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Your Life Insurance
Life insurance used to be simple. All policies were term policies with only a death benefit. You paid a periodic premium based on your age, health, and the death benefit desired. When you passed, the stipulated death benefit (a set dollar amount) was paid to the beneficiary. This type of insurance is still available, of course, and I venture to say that this type of policy should get the job done in the majority of cases.
Build This Into Your Biz
Want to boost the value of your business? Here are the sought-after attributes of serial business buyers – organizations that buy business after business in a variety of industries. These are the attributes that make them want to buy and pay a premium.
Avoid Joint and Several Guarantees!
And here it is again. A group of family members close to me all signed joint and several personal guarantees on a sizeable note to buy a company. They overpaid. The recession came. And they are ALL facing personal bankruptcy. Only one of the five guarantors worked in the business. Several have (or had) considerable wealth, and the parents are at retirement age. Yes, they signed, too!
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