150: Michael Levine of Levine Insurance Advisors discusses Income and Wealth Preservation with us.

Michael Levine of Levine Insurance Advisors is a former Public Accountant with many years of experience. For the past 25 years Michael has specialized in succession, continuation and exit strategy planning for closely held businesses and professional service firms, with the integration of the necessary and/or required Life Insurance, Disability and Long Term Care Insurances.

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Fail fast to succeed faster

• Early on, Michael realized that running a business by “elephant hunting” doesn’t work. Elephant hunters only look for the BIG clients, but then fall short due to the gap between elephants.  To succeed, an entrepreneur has to hunt hares in between the elephants.
• Michael tells us that the key so success is to be able to pivot quickly.

How do you serve a Lawpreneur?

• Michael explains that one of the key succession strategies to have in place is a “Buy-Sell Agreement” which as three main features:
  1. It describes how shares flow in the event of a death or disability.
  2. It outlines the methodology for valuing the business.
  3. It provides life and disability insurance.
• Listen as Michael describes the increasing importance of Long Term Care (LTC) insurance as a tool for wealth preservation.

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Miranda McCroskey – host of Lawpreneur Radio