Not Your Average Financial Podcast™

Episode 395: Buy-Sell Agreements: Your Exit Strategy Blueprint

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In this episode, we ask:

  • Have you subscribed on YouTube and/or your favorite audio platform?
  • Could your business survive without you?
  • Why do most small businesses fail to survive after a generation?
  • Are you thinking long range with your business?
  • When was Hoshi Ryokan in Japan founded?
  • What is a buy-sell agreement?
  • What are the benefits?
  • Who wants to buy the business from someone who has passed away?
  • How does a buy-sell agreement guarantee a buyer?
  • What are additional benefits?
  • What are the events that trigger a buy out?
  • Who writes and funds a buy-sell agreement?
  • How about an example?
  • What about a sinking fund?
  • What about a bank loan?
  • What is the most efficient way to fund a buy-sell agreement?
  • What are the benefits of funding a buy-sell agreement with life insurance?
  • What about a story?
  • What about cross-purchase?
  • What happens when tragedy strikes?
  • What happens next?
  • What are the considerations?
  • Would you like to book a meeting with Mark or one of Mark’s associates?
  • What are the steps?
  • What about the business valuation?
  • What are the correct policies?
  • What is the timeline of funding?
  • What is the premium amount?
  • What about drafting the buy-sell agreement?
  • What about policy ownership?
  • What about cross ownership?
  • What about performance review and adjustments?
  • What about the key stakeholders, partners and team?
  • What would happen to your business if a key person or partner suddenly dies or becomes disabled?
  • How would we manage the transition?
  • How much capital would we need to buy out a partner’s interest and over what time frame?
  • Have we considered how changes in our business’s value might affect insurance coverage needs or terms of our buy-sell agreement?
  • What terms should we include to handle disputes or changes to the business environment?
  • Are there any specific clauses we need to add for certain scenarios (i.e. divorce, bankruptcy of a partner or an external offer to buy the company, etc.)?
  • What about Bank on Yourself® type whole life insurance policies?
  • Would you like to meet with Mark?

    • ...more
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