What happens when business partners don’t plan for the unexpected?
In this episode of From Busy to Rich, host Wes Young and co-host Justin Lakin tackle a complex but critical aspect of estate planning: what happens to a business when one partner passes away, and how to avoid the unintended consequences that can follow.
Wes shares real-life stories of business owners who lacked buy-sell agreements, revealing how the absence of clear planning can lead to friction, stalled growth, and strained family dynamics. The conversation expands beyond logistics to explore how business owners can intentionally pass down values, expectations, and vision, creating not just an inheritance but a living heritage.
What to expect from their conversation:
- How to structure a business-focused estate planning conversation
- Common planning gaps that lead to family conflict or business strain
- Buy-sell agreements, key person insurance, and optional property agreements
- How to turn business planning into a tool for heritage and leadership
Resources:
Previous Episodes of Interest:
- The New Client Experience: Location
- The New Client Experience: Expectation
- The New Client Experience: Direction – Increasing Family Bank Velocity
- The New Client Experience: Direction – Unleashing Human Potential
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