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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?
Jon Thiele is a W-2 employee, who is passionate about the company he works for, not just for their mission, but for the opportunities that the company has allowed for his career to expand to include fields outside of what he went to school for (which was Architecture). Although he is an Architect, licensed in California and Florida where he and his wife and two kids currently live, he has spent the last couple of years in the Financial Planning & Analysis side of business and has most recently taken on the role of Chief of Staff to one of the Finance VPs. Jon met Mark just before the COVID pandemic began in 2020, and started his journey with Bank on Yourself®. He 
Harry Looknanan Jr. works in commercial banking at the country’s largest financial institutions. He enjoys the conversations with the owners of companies, listening to their story of starting in the garage and helping them solve their biggest problems. When he’s not banking, he enjoys spending time with my wife and Bentley (Dodson-Australian Shepard) indoors in the summer, and outdoors in the winter. He also 
Evan Greathouse, Bank On Yourself® Professional, brings over 12 years of expertise as a seasoned Real Estate Investor. Holding a Business Management degree from Abilene Christian University, Evan is deeply passionate about his work. His extensive skill set encompasses construction, renovation, sales, marketing, and team building. Evan’s philosophy embraces the mantra of doing things wholeheartedly, driven by a belief that a strong ‘why’ can conquer any ‘how.’ He advocates for embracing failure as a stepping stone to success and cherishes his role as a devoted husband and father to three wonderful children. 
Steven Lyons is the owner and creative director of