Brian House always knew that one day he would run the family’s Chevrolet dealership. But he never imagined that it would be at age 29, after his father suffered two massive heart attacks and died three days shy of his 50th birthday. Brian and the family were grief stricken, making it difficult to even think about what would happen to the dealership.
Reymore Chevrolet, however, had not survived through three generations of family stewardship by accident. Solid financial planning had kept the business secure, and this instance would not be an exception.
Family friend and Guardian Life Insurance Company of America insurance agent Richard "Dick" C. Murphy, CLU, had worked with Brian’s father, Jim, and Jim’s father, Eddie to ensure that both the family and business would be protected in the event of a tragedy. When Jim died, his life insurance proceeds ensured that his wife, Nancy, would be financially secure.
"Our first concern was for mom," says Brian. "The money from dad’s life insurance means she will be well cared for throughout her life."
The key person life insurance owned by the firm provided much-needed cash to help ensure a smooth transition. Today, Brian is vice president and dealer-operator, his sister, Cheryl, is a top sales person and secretary-treasurer, and their mother, Nancy, works in the dealership as president.
"The money has really strengthened our financial position and assured that Reymore Chevrolet will continue to be one of the most successful dealerships in central New York State for many generations to come," adds Brian.