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25 years as a planner. This case still haunts me.
New Client: 64 years old. Co-founder of a logistics company.
Marathon runner. Looked 50.
His partners found a buyer. $45M for the company.
His share: $15M.
Deal closing in January. This was October.
Me: "Your buy-sell is outdated. Update it NOW before this sale closes."
Him: "Why spend money on paperwork that won't matter in 90 days?"
Me: "Because if something happens, that old agreement controls everything."
Him: "I run 50 miles a week. I'll be fine."
Three weeks later. Massive heart attack at the gym.
Dead at 64.
The old buy-sell kicked in. Valued the company at $9M.
His estate got $3M.
The buyer still paid $45M.
His partners exercised the buy sell before the sale and split $42M....
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