FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W240278857> ?p ?o ?g. }

• W240278857 startingPage "46" @default.
• W240278857 abstract "Once upon a time in Massachusetts there lived a family, which had a business. The two boys were afraid to ask their parents what would happen when they died so each competed quietly to take over the family firm. The boys also feared the anger of their sisters, who it seemed would have relatively little. One of the boys had high blood pressure, apparently taking after his eighty-one year old father, who recently had open heart surgery. The family came to Bank of Boston Corp., seeking a loan for their business. They got the loan. They also walked away with a personal trust account, a private banking account, a revamped medical insurance plan, and, most importantly, a succession plan. Bank of Boston walked away with six figures' worth of new business income per year. And they all lived happily ever after. True stories such as these are not unusual, says Carmen Effron, who came to Bank of Boston recently to build its insurance business. Every case is different, but stories like these are common in small and medium-sized businesses, which don't have a lot of time to devote to long-term planning. They know they should do it, but they don't. Sometimes the corporate loan itself fails for the want of a good succession plan, she notes. For example, inadequate insurance closed a Connecticut business after five key executives were killed in a plane crash and the survivor hadn't sufficient funds to tide her over while recruiting replacements. More commonly, if the estate of a business owner is not somehow sheltered from tax (say, using a trust) the next generation of the family may have to sell the business to pay off the taxes on their inheritance. Corporate lenders are shortsighted if they perceive themselves to be making a loan to the current owners of a Effron says. In better securing the business loan, a bank can multiply its revenues, as Bank of Boston's experience demonstrates. Effron, who shared the opening case with attendees at ABA's Trust and Private Banking conference, told her audience to appreciate the synergies that exist between insurance, private banking, and corporate banking. Broaching the subject This is just a fabulous little case history, Effron said in a follow-up interview on how Bank of Boston mediated for the divided family. The issues and unforeseen business opportunities began to present themselves after the corporate lender asked some routine insurance questions. The bank trains its corporate lenders to ask about deferred compensation packages, 401(k) plans, and other aspects of insurance that are very much part of the corporate balance sheet, Effron says. The family never bought the products offered, but just broaching the subject of long-range planning led to an ultimately more lucrative deal. The bank acted as follows. The employee medical plan was made cheaper by removing the aged parents to a private plan, thereby reducing the age-based risk factor previously used to price the group plan. Estate planning was undertaken for the family in the form of a private trust. A succession plan, 100% dedicated to the business, was established for the firm, which had $250 million in sales revenues. …" @default.
• W240278857 created "2016-06-24" @default.
• W240278857 creator A5045979403 @default.
• W240278857 date "1997-03-01" @default.
• W240278857 modified "2023-09-24" @default.
• W240278857 title "The Insurance Connection; a Small-Business Tale Demonstrates the Synergy between Trust, Corporate Banking, and Insurance" @default.
• W240278857 hasPublicationYear "1997" @default.
• W240278857 type Work @default.
• W240278857 sameAs 240278857 @default.
• W240278857 citedByCount "0" @default.
• W240278857 crossrefType "journal-article" @default.
• W240278857 hasAuthorship W240278857A5045979403 @default.
• W240278857 hasConcept C10138342 @default.
• W240278857 hasConcept C144133560 @default.
• W240278857 hasConcept C162118730 @default.
• W240278857 hasConcept C162324750 @default.
• W240278857 hasConcept C187736073 @default.
• W240278857 hasConcept C2777764128 @default.
• W240278857 hasConcept C2777973936 @default.
• W240278857 hasConcept C2778320157 @default.
• W240278857 hasConceptScore W240278857C10138342 @default.
• W240278857 hasConceptScore W240278857C144133560 @default.
• W240278857 hasConceptScore W240278857C162118730 @default.
• W240278857 hasConceptScore W240278857C162324750 @default.
• W240278857 hasConceptScore W240278857C187736073 @default.
• W240278857 hasConceptScore W240278857C2777764128 @default.
• W240278857 hasConceptScore W240278857C2777973936 @default.
• W240278857 hasConceptScore W240278857C2778320157 @default.
• W240278857 hasIssue "3" @default.
• W240278857 hasLocation W2402788571 @default.
• W240278857 hasOpenAccess W240278857 @default.
• W240278857 hasPrimaryLocation W2402788571 @default.
• W240278857 hasRelatedWork W141037087 @default.
• W240278857 hasRelatedWork W156885077 @default.
• W240278857 hasRelatedWork W221550609 @default.
• W240278857 hasRelatedWork W247210949 @default.
• W240278857 hasRelatedWork W254209670 @default.
• W240278857 hasRelatedWork W257038317 @default.
• W240278857 hasRelatedWork W266413056 @default.
• W240278857 hasRelatedWork W295136960 @default.
• W240278857 hasRelatedWork W2992056896 @default.
• W240278857 hasRelatedWork W2993237238 @default.
• W240278857 hasRelatedWork W316600777 @default.
• W240278857 hasRelatedWork W330224668 @default.
• W240278857 hasRelatedWork W331689120 @default.
• W240278857 hasRelatedWork W35249332 @default.
• W240278857 hasRelatedWork W63621952 @default.
• W240278857 hasRelatedWork W757673181 @default.
• W240278857 hasRelatedWork W88517427 @default.
• W240278857 hasRelatedWork W912016628 @default.
• W240278857 hasRelatedWork W197087331 @default.
• W240278857 hasRelatedWork W2786147911 @default.
• W240278857 hasVolume "89" @default.
• W240278857 isParatext "false" @default.
• W240278857 isRetracted "false" @default.
• W240278857 magId "240278857" @default.
• W240278857 workType "article" @default.