CAM Releases the Building Michigan Podcast, Episode 15

Discover the Value of Business Succession Planning with MassMutual

Bloomfield Hills, MI (June 22, 2023) – Season 2, Episode 15 of the Building Michigan podcast, hosted by Kevin Koehler, president of the Construction Association of Michigan (CAM), delves into the critical topic of business succession planning. This episode’s guest, Brian Van Riper, Managing Director at MassMutual Great Lakes, brings more than 30 years of experience in the financial services marketplace to the table, offering valuable insights for construction industry leaders.

Every business owner needs to think about succession planning, and before it’s too late - this episode discusses why this is critical to the long-term viability of a business. Van Riper feels that business owners often lack a clear exit strategy, and this lack of planning can lead to complications, especially when the business owner is no longer able to run the business due to death or incapacitation.

He explains that life insurance is a crucial tool for business succession planning. It provides a tax-free, liquid asset that can help ensure the continuity of the business. He also discusses the importance of having a buy-sell agreement in place, which outlines the "rules of engagement" if a business owner dies, becomes disabled, or wants an early buyout.

The episode also touches on the benefits of employee benefit programs. Van Riper explains that MassMutual offers a group program for businesses, including life insurance policies, long-term care (LTC), and long-term disability (LTD) options. These benefits can serve as valuable retention tools and contribute to the overall well-being of employees.

Learn how to set up your business for success long after you exit by listening to this episode of the Building Michigan podcast.

Click here to listen to the full podcast.