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2018 Webinar Series - Business succession planning for the trucking industry.
Tuesday, July 17, 2018
Category: Events

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Business succession planning is critical for the employees, current ownership and future ownership of any company

  • First steps are a properly drafted agreement between parties that states what happens to ownership due to Sale, Retirement, Disability or Death.
  • The following steps are the communication of these plans/intentions to the parties involved and the funding of the plan.
  • Typical succession planning involves insurance coverage to provide for the liquidity necessary to carry out the plans.
  • There are a few ways to own the insurance
    • Traditional Buy Sell, One Way Buyout and an entity purchase
  • Insurance products to help facilitate a buy sell come in two major forms (Term Life insurance and Permanent)Disability Insurance is used to facilitate the buyout of a partner upon disability. Standard coverage only covers up to 60% of income but supplemental can replace income up to 100%
    • Term provides for insurance coverage for only a specific period of time and can be the least expensive. No cash value builds up inside of these types of insurance.
    • Permanent Insurance is most often used if the insured wants to continue coverage longer than what a term policy would provide. Permanent insurance often has cash available facilitate the cash buyout of a partner. It also has cash as a balance sheet asset and can even contain long term care benefits.
  • Other considerations for succession planning may need the advanced help of a CPA or attorney.

Presenter: Greg Lopez


Greg is a Life Insurance Advisor with Oswald Companies. He works with successful families to help preserve and grow their most valuable assets and provide tools to leave family legacies.


His passion is guiding families and businesses to their individual financial goals. Greg started his career with Key Bank Capital Markets as a bond trader, helping Fortune 500 Companies manage fixed income investments. The families he serves today are made up of privately held businesses, publicly traded executives, law firm partners and a diverse array of people who need his help. Greg guides his clients through business succession planning, executive benefits, life insurance needs, cash flow planning, asset protection, charitable planning, and tax-efficient asset design.


Education and Professional Affiliations

Greg is a graduate of John Carroll University Boler School of Business with a Bachelor of Arts degree in Business. He has earned the Certified Financial Planner (CFP®) certification and Chartered Life Underwriter (CLU®) certification.


When not working, Greg spends as much time as possible outdoors with his wife and two little boys.


Contact: Sam Murphy, Programs Coordinator - Ohio Trucking Association (614) 225-1031