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
Monday Nov 04, 2013
Monday Nov 04, 2013
Every Business Day Bill Black, The Exit Coach, records The AUDIBLE, a 60 second exit planning tip of the day -- today''s is a start of a series of 3 episodes that stres the importance of keeping your Buy-Sell up to date
My client couldn't sleep because he had a very important meeting the next morning
The widow of his recently deceased partner was coming in to talk.
He wasn't sure about the nature of the conversation but he knew it was not going to be pleasant.
After his partner died suddenly, my client at first couldn’t even remember where the Buy Sell agreement was. It had been close to 10 years since they had looked at the document
But he had a sinking feeling.
Sure enough when he located it, he realized that they had forgotten to do the annual valuation updates that the agreement called for … the value was grossly out of date. So was the amount of life insurance that they had taken out to fund the buyout in case either partner died.
So, my client did what anyone would do in this situation – he called his attorney.
I'll continue the story tomorrow.