Will The Right Funding Be There When Needed?

Will The Right Funding Be There When Needed?

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Many music retailers tell me they have a buy-sell agreement. That is they have a good idea of who they want to eventually sell their business to. Fewer have the agreement in writing, and even fewer have it correctly funded.

Having a written buy-sell agreement in place is at the heart of a SUCCESSFUL business transition plan. However, if that agreement is NOT funded, business owners can be left in a vulnerable position in the event of unplanned events such as : Divorce, Death, Disability, Disagreement, Departure.

Typical funding sources include: Cash- Borrow-Savings-Installment Sale-and Insurance.

Below, you’ll find a quick summary. Let me know if you have any questions.

Source: The Principal Financial Group

Principal Infographic- will the right funding be there when needed

 

 

Infographic part 2 Princiapl funding when you need it

Written by Jaimie Blackman

Jaimie Blackman

Jaimie Blackman — a former music educator & retailer— is a Certified Wealth Strategist & Succession Planner. Jaimie helps business owners maximize the value of their company through education & coaching. He is a frequent speaker at the National Association of Music Merchants, (NAMM) Idea Center and has spoken at Yamaha’s succession advantage.

As a financial literacy educator he has taught at New York University and has lectured at the 92nd Street Y, Marymount Manhattan College and CUNY.

His column is published in The Music & Sound Retailer and contributes to NAMM U online, as well as other industry trade magazines.

Jaimie is CEO of Jaimie Blackman & Company, President of BH Wealth Management, and Creator of MoneyCapsules® and the Sound of Money®.

To register for Jaimie’s live webinars, or to subscribe to his podcasts, visit jaimieblackman.com.

The purpose of this post is to educate. Our content should not be construed as advice. If legal, tax or other advice is required by the readers, professional advice should be sought.

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