Description

Michael “Mike” Sweet is an attorney for Brackett & Ellis, a Fort Worth law firm that provides a wide range of litigation and transaction services. He has extensive experience representing clients in a variety of legal services, including estate planning and trust and estate tax. Michael has also been awarded Board Certification in Estate Planning and Probate by the Texas Board of Legal Specialization, a title achieved by no more than 10% of practicing attorneys in Texas.

In this episode, Michael shares how business owners can prepare their business for the unexpected. He describes some of the ways a strong business can shut down. He explains the importance of assigning a risk management group to ensure that your company has a safety net if things go south. He discusses how to find successors and how to make sure they can keep the business running well after your exit. Michael also describes why working with an attorney who can handle your estate taxes is always worth the money regardless of costs. Don’t miss the end, where Michael talks about preparing for the upcoming change in tax laws — and what it can mean for your estate planning. 

"If the ultimate goal is to sell your business, there are things you have to do years before that." - Michael Sweet

This week on Priorities Lifestyle:

• Michael's experience as an attorney for prominent accounting firms
• How the 2008 recession affected businesses across all industries
• The most unexpected events that can close down a business
• Assigning a team that can prepare for the unexpected
• Why it's critical to seek the people who can take over your business after you exit
• Why any adult needs a will, and why a business needs a buy-sell agreement
• What makes a good buy-sell agreements
• Why working with an attorney to handle your buy-sell agreements is worth the investment
• The question Michael asks all his clients before they start
• Thinking about estate tax issues and preparing for changing tax laws

Our Favorite Quotes:

• "The sooner you can identify the people who are ready to take over, the better." - Michael Sweet
• "You have to plan for the unexpected if you're a business owner." - Michael Sweet
• “It’s not only the economy or something that comes in and affects our profits in our business. It can be other things, too, that we really don’t want to think about.”  - Rob Schulz

Connect with Michael Sweet

• Brackett & Ellis
• Email: msweet@belaw.com
• Phone: (817) 339-2452

About Rob Schulz and P&L Podcast

The P&L Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company. 

Email Rob at rob.schulz@schulzwealth.com with questions, comments, and to schedule a one-on-one conversation. 

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