We’ve been discussing our Business Owner and Executive Review Planning (BOERP) strategy, and in doing so have gathered and combined the best practices of multiple carriers in regards to similar concepts. For example, The Principal provided two video webinars designed to help you open new business through business valuations and buy-sell reviews.
This week, we are complementing and expanding the BOERP process to include MetLife’s program.
The 15-minute podcast pertains to the “Business Owner Strategic Solutions (BOSS)” process on how to approach business owners. The solution will help them prioritize their needs, evaluate existing plans and provide solutions to satisfy needs and challenges every business owner faces.Listen to the Podcast
Want to know more? Here is more of what you will learn by listening:
- The demographics of business owners and how they affect your approach
- Statistics that prove opportunity is out there
- An overview of the six major needs and concerns of business owners
- Retirement income
- Estate planning
- Exit planning
- Key person
- Disability protection
- Executive benefits
- Tips on strategizing, prioritizing, and ordering of the challenges to be solved
The Business Owners Strategic Solutions (BOSS) website from MetLife provides a comprehensive solution built for the priorities and needs of your everyday business owner. We have chosen MetLife to partner with us in this focus area to help you (the agent) provide a comprehensive solution to your customers. The BOSS program contains all components necessary to provide the business owner a deeper look into their own current situation while providing the agent an easy to use fact-finding process. BOSS makes it very simple to obtain the required information for a very sophisticated solution for both the business and its executives.
The provider of the evaluation is Marshall & Stevens, who is on retainer to provide complementary informal business valuations for clients. In addition to the questionnaire, the business owner must provide 3 years worth of financials (Balance Sheet, Income Statement and, if available, Statement of Cash Flow). The client must also sign an acknowledgement that they understand that MetLife is not providing the valuation and that it is provided solely by Marshall & Stevens. The valuation provided to the client is not reviewed by MetLife’s Compliance Department as it is not the work of MetLife. The upside to this is that Marshall & Stevens will review the valuation in a teleconference with the client. Proceeding in this fashion allows for a strategic advisor with better understanding of valuations to assist with the process while allowing the agent to focus on the remediation efforts needed to meet the business goals & objectives.Download the MetLife Annual Business Review
Marshall & Stevens uses the client’s data to determine an informal valuation number. This is used only for planning purposes and cannot be used for IRS filings or other legal documents. This may, however, initiate the need for a formal valuation to be completed. Marshall & Stevens will provide a proposal for this service. The purpose of proceeding this way is to allow for a smooth transition. On average, the cost of a business valuation typically starts around $5,000. Please note that Marshall & Stevens is not licensed to sell product and that their primary focus is to be a part of the advisor council to your customers only.
The Business Owners & Executive Review Planning (BOERP) process has been created by Pinney to bring together best in class planning solutions that are implemented by organizations that truly have an authority in the field. To find out more about how we can connect you with the BOSS program from MetLife, click below to listen to the podcast and contact us by clicking here and we will help you get started.Listen to the Podcast