Intentional Growth #108 - How to Use Insurance In Your Exit Plan
Chris Steffl is the owner of MVP Service Solutions, an insurance wholesaler that offers 1000s of products from over 100 carriers. Chris’s background in insurance and finances gives him a unique perspective on the relationship between insurance and business. We discuss the common mistakes and problems business owners have when setting up their insurance needs.
Insurance is a complex part of exit planning. Chris explains how insurance can make or break a deal structure. We explore the ways insurance can be used to build cash flow, reduce financial risk, and help your employees prepare for the next stage of the business. Insurance is a highly customizable aspect of a business. Chris shares how he helps business owners prepare for the worst and make the best decisions for their company.
What you will learn:
- Chris’s background in insurance.
- The benefits of working with Chris and MVP.
- The most common problem Chris sees with clients.
- How to decide the value of your business.
- Why you should review your policy every two years.
- What is a key man policy?
- How disability insurance works.
- How to plan for being removed from a business.
- The benefits of term policies.
- How permanent policies work.
- What is a variable policy?
- What is guaranteed universal life insurance?
- Chris’s observations from the business.
- How insurance can be a retention tool for your employees.
- When can you deduct insurance from your taxes?
- Common insurance issues that come up during estate planning.
- Chris’s advice to the audience.
Takeaway:
Do you have a plan B? And if you don’t you should. Do you know what you want from your business? Does your insurance allow stability and lock in your key employees? These are all questions you need to ask yourself. Insurance is a customizable thing, but how can you customize it, when you don’t know what you want to achieve? Plan ahead and make sure to include everybody in the process.
Links and Resources
GEXP Collaborative
MVP Service Solutions
About Chris:
Chris is Executive the Owner at MVP Service Solutions, an insurance wholesaler with deep experience and resources. He provides highly specialized insurance solutions to business owners such as employee benefits, property and casualty, personal, life insurance and much more. For over 17 years Chris has been heavily involved in industry circles and is highly involved in the Insurance Industry Associations.