A Day That No One Thought Would Ever Come - Bill Black

Every Business Day Bill Black, The Exit Coach, records The AUDIBLE, a 60 second exit planning tip of the day -- today''s is a start of a series of 3 episodes that stres the importance of keeping your Buy-Sell up to date

My client couldn't sleep because he had a very important meeting the next morning

The widow of his recently deceased partner was coming in to talk.

He wasn't sure about the nature of the conversation but he knew it was not going to be pleasant.

After his partner died suddenly, my client at first couldn’t even remember where the Buy Sell agreement was. It had been close to 10 years since they had looked at the document

But he had a sinking feeling.

Sure enough when he located it, he realized that they had forgotten to do the annual valuation updates that the agreement called for … the value was grossly out of date. So was the amount of life insurance that they had taken out to fund the buyout in case either partner died.

So, my client did what anyone would do in this situation – he called his attorney.

I'll continue the story tomorrow.