From Short to Bankrupt - Bill Black

For the past two days I've been telling a story about a client of mine who was having an unpleasant meeting with his recently deceased partners wife.

She got shorted in the buy sell proceeds due to an out of date by sell agreement valuation and inadequate life insurance proceeds.

He was sheepishly trying to explain to her how the situation happened.  It wasn't that they had not planned it's just that they failed to keep the plan up to date.

The end of the story is it she hired an attorney and there was a very expensive legal battle that ruined the relationship and the company and it went out of business.

Don't let this happen to you, pull out your buy sell agreement today and make sure it protects your family in the event anything happens to you.

In the next episode we'll discuss a checklist you can use to make sure your agreement is up to date.