Exit Coach Bill Black interviews Top Advisors for Tips, Ideas & Precautions for Business Owners who want to grow and protect their company value and plan for a successful Business Sale or Transfer. Listen daily so you can be well-planned!
Episodes
Tuesday Jun 07, 2016
Tuesday Jun 07, 2016
Jim Immel, Founder, Immel and Associates, Inc. discusses his experience as a Trusted Advisor and the need to prepare to have the answers to critical questions that spouses have of their Advisors when a death occurs.
Transcript:
Jim: One of the things that a lot of business owners are doing, is that they're heads down, they're growing their business, they're focused on the day-to-day. And they're, again, back to being very optimistic and looking at what they can accomplish. And risk management is just not natural to most business owners. One of the questions I like to ask to get business owners to just slow down for a moment, and to think, is to imagine for a moment that you had passed away, and week after your funeral, if I'm your most trusted advisor, your widow calls me and says, "Jim, I have a few questions, do you have a little bit of time?" What are those 5 or 6 questions that I should be prepared to answer that your wife might be asking me when she gets here? What are the things that we should prepare for? When I've asked that question to a lot of business owners, they realize that they're not ready for that event. The risk management planning, the contingency planning is pretty important, because what that really does, is it helps us start down the path of making sure the business is prepared in so many different ways. Because, if you think about it, it helps you prepare for a living buy-out, as well.
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