Issue link: https://read.dmtmag.com/i/367531
35 Oil Prophets INSURANCE ISSUES transfer an estate diminished by both the cost of the tax and the cost of raising cash in a hurry. An estate plan that has prepared for funding (for example, using last-survivor life insurance) will transfer an intact estate. The same funding flaws may be found in buy-sell agreements. • No Discussions Another way to "plan to fail" is to not discuss estate and business transfer plans with the people who will be affected the most: family, employees, franchisors, creditors, and customers. Change can be stressful — even good change. How humans react to a "total surprise" change is unpredictable. With no discussion prior to a transfer event, there can be misunderstandings, unnecessary stresses, as well as lasting human and financial repercussions. Lessons Learned If you've ever seen a film clip of "Galloping Gertie" collapsing, you know it's dramatic. Its spectacular destruction can be an object lesson in the necessity of good planning. Its failure was avoidable at several points, but it failed because engineers failed to plan. After the bridge collapsed, designers, builders, review boards, and commissions found time to determine what the plan should have been. Eventually, two new, properly planned bridges were built over the Narrows. However, as a business owner you do not get a second chance to do such postmortem planning. You need to get it right the first time. If aspects of your estate and business succession plans are essentially "no-plan," take steps to correct the defects before they cause a disaster. Fast Facts All About Convenience... $5.8 Billion Annual revenue for the more than 100,000 car wash facilities operating in U.S NACS Online/June 13, 2014 8.6% The increase in sales of food prepared on-site in convenience stores in 2013. Source: NACS State of the Industry $5.08 The gas price that would cause consumers to seek out alternatives to driving or drive drastically less. NACS Retail Fuels Report 10.0% Employee health-care costs of total payroll (not including short- or long-term disability) in 2013. NACS State of the Industry Compensation Report 2% of NACS member companies surveyed expect cost savings after Affordable Care Act implementation. NACS Magazine 29.96 million Barrels per day of crude oil supplied by OPEC countries in 2013. NACS Retail Fuels Report