This [Viewpoint] is about succession planning — both at your company and in your personal life. It's a very important subject.
It is always sad when someone dies prematurely. I am also a U-Mass Lowell plastics engineering alumni and graduated with Dennis [Tully's] brother Jim. Although it happens every day, we just witnessed another unexpected death of Kobe Bryant and his 13-year-old daughter. I'm sure they were not planning to die that day.
Not only are succession plans for business owners important but also protecting the ones you love, your spouse, your children, etc. In my line of work, we come across this way too often where people/families/business owners are not prepared. And frequently this leads to families struggling with how to make ends meet when the unexpected happens. My heart goes out to those families and especially when young children are involved.
So get prepared. It is never too early. In fact, acting while you are still young and healthy can have major benefits down the road that most people are not aware of. Two sayings in our business: 1) You are only one doctor's visit away from being uninsurable and 2) As an agent and financial adviser, I want to make sure I bring the right size check to the family should the unexpected happen.
Ray Pellerin
New York Life
Hampstead, N.H.
