Planning for Business Risks: Divorce, Disagreement, Disability, Distress, and Death

Key Takeaways:

  1. Plan for potential risks in your business, such as divorce, partner disagreement, disability, distress, and death.

  2. Work with an attorney to create appropriate legal documents to address these risks.

  3. Regularly review and update agreements with partners to ensure alignment and avoid conflicts.

  4. Have disability insurance to cover loss of income in case of personal disability.

  5. Communicate well and quickly in times of financial distress and seek assistance from a strong team.

  6. Plan for the future by identifying successors and ensuring a smooth transition in the event of death.

     

Chapters:

Timestamp Summary

[0:00:46] Introduction and discussion about Thanksgiving dinner preparation

[0:03:37] First business risk: Divorce and the need for legal and tax planning

[0:08:08] Second business risk: Disagreements with business partners and the importance of clear agreements

[0:10:22] Third business risk: Disability and the need for a backup plan

[0:11:57] Fourth business risk: Financial distress and the importance of communication and a strong team

[0:12:46] Fifth business risk: Death and the need for future planning

[0:13:22] Importance of having an exit plan in mind

[0:13:50] Having the right team in place for when you pass away

[0:14:27] Working closely with an exit plan advisor team

[0:15:10] Finding freedom and peace of mind in planning

[0:15:37] Dealing with loss and grief

[0:15:54] Contact information for Allison Reif Martin

[0:16:11] Prior planning for desired outcomes

[0:16:13] Disclaimer about investment advice

[0:16:13] Consultation with financial advisor and tax professional

[0:16:13] Past performance not indicative of future performance

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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