How one tough decision saved a family business

Let me share a story with you

It’s not every day you think about what would happen to your business if your most vital team member suddenly couldn’t work.

Yet, that’s exactly what one family-owned business faced—a harsh reality that could have brought everything crashing down if they hadn’t made a tough, forward-thinking decision.

This family business was as tight-knit as they come.

Each family member played a critical role, from administration and client relations to handling the toughest, large-scale projects. But there was one key player—the son—who was the main revenue driver, responsible for 80% of the new business.

They were a well-oiled machine, running on trust and dedication. But that also meant their entire income stream was concentrated in one place: their son’s ability to work and bring in clients.

As with most things in life, the unexpected happened.

Their son fell seriously ill, and with his absence, the business’s revenue started to plummet.

What could have been a devastating blow, however, didn’t end in financial ruin.

Why? Because this family had made the tough but essential decision to secure Keyman Insurance—a safeguard they didn’t think they’d ever need but decided to put in place “just in case.”

How Keyman Insurance stepped In

Keyman Insurance provided the family with a lump sum, compensating for lost revenue and helping cover the costs associated with finding a temporary replacement.

The funds allowed them to keep the business running, cover salaries, and weather the storm without the looming threat of closing their doors.

Instead of being another small business tragedy, this family became a story of resilience, underscored by the decision to take precautions that many would overlook.

They not only managed to protect their income, but they also retained their clients and kept operations going—all thanks to one proactive decision that safeguarded their family’s livelihood.

Are your key players protected?

This story isn’t unique—many small businesses rely heavily on key individuals whose absence could lead to significant financial strain. Here’s a quick checklist to see if your business’s core team members are covered:

• Identify key contributors: Who generates the majority of your revenue? Who handles the most complex tasks?

• Evaluate potential risks: Consider health risks, high-stress roles, and positions without backup.

• Assess coverage needs: Calculate the revenue loss and replacement costs for key individuals.

• Plan for long-term continuity: Ensure policies are comprehensive enough to support your business during a crisis.

Does our client’s story ring any bells?

I’m talking about business owners who rely on a small team or key individuals to run operations.

At Avanti Financial, we’re here to help businesses like theirs stay prepared, come what may. Let’s ensure the foundation of your business remains strong, even in challenging times.