Randy Sadler, the Principle at CIC Services, LLC, shares his expert opinions on Captive Insurance Companies and how they can benefit your business. CIC Services has been a captive manager since 2005 and focuses on helping businesses own their own insurance companies. In this episode, Randy discusses how you can take advantage of insurance law to reap tax savings, provide insurance and grow your wealth.

 

Key Takeaways:

[03:09] John Pollock introduces his guest for today -- Randy Sadler.

[04:08] What exactly does Randy do? He helps business owners own their own insurance company, turning risks into wealth.

[05:45] John Pollock discusses exploiting insurance law (legally, of course!).

[06:06] Randy discusses how he completely changes clients' perspectives on insurance.

[09:07] What are some changes in taxation law that are beneficial to small business owners?

[10:46] Taxation policy reform 831(b) - How does it affect small business owners?

[14:12] How does the tax code drive irrational behavior in farmers?

[15:40] How much insurance does your business need? Exclusions in cyber breaches, terror attacks, reputational damage and administrative actions could create huge problems for business that are not adequately insured.

[09:31] Tax benefits of captives and investing the money in captives in tax advantaged ways.

[26:30] Why are financial advisers encouraging businesses to do a captive?

[30:18] How does a 401k compare to a captive?

[34:38] Some of the benefits of having a captive.

[36:03] What are some things to know about having a captive?

[38:57] How can a captive manager advise you -- domiciles vs. offshore captives?

[41:20] Randy shares some tips about where you can find more information on captives.

[42:50] What app or technology does Randy use, that has an impact on his life?

 

Mentioned in This Episode:

Randy Sadler

Lion Street

CIC Services, LLC

Captivating Thinking