I met with Richard and Larry, 2 business owners.  They own a small business with 10 employees.   I asked if the have a partnership agreement in place.   This is a legal agreement that defines the portion of the business owned.  Also, what happens if a partner leaves the business by choice or not by choice (dies, becomes disabled, retires or just wants to leave).   They said they had their attorney do the partnership agreement. I asked if they have the agreement funded or have a pot of money to take care of this agreement.  Of course they do not have a pot of money waiting to pay out.  I read the agreement.  I explained if one were to die, they have financially obligated themselves to the business partner or heirs. Also, the employees will be concerned about their job. I showed them leveraging insurance insurance can take care of this obligation.