When business owners talk about selling, many say they’ll “run it forever” or “die at their desk.” And that’s fine—if the right protections are in place. In this episode, we sit down with Geoff Sokol, Wealth Advisor at GTRIA (a Registered Investment Advisory firm), to unpack the realities of succession planning, insurance, partnerships, and why 50% of business exits are forced due to the 5 Ds: Death, Divorce, Disease, Dysfunction, or Distance.
We cover the blind spots that keep owners from protecting their legacy, the great wealth transfer, why policies aren’t just about death benefits anymore, and how a few smart moves can de-risk your business and safeguard your family and employees.
Whether you plan to sell, succeed, or stay in the game forever—this conversation will show you how to prepare responsibly.
👉 Guest Info:Geoff Sokol – Wealth Advisor, GTRIA
https://gtria.com/
LinkedIn: https://www.linkedin.com/in/geoffreysokol
#SuccessionPlanning #ExitStrategy #WealthManagement #BusinessOwners #FinancialPlanning #Insurance #LegacyPlanning #BusinessExit #Entrepreneurship #WealthTransfer #BusinessContinuity #SmallBusiness #MidMarket #advisoryboard --
00:00 – “I want to die at my desk” – why some owners never want to exit
01:04 – Why 100% of business owners will exit eventually
02:18 – The new world of insurance & advanced planning strategies
03:42 – Keyman insurance & buy-sell agreements explained
05:33 – What happens if a partner dies without a plan in place
07:39 – The danger of procrastination in succession planning
08:39 – Forced exits and the 5 Ds every owner should know
10:35 – How policies create liquidity and protect continuity
12:22 – Business life cycles & the inevitability of downturns
14:11 – Limiting beliefs that stop owners from acting
15:28 – The overlooked impact of family health and crises
16:46 – How modern policies provide living benefits, not just death payouts
18:31 – Where to start: first steps for business owners
