Two entrepreneurs discuss building long-term strategy around Infinite Banking. They explain why multiple policies work better than one as your business grows, how to plan for succession or sale, and why protecting your family and key employees matters if you become unavailable.
What's your long term goal with the business? What's your exit strategy? Usually there's a bunch of links. I haven't thought that far. Okay, well, I mean it's a business, it's an asset. So it's either going to, there's either going to be a succession plan that it's going to be passed on to a key person or a family member. So it's either going to be passed laterally or it's going to be passed down or you're going to be looking to, you know, exit. And that exit could be in the form of a sale. But when you're thinking long range, that needs to be part of the plan because that's going to affect, if you have, you know, corporate owned policies, it's going to affect. So all of these things are details that you have to discuss and that has to be part of the conversation. Just kind of adding on to that from a, like a personal perspective. When we sit down with individuals that are looking at even just personal, you know, coverage on themselves, personal policies, and they're always trying to achieve and stuff everything into one policy, you know, we have to explain to them like there's a reason why Nelson said this is best achieved through a system of policies is because you may be starting now, you start where you're at, but where you are 5, 10 years from now is probably going to look very different, whether that's an income increase, whether that's a windfall, whatever that is. So you can't plan everything into one. And I always say, think like a bank, is a bank better with one client or multiple clients? So spread that across multiple policies.
The curtains open up for the person that you're speaking to. And it's like, yeah, you know, I really, I didn't think about that. You know, especially if you're starting with, you know, an entrepreneur, an established business owner who's doing this to bolster their balance sheet and to do something more productive for their company. And you sort of open that curtain and say, hey, behind this curtain we've got your family. And God forbid, if the unthinkable happened to you as the owner, your family is still going to continue to rely on that source of income, the company. And so what are we going to do to take care of the family, also take care of key people who you envision being a succession plan for you, that you envision taking the business forward if the unthinkable happened. And it just opens the eyes of the client and the client goes, oh my goodness. Like, I didn't even. Didn't even consider that, you know? And that.
That's.
That's one of the other beauties of why Nelson named it Infinite.
