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O P I N I O N
Life insurance Could it be your final act of leadership? If you are a CEO or partner and do not have it, please consider changing the scenario.
T he A/E/P and environmental consulting industry has many unique qualities, but one I find intriguing is the longevity of careers at a single firm. Zweig Group’s 2017 Principals, Partners & Owners Survey reports that 60 percent of the respondents have been with their firm for 17 to 31 years, with the median of that group having a tenure of 24 years. The median time as an owner is 18 years. These statistics confirm that owners, principals, and partners have a solid commitment not only to the profession but to the firm. So, I find it even more intriguing that a current 34 percent have not secured a very important detail to take care of the long-term: life insurance coverage.
Tracey Eaves GUEST SPEAKER
It’s a pretty safe bet that shareholders are also the primary rainmakers and the sudden absence of that revenue will have long-term ramifications the back burner, especially when the majority of firm owners are between the ages of 40 and 59.” “People in general do not like to think about their own demise and it’s easy to push planning for that event to
People in general do not like to think about their own demise and it’s easy to push planning for that event to the back burner, especially when the majority of firm owners (73 percent) are between the ages of 40 and 59. But, as an owner, addressing the issue and securing the firm’s future is an ultimate expression of love for your company and for the people whose livelihood depends upon its existence. Having spent many years valuing privately-held businesses, I fully understand the impact the death of a partner can have on a firm, not only from the personal perspective but also the loss of business, productivity, and financial security.
See TRACEY EAVES, page 12
THE ZWEIG LETTER December 11, 2017, ISSUE 1227
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