Orchestrating an effective Adviser Team
At a great networking event sponsored by the National Association of Women Business Owners, I talked to a buy-sell insurance specialist. This woman sets up businesses with insurance to protect them from the event that a business owner becomes disabled or dies (for an explanation on how that works and why it is important, see this article). She complained that businesses often presented her with buy-sell agreements that left her little room to get them the insurance they wanted. Or worse, a business owner dies and the disconnect between the buy-sell agreement and the insurance policy makes it impossible to pay benefits under the policy. In other words, she complained that (despite her efforts) there was no cooperation between her and the attorneys drafting the buy-sell agreements.
This shouldn’t happen. Get your advisers to communicate with each other.
Only pick advisers who are willing to cooperate in your team of advisers.
Make sure every member of your adviser team knows of the other advisers.
Related Post: Spotlight on Buy-Sell Agreements