Disability Destroyed My Business Partnership #lessonlearned #business

death and disability to an extent are typically dealt with using life insurance. Like Mark and I have life insurance policies on each other. So, you know, like if I pass away, essentially in the agreement, it says, and this is in our operating agreement for LLCs with partnerships that it's included in this as we're setting this up. And again, Mark said you can have a separate buy-sell agreement to flesh this out more fully. But if there's a life insurance policy, like the partnership's paying for that, when I die, my family gets the proceeds of that life insurance policy. And that's effectively buying the interest out for the surviving partner. So Mark would take 100% of the entity. My family got bought out based on the value, and there's an equation in there on how you assess that. And that way you're not dealt with what is this worth, or my heirs coming to the table saying, Mark, we want more for this, or this is worth more, or we don't have the money to buy you out.