If you’re a business owner, do you have key person insurance or a buy-sell agreement in place? If so, when was the last time you updated it? If your solutions are more than a few years old, you could be setting yourself up for financial disaster.
On the latest episode of Advance Your Wealth, we’re examining why these questions are so critical to be asking yourself and what entrepreneurs can do about it right now!
Tune in and discover some steps you can be taking to avoid the major financial hardship that accompanies these types of issues.
0:06 - Introduction and overview on the topic of today's show
1:14 - Business owners are analyzing today's landscape to avoid future issues
2:40 - Unexpected events can jeopardize the success of a business
3:30 - Most business owners have a solution in place, but it's outdated
4:25 - The advantages associated with a buy-sell agreement or a key person insurance policy
6:03 - 40% of business owners don't have key person insurance in place
7:16 - The appeal of a buy-sell agreement
9:28 - The value of buy-sell agreements is widely recognized
10:42 - How big of a deal is an outdated agreement?
12:38 - Advice for business owners to stay on top of these solutions
14:45 - How to get in touch with Homer and his team