure a chief computer programmer to cover the time and direct costs required to find and bring a replacement up to speed as well as the indirect costs such as lost sales caused when systems development slows. Capital purpose insurance is protection against an adverse impact on the balance sheet. An example of capital purpose insurance is to protect a new business acquisition should something happen to the seller before critical assets have been transferred to the buyer e.g. intellectual property or relationships or industry confidence. 2. Guarantor Protection Insurance If a director or other employee personally guarantees a loan for the company with their private assets and that person dies, their estate becomes liable for the outstanding value of the loan. This liability can be insured with a Guarantor Protection policy. This policy is very similar to Capital purpose key person insurance as discussed above however a guarantor protection policy is owned by the insured s estate and is used to discharge debt with the company, whereas a capital purpose policy is owned by the company and used to discharge liabilities to creditors.

5 3. Buy Sell Insurance A buy sell agreement involves the business owners entering into an agreement regarding what they plan to do with the business in the event that one of them dies, becomes permanently disabled or suffers a major trauma. Essentially, the agreement provides for the terminating business owner (or his or her estate) to sell his or her interest in the business to the continuing owners and the continuing owners to buy the terminating owners interest in the business. A 50 year old male has a 21% chance of suffering a sickness or injury before age 65, and a 46% chance that this results in three or more months off work. * If the event triggering the agreement is the death, permanent disablement or suffering of a major trauma by an owner, all or part of the value of this purchase can be insured (buy sell insurance). The insurance policy simply provides the funds required to purchase the partners share of the business from them or their estate. If a buy sell arrangement is not in place and a partner dies, the remaining partner(s) may find themselves in a situation where they have to share the management of the business with the deceased partner s estate (wife / husband) whose priorities and ideas may conflict with the remaining partners. In the worst case scenario, the courts actually have the power to order the winding up of the company thus destroying goodwill. * Source IRESS Risk Researcher Life Risk Calculator, accessed 2 nd October 2015.

6 Taxation Following is a very brief summary of the taxation treatment regarding business insurance. This information is of a general nature only and should not be relied upon as advice. Advice specific to your situation should be sought from a taxation specialist. Key Person Revenue Purpose Premiums are tax deductible and proceeds are assessable. Key Person Capital Purpose Premiums are not tax deductible and proceeds are not assessable. Guarantor Protection (owned by individual) Proceeds (death, TPD and Trauma) are not subject to CGT. If the business assists an individual pays the premium in the form of a guarantee fee, this fee is deductible to the business and assessable to the guarantor. Buy Sell This commentary assumes a put and call option is used in the structure of the agreement and the policies are self owned. Upon death, TPD or Trauma: proceeds are not subject to CGT in the hands of the insured, their spouse or defined dependents If the buy sell option is executed, there may be CGT implications for the remaining business owner if they subsequently dispose of the interest they have acquired.# # Note if the policies are cross owned (eg. Director A holds a life policy over Director B in order to buy out Directors B s estate upon their death), TPD and Trauma proceeds are likely to be subject to CGT.

7 At CSP we are experts at helping our clients make smart decisions with their money. We help businesses and individuals develop a clear plan to grow genuine freedom bringing wealth, as well as provide innovation wealth protection strategies. What we stand for We respect our clients We respect money Relationships matter Disclaimer Chick St Clair & Partners Pty Ltd, ABN ( ), is a Corporate Authorised Representative (CAR No. : ) of The Advice Exchange Pty Ltd (ABN ) who holds an Australian Financial Services Licence (No ) and Australian Credit Licence (No ). The information contained in this site is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional on whether the information is appropriate for your particular needs, financial situation and investment objectives. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser. Chick St Clair & Partners Pty Ltd (CSP) and The Advice Exchange Pty Ltd (The Advice Exchange) their officers, employees and agents make no representations or warranties and, to the extent permitted by law accepts, no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied.

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