REVEALED WINTER 2024 - Magazine - Page 12
The Unsexy Side of Retail:
Insurance
BY BRENDAN WALSH, CATALYST SOLUTIONS GROUP WITH
LEE PADGETT, BUSTED BRA SHOP.
In the intricate world of small lingerie
Small business owners realize the vital
family grappling with the decision to keep
stores, the focus revolves around high-
role that life and disability insurance play.
the business open.
quality garments, knowledgeable sta昀昀
It secures not only their 昀椀nancial futures
and positive customer experience.
but also the resilience and continuity of
Concerned about her own business and
H o w e v e r,
their businesses.
employees, Lee and I worked together.
crucial facet — and decidedly unsexy
For those immersed in the lingerie
"When my friend died, I immediately
side — of their business. Insurance.
business, small boutiques redef ine
thought about my business, my husband,
the shopping experience, prioritizing
and all my employees," Lee says. "What
personalized service and a thoughtfully
happens to them if I'm not here?"
sav v y
entrepreneurs
increasingly recognize the need for a
curated collection of intimate apparel.
Owners, driven by a genuine passion
After we all sat down together (Brendan,
for fashion and body positivity, carefully
Lee and her husband Patrick), we
select bras, panties, sleepwear and
put together a plan that includes life
accessories from renowned brands and
insurance for her and disability insurance
independent designers.
to cover overhead expenses if she were
sick or hurt for a prolonged period.
Less than 300 specialty bra boutiques
in the United States focus on 昀椀tting for
The question arises: Why should business
women. Each one is an integral part of
owners, speci昀椀cally those in the lingerie
their community. What happens to these
business, consider owning life and
vibrant businesses if the owner dies or is
disability insurance? The primary reason
disabled?
lies in succession planning and business
continuation. Compared to other
R E V E A L E D - THE W INTE R IS SUE #10
We saw what happened when the owner
industries, boutique store owners are
of a well-known local Detroit sandwich
less likely to have a successor, making a
restaurant died unexpectedly, leaving his
solid plan for the future crucial.
