Reib Law - February 2020

NO MORE EXCUSES: CREATE YOUR BUSINESS SUCCESSION PLAN NOW

TAKE THIS STEP TO SHATTERPROOF YOUR BUSINESS

3. CONNECT WITH AN INSURANCE AGENT. You’ll want to talk to an insurance agent to have life insurance written for all insurable people, as well as create a disability policy. 4. WALK THROUGH THE FINAL VERSION OF THE PLAN. Finally, we’ll walk through the plan again and make any final edits before we finalize it. As you and your team go through this process of creating your business succession plan, there will be a lot of little decisions to make, and it takes about two months to complete the whole process. Once you do complete it, you’ll never have to redo it. If new owners come on, you’ll have them sign off on it, and you can always make adjustments if there’s a big change in the valuation of your company. Once you’ve put this plan in place, you can have peace of mind knowing you’ve just taken a crucial step toward shatterproofing your business.

As Scott shared on the cover, a business succession plan is a crucial document you want to have in place if you own a business. While there are a few steps involved to create it, it’s not as complex a process as you might fear. Here’s an overview of the main steps involved. 1. MEET WITH YOUR ATTORNEY TO GO THROUGH THE SUCCESSION WORKSHEET. At REIBLAW, we use a detailed yet straightforward worksheet that outlines everything you’ll want to define in your business succession plan. Our attorneys will meet with you and your ownership team, and we’ll go through the worksheet page by page so you can make decisions about the succession plan for your business. From this meeting, we’ll create a draft agreement. 2. REVIEW THE DRAFT AGREEMENT. Next, we’ll meet again and review the draft agreement. You and your ownership team will have the chance to ask questions so you fully understand what’s in the plan. There are different valuation methods, and you may choose to get your CPA involved for some of this.

EASY SHRIMP SCAMPI

Inspired by The Blond Cook

INGREDIENTS

• 4 tbsp butter • 4 tbsp olive oil • 1 tbsp minced garlic • 1 lb shrimp, peeled and deveined • 1/2 tsp oregano

• 1/2 cup dry white wine • 1/4 cup lemon juice • 8 oz cooked linguine • 1/4 cup parsley

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DIRECTIONS

1. In a skillet over medium heat, melt 2 tbsp of butter with 2 tbsp of olive oil. Add garlic and cook for 2 minutes. 2. Add shrimp and oregano, stirring frequently until shrimp is pink. Remove shrimp from skillet. 3. Add wine and lemon juice to skillet and bring the mixture to a boil. 4. Stir in remaining butter and olive oil and cook until butter is melted. 5. Add cooked shrimp to skillet and cook for 1 minute, stirring occasionally. 6. In a serving bowl, top cooked linguine with shrimp mixture. Garnish with parsley and serve.

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