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What would actually happen to your business if, tragically, you died tomorrow?

“Hit by a bus” as they say.

Would it unravel rather quickly without you at the helm?

What financial condition would your family be left in?

Morbid questions… For sure… But ones worth asking.

My guest on the show today is Sarah Cronin, managing partner of OBEO Planning Group. She works directly with our Breakthrough Academy businesses on their financial and succession planning, giving her a tonne of first-hand experience helping small business owners wealth plan for the future and protect themselves and their families should the worst happen.

We discuss:
- What can and will happen to your business and family in the case of your untimely death (warning, it's grim)
- Why, for co-founders, dialing in a partnership agreement is the easiest way to limit your downside in the case of death, disability, or disagreement
- How to draft a succession plan so that your wishes are captured and executed properly and not left up to chance.

00:00 - Intro
02:44 - What ACTUALLY happens to most businesses when the owner dies?
04:18 - Solo owners
12:20 - Business Partnership
17:44 - How well protected is the average business owner?
19:53 - What shocks people?
22:36 - Succession Planning and Life Insurance “Starter Pack"
32:26 - Business Partnership Agreements