Flip and Danny from Freedom Real Estate Group discuss what happens to your real estate business if you die or become disabled. They cover business life insurance to protect lenders, building a team with a designated CEO, and adding disability to your succession plan.
Hey, everybody. Flip and Danny here, founders of the Freedom Real Estate Group family of companies, and welcome to another episode of our.
Podcast, which is called Freedom through Passive Income.
That's right. And today's episode is. What if you got hit by a bus? Yeah, Flippy, why is it always a bus? We were watching something last night and they said the same thing, like, hey, you might get hit by a bus tomorrow.
Yeah.
What about trains and cars and trucks? Trucks are big, too.
Yes, that's true.
So what is the root of this. What is the. Why do people. What is the purpose of this statement?
Okay, well, first of all, not everybody asks it, and you should be asking it.
Right, that's true.
So let's hit that first. But the reason to ask it is you're asking about what happens if you die. What happens if you're disabled. Who's gonna take over? What happens to my money if I'm the investor asking that question.
Yeah, my stuff.
Yeah, exactly. Right. So that's why you're asking that question.
Right. So the most important thing is you wanna know whoever you're working with has taken the time to think through these questions.
Yes.
Because just in case anything does happen to them or to you, you wanna make sure that everything is still seamless.
Yeah. And so often we talk about the fact that we're not promised tomorrow.
That's right.
Right. I am grateful every single day. I think Betty says this every time I wake up. I'm just. I pray to God and I say, thank you, Lord, for giving me a brand new day. And that rings in my head sometimes when I wake up and I'm like, oh, yeah, I got a brand new day.
That's right.
And it makes you very appreciative. Right. So we thought about this, and actually, we thought about this because somebody asked us. It was one of our private lenders. At the very beginning, she was investing over a million dollars with us. And she said, what happens if you get hit by a bus? So that's what prompted us to start putting things in place. So I'm really grateful for her. So we have put in business life insurance to pay off private lenders to pay off debts, things like that. We've also built a team that can run the business without us. It's already happening. That's why we have a CEO now.
And I think that one's what happens if you go to Cancun tomorrow.
Yeah, that's what that one is. But so many things. We're focusing on the sixth company because the rest of the companies are running without us and they don't need us anymore. We literally, if we were just gone, they would be 100% fine. And FCI Freedom Capital Investments is turning into the same thing because our CEO is pretty much shadowing us at this point. She's listening to these podcasts every day and she's learning everything that we're doing. I copy her on almost all of our emails so that if anything happens, she goes, I know where we're at. Danny's been talking, doing all of this. And so having that team that surrounds you, plus, I swear, investor relations. C.J. who's been on our team, he's been working so close with me for so long that he literally could just be like, oh, you just do this, this, this and this and this. And certainly, you know, most of it as well. The last thing that we did is we put a succession plan in place and that included disability. Because when we were working on it, at first it was just a succession plan. If we died and somebody had said, what if you got disabled? It was another phone call. And I'm so thankful for those questions that we get. Otherwise I wouldn't have thought of it. And I was like, good darn question. Let's add that to our succession plan so we feel like we've mitigated most everything. And whoever you're working with, you want them to do the same. So do that. Ask those questions of everybody that you work with, because they will thank you later. Exactly.
Exactly. That last one was what if you get hit by a bike? The disability one. Anyway, we like to keep these short and sweet, so we hope that you enjoyed this episode. Make sure that you head over to our website, freedomcapitalinvestments.com and join our investor club. Now, this is a different group. It's a different. It's a club. That's why it's not a group.
It's a club.
But it's a different area than the groups on social media. And there's more information and different information inside of the club than is on the social media. But make sure you are joining us on the social media. Give the questions and things there. Interact with the team, but leave us comments, recommendations, requests, whatever it may be. Five star reviews are also wonderful. We love those as well. And make sure you're subscribing on YouTube as well. But we always like to end all of these episodes with Invest Smart, Live Happy.
Bye, everybody.
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