Jimmy
Brebner was stopped in his tracks when he learned that five of
his key employees planned to rescue his company from bankruptcy
with their retirement bonuses. "Today, you just don't expect people
to think of the company instead of themselves," he said. A severe
business downturn in late 1995 slashed sales 50 percent at Bonne
Brae, Brebner's garment dyeing and finishing facility in Lynchburg,
Virginia. "After the NAFTA rulings, a lot of our customers headed
for the border," said Brebner. "Textile-related businesses like
ours were thrown to the wolves."
For
a harrowing nine-month period, average sales volume plummeted
from $30,000-$35,000 a week to between $15,000 and $20,000. Suppliers
were demanding payment and customers wanted more time to pay for
services. The future looked bleak for Brebner and his 25 employees.
That's when Bonne Brae controller Sharon Saunders called George
Caylor, CLU, ChFC, the company's MassMutual life insurance agent.
"The five of us met to discuss how we could save Bonne Brae,"
she said. "We have a plan. How much cash is in our split-dollar
life insurance policies?"
"Tens of thousands of dollars," George said. "But that money is
your retirement bonus. Are you sure you want to use it now?"
"If
Bonne Brae goes down," Sharon replied, "we won't have a retirement."
George sprang into action and had the checks express-mailed to
Sharon. Bonne Brae met its payroll, paid its suppliers and got
a new lease on life.
"Now
we're positioned to get into some niche markets and build a more
secure future," Brebner said, noting that Bonne Brae has some
$3 million worth of specialized equipment poised to exploit these
new markets.
Jimmy
Brebner's rescue by life insurance bolstered his belief in the
importance of working with a professional agent. "By ourselves,
we could never pick the instrument that's just right for our needs,"
he said. "It all comes down to that relationship with the agent.
And in George's case, it's long-term and built on genuine caring.
I know him, and I trust him."
