Straight Up Chicago Investor Episode 391: Do You Have a Business Continuation Plan?
Aug 5, 2025
Discover the critical need for a business continuation plan tailored for real estate investors. Learn practical steps to protect assets and prepare for unexpected events, ensuring a smooth transition for beneficiaries. The discussion also highlights the surprising gap in personal life insurance coverage and its significance for future financial stability. Plus, enjoy some fun trivia about Chicago's vibrant summer festivals, blending education with entertainment!
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Episode notes
Business Continuation Is Broad
- Business continuation planning covers wide-ranging "what ifs" beyond property insurance, including owner death and incapacitation.
- Josh emphasizes that purpose-built plans prevent operational collapse and unclear fate for properties and debt.
Build A Single Estate Operations File
- Create and update a single document listing assets, contacts, tenants, and instructions and review it with your insurance agent.
- Buy life insurance sized to cover leveraged debt so family can keep properties or hire managers without immediate mortgage pressure.
Insure To Cover Leverage
- Purchase life insurance outside employer coverage to protect leveraged real-estate holdings and provide liquidity to your heirs.
- Ensure beneficiaries can either run the business or afford professional managers with the payout.