Guest: Brandon Smith, Independent Financial Planner, Milestone Financial Solutions
Host: Alex Mejias, Founder & Managing Attorney, James River Law

If you’re a closely held or family business (1–4 owners, ~10–15 employees), this episode is your practical guide to business continuation and succession planning. Alex and Brandon break down buy-sell agreements, valuation methods (handshake, informal, and formal valuations), funding options (loans, sinking funds, term & permanent life insurance), and when to use cross-purchase vs. entity/stock-redemption structures. They also dig into key person insurance, disability coverage, tax considerations for S-corps vs. C-corps, and what actually happens when planning is ignored—or done well.

What you’ll learn

• The two must-haves in any buy-sell: valuation method & funding method
• Cross-purchase vs. entity redemption: when each structure fits
• Why term life is often the most affordable funding—and when permanent/VUL can make sense
• How key person and disability insurance keep the lights on
• S-Corp dividend vs. payroll treatment, and why you don’t deduct life insurance premiums
• Sector tips: restaurants, trades (plumbing/HVAC), professional services, creatives & athletes
• Real stories of success and failure that show the stakes

Resources & links

• Milestone Financial Solutions: milestonefinancialsolutions.com
• James River Law (buy-sell agreements & estate planning): jamesriverlaw.com

Want help drafting or updating a buy-sell? Book a consult at jamesriverlaw.com.

Need funding/coverage options? Talk with Brandon at milestonefinancialsolutions.com.

Disclaimer
This episode is for informational purposes only and is not legal, tax, or financial advice. Consult your attorney, CPA, and licensed advisor for guidance specific to you.

Connect with Us:

• Website: jamesriverlaw.com
• Instagram: @jamesriverlaw
• LinkedIn: JamesRiverLaw
• Contact: hello@jamesriverlaw.com
• Book a Call: jamesriverlaw.com/book-a-call

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