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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?
