P&L: Priorities & Lifestyle Episode 45

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P&L: Priorities & Lifestyle Episode 45 - Transactions, Estate Planning, and

Buy-Sell Agreements with Pete Benenati


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P&L Episode 45 - Pete Benenati
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Pete Benenati is a lawyer board-certified in estate planning and probate law by the Texas Board of Legal Specialization, and is licensed in Texas, Arkansas, New York, and Nevada. His firm, Benenati Law, is located in Bedford, Texas, and focuses on business, tax, estate planning, and the negotiation of business sales and executive compensation. Throughout his 30-year practice, Pete has served various clients, from small, closely-held family ventures to multimillion-dollar corporations, entity formation, and buy-sell agreements. Pete earned his Bachelor of Arts degree from Queens College in New York, his Juris Doctor degree from Syracuse University, and his Master of Laws degree in Taxation from New York University.

Pete joins me today to discuss business transitions, buy-sell agreements, and succession planning. He describes the characteristics of an excellent estate planning attorney and what it takes to close a deal in as short as 60 days. He explains why buyers tend to purchase assets over business entities and offers advice to families considering succession for the next generation. Pete also outlines different scenarios a buy-sell agreement needs to consider and offers negotiating and planning advice to business owners who want to sell their businesses in the future.

“Transactions start long before you ever get a letter of intent from the potential buyer. It gets to ensuring your financials, books, and corporate documents are in good order.” - Pete Benenati

This week on Priorities Lifestyle:

  • Pete’s work as an attorney for estate and business planning

  • What makes a good estate planning attorney

  • Closing a business transaction in 60 days

  • Why buyers prefer purchasing assets over a business entity

  • Asset sale tax treatment for C-Corporations and S-Corporations

  • Transitioning a business to an unrelated party

  • Creating trusts and transitioning estates to the next generation

  • Why families need to discuss estate plans

  • “Kid training” and succession planning for the third generation

  • Why Pete prefers not having an equity owner as a partner

  • Pete’s thoughts on remote working

  • Business broker agreement terms you can negotiate

  • Reinvestments and getting equity from a business buyer



Our Favorite Quotes:

  • “Buy-sell agreements should consider the parting of ways between two people, and the agreement itself would make that happen without lawsuits.” - Rob Schulz

  • “Do ‘kid training:’ identify the skills and talents needed to take over a family business and cultivate them to ensure they’re going to be in the right place with the right tools to succeed.” - Rob Schulz

  • “In any sale, the only guarantee you could depend upon is the cash at closing. If you’re not comfortable with the cash on closing, don’t sell.” - Pete Benenati

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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 rob.schulz@schulzwealth.com with questions and comments, or to schedule a one-on-one conversation. 

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*You’re listening to P&L: Priorities & Lifestyle with your host Rob Schulz. Rob is the Founder and President of Schulz Wealth. All opinions expressed by Rob and his guests are solely their own opinions and do not reflect the opinions of Schulz Wealth. This podcast is for informational purposes only and should not be relied upon for investment decisions. Please refer to our website for more information: schulzwealth.com.