There are a lot of hurdles and risks involved when getting into a business partnership and this makes it quite daunting to get started. Kevin Monaghan is on the show to share his wisdom and expertise in this exact area. He gives some solid examples of agreements and win-win situations that he uses to bring business partnerships to a winning outcome for all involved.
We first discuss many of the issues and uncertainties faced in the dental world when it comes to partnerships and buy-out plans. Kevin then stresses the importance of providing the right kind of equity and payment to get people to stick around. He also talks about the importance of cash value life insurance and the 162 leverage bonus. Kevin explains how his business provides scenarios that help people prepare and find the right balance of incentives for all involved.
- 4:05 – How Kevin started out working to create packages that provides security and benefits all parties involved.
- 5:45 – Where and how they step in to help add a younger associate or partner to a business model.
- 10:56 – Solutions to offer that keep people from going to corporate.
- 15:07 – How they specifically give a younger owner and established owner a way to work together.
- 16:39 – The leveraged buy-out and why it works so well.
- 18:44 – How is the cash value built up and how long does it take to pay off?
- 21:30 – How the owner can access the cash value.
- 23:25 – The importance of an agreement that has a flexible element and allows people to know exactly where they stand.
Featured on the Show:
- Connect with Kevin Monaghan: Website | Email
- Jim Harbaugh Compensation
- 162 Executive Bonus Plan
- Freedom Founders
Get the Full Episode Transcript: