James “Jim” Lanter is an attorney-at-law. He serves as an advocate, advisor, and counselor for small to midsize businesses. With over 35 years of experience, Jim has handled matters concerning commercial litigation, trying arbitrations, and lawsuits from a state and federal level. Jim helps business owners protect their assets and companies, especially in preparation for events that may ignite conflicts in ownership and management.
Jim joins me today to discuss how business owners should prepare when something goes wrong with their company. He explains the importance of legally setting up your company and why multi-partner businesses are more complex than solo businesses regarding deaths. He shares his thoughts on life insurance, disability provisions, and buy-sell agreements. Jim also describes the need for your data to be protected, especially from competitors.
“The biggest risk is not setting up your company legally to protect your personal assets.” – Jim Lanter
This week on Priorities Lifestyle:
- The types of documents to ask your lawyers to prepare
- What made Jim want to become a lawyer
- What Jim likes about being a lawyer
- Risks of businesses owned by one person vs. businesses owned by multiple entities
- What happens to the company and its clients if a solo business owner dies
- Jim’s thoughts on life insurance
- Getting business partners to agree on a path if something goes wrong
- Settling potential business arguments regarding disability provisions
- What makes an excellent buy-sell agreement
- Piercing the corporate veil
- The different ways to transition your business
- Protecting your data from competitors
Our Favorite Quotes:
- “Like everything else, best start from the beginning because, by the time dad is 65 years old, life insurance is going to be hard to get.” – Jim Lanter
- “The easiest way to protect my family was to have life insurance.” – Rob Schulz
- “80%-90% of the buy-sell agreements are not funded with any provisions like life insurance or disability insurance.” – Rob Schulz
Connect with Jim Lanter:
About Rob Schulz and P&L: Priorities & Lifestyle Podcast
The P&L: Priorities & Lifestyle Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company.
Email Rob at email@example.com with questions, comments, and to schedule a one-on-one conversation.
And, if you enjoy the show, please leave a review to help others discover the podcast