It's life insurance awareness month so here's another tidbit from Craig Lyndall.
Here at Lyndall Insurance, Mark and I have a buy/sell agreement that is backed up with life insurance. Mark and I have no issues with our sisters-in-law, but neither of us wants to be thrust into business partnership due to an untimely death. Should something happen to one of us, there's a life insurance policy that pays out to the widow in exchange for the stake in our family business.
It's a win-win in the face of tragic loss. It's weird to say that, but the last thing anyone wants in the worst moments of their life is to deal with legal and financial complexities. Plan it out ahead of time so it runs as smoothly as possible if that time comes.
If you want to explore using life insurance to fund your buy/sell with your partners, contact us today.