[single_button file=”https:\/\/jbval.com\/wp-content\/uploads\/2024\/05\/A-FUNDED-BUY-SELL-AGREEMENT-IS-IT-A-LAND-MINE-OR-A-GOLD-MINE-en-v6.mp3″ font_size=”12″ height=”20″ width=”20″] Listen To This Post<\/p>\n
Imagine you and your partner formed an electrical contracting company.\u00a0 You, Operations Partner, handle operations, Marketing Partner handles marketing and admin. It\u2019s a beautiful arrangement.\u00a0 It has worked well for decades.<\/p>\n
Their Attorney tells them \u201cYou need a funded buy sell agreement.\u00a0 If one of you dies, how will the company move on?\u201d<\/p>\n
\u201cAnother legal document? Another fee? And life insurance premiums, too? All money we can invest in the business or pay to ourselves!,\u201d you exclaim!<\/p>\n
A big takeaway from COVID is the unexpected will<\/em> happen and always<\/strong> at the worst time.\u00a0 Avoiding the future is as impossible as living forever.\u00a0 The future happens whether we are ready for it or not.<\/p>\n Marketing Partner tragically dies. Their spouse is distraught.\u00a0 Operations Partner now has a new partner, Marketing Partner\u2019s Spouse. \u00a0Spouse knows nothing about electrical contracting and has zero interest in being involved in the business.<\/p>\n Operations Partner now runs the business alone. S\/he is fielding calls from the Marketing Spouse and Spouse\u2019s professional representatives.\u00a0 \u201cWhere is my money?\u00a0 How can I live with no income? You must help me<\/em>!\u201d<\/p>\n A well-written life insurance funded buy sell agreement will lay out what happens when a partner passes. It avoids these difficult circumstances and can fund a buyout.<\/p>\n What is the smart solution to avoid stress and costs?<\/p>\n Invest in an insurance buy-sell agreement.<\/p>\n Please consult with your CPA and attorney to see the implications for you.<\/p>\n","protected":false},"excerpt":{"rendered":" A big takeaway from COVID is the unexpected will happen and always at the worst time.\u00a0 Avoiding the future is as impossible as living forever.\u00a0 The future happens whether we are ready for it or not.<\/p>\n","protected":false},"author":7,"featured_media":4610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-4609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/posts\/4609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/comments?post=4609"}],"version-history":[{"count":2,"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/posts\/4609\/revisions"}],"predecessor-version":[{"id":5002,"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/posts\/4609\/revisions\/5002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/media\/4610"}],"wp:attachment":[{"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/media?parent=4609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/categories?post=4609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jbval.com\/wp-json\/wp\/v2\/tags?post=4609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}