Paul Stawinski discusses Navigating Business Continuity: Insights from a Financial Advisor.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-paul-stawinski-cff-clu-founder-of-clu-wealth-advisors-discussing-business-continuation-considerations/
Proper planning and funding are essential for business continuation and succession planning. In a podcast episode featuring Paul Stawinski, the founder of CLU Wealth Advisors, the critical importance of having a well-thought-out strategy for the continuation of a business in the face of unforeseen circumstances such as death, disability, or retirement of key personnel is emphasized.
Stawinski highlights the significance of having a buy-sell agreement in place, which outlines the course of action for the business if a partner or key employee is no longer able to fulfill their role. He discusses two common types of buy-sell agreements: cross-purchase and stock redemption. The cross-purchase agreement involves partners buying life insurance policies on each other, ensuring that in the event of a partner’s death, the surviving partner can use the insurance proceeds to buy out the deceased partner’s share of the business. Conversely, the stock redemption agreement involves the business owning life insurance policies on each partner, allowing the business to buy out a partner’s share in the event of their death.
Stawinski also stresses the importance of properly funding these agreements. He notes that many successful entrepreneurs have a significant portion of their net worth tied up in their businesses. Therefore, having a continuation strategy that includes proper funding, such as through life insurance policies, not only ensures the smooth transition of ownership but also provides a baseline for the business’s value in various scenarios like inheritance or transferring ownership.
In conclusion, the episode underscores that proper planning and funding are crucial components of business continuation and succession planning. By having a well-structured buy-sell agreement and adequate funding mechanisms in place, business owners can safeguard their businesses and ensure a seamless transition in the face of unexpected events.
Key person insurance policies play a crucial role in business continuity and protection. As discussed in the podcast episode, these policies can help retain and reward valuable employees while safeguarding the business in the event of unexpected circumstances such as disability or death.
Paul said: “I am in the financial services business with a unique approach. I help people find money they are currently losing unknowingly and unnecessarily. I then reallocate those funds to enhance their retirement and net worth.”
About Paul Stawinski, CFF
CLU Wealth Advisors is a full-service wealth management firm that specializes in personal and corporate financial planning including comprehensive wealth accumulation and estate planning. Their focus includes clients in the entertainment, fashion, and music industries, high net-worth individuals, and businesses. Their objective is to provide stellar service by communicating with their clients regarding all aspects of their financial lives.
Founded by Paul Stawinski CFF, CLU Wealth Advisors has maintained relationships with clients in ways only a boutique business can, acknowledging and focusing on the individual needs and solutions specific only to them. Their practice centers its Financial Planning strategies around each individual’s investment and Insurance objectives, wealth management needs, and risk tolerance, providing a complete financial platform for their client’s lives. Paul is a Certified Financial Fiduciary.
Learn More: http://CLUWealthAdvisors.com
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Securities are offered through Garden State Securities, Inc., (GSS). Member FINRA, SIPC. 328 Newman Springs Road, Red Bank, NJ 07701. 732-280-6886. Advisory services are offered through Garden State Investment Advisory Services, LLC, an SEC-registered Investment advisor. CLU Wealth Advisors is an independent branch office affiliate of GSS and GSIAS.
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