Nonprofit Tip 1: A Common Use Exit Strategy

VIDEO TRANSCRIPTION – Nonprofit Tip 1: A Common Use Exit Strategy. had a meeting earlier this week, one of our nonprofit clients, where we were going over from last year about the exit strategy. Hi, I’m Steven D. Cooper, also known as Coach Coop, of Coopers Accounting Service, because your financial freedom matters. 

If you’d like to learn more great tax tips, download our popular financial guide, at yourfinancialfreedommatters.com or click on the link below this video. we covered with our client was this. 

What is the game plan or did you follow up the financial advisor last year to go over Key Men’s Life Insurance? Let me explain to you what Key Men’s Life Insurance is. It is an insurance policy designed for founders or in this case, key personnel with a business.

I gave her a simple example. Let’s say we set up a key managed life insurance for $2 million. One million will go to whoever you wanted to bequeath this to. The other million stays with the company. Why does it stay with the company? Because the nonprofit needs those resources to start the training process of the person that they plan on taking over

This is a simple yet effective action strategy for nonprofit clients. Emphasis, the founders. The reason why we emphasize founders, they’re the ones who give blood, sweat, equity into the company and we can never ever recoup the cost or put a value on what they gave to the company.

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If you’d a free 20 minute smart money consultation, call us at 562-436-2600. Well again, I’m Stephen D. Cooper, also known as Coach Cooper, Coopers Accounting Service. Don’t miss our next video where we share another great financial tip you definitely need to know.

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