According to Efe Gokce, in an entity-purchase arrangement, the company purchases a single policy from each owner, becoming the owner as well as the beneficiary of the policy. https://medium.com/@efegokce585

1. EFE GOKCE | BUSINESS SUCCESSION PLANNING
| ENTITY-PURCHASE AGREEMENT

2. According to Efe Gokce, in an entity-purchase arrangement, the company
purchases a single policy from each owner, becoming the owner as well as
the beneficiary of the policy.

3. Efe Gokce says that planning for the continuance of a business following the death of a
business owner is known as business succession planning or business continuation
planning. A well-stated business succession plan outlines what would happen if the owner
retires, passes away, or becomes disabled.
BUSINESS SUCCESSION PLANNING

4. EFE GOKCE STATES THAT THE COMPANY OWNER HAS INCOME RECEIVED ON ACCOUNT OF
INSURANCE POLICIES, SUCH AS A SOURCE OF SUPPORT FOR THE FAMILY OF A DECEASED BUSINESS
OWNER OR CONTINUING INCOME FOR A DISABLED OR CRITICALLY ILL BUSINESS OWNER.

5. Co-owners will acquire and own policies on one another under a cross-purchase
arrangement. When an owner passes away, the remaining owners would get the
policy funds and use them to purchase the deceased owner's business share at a
predetermined price.
CROSS-PURCHASE AGREEMENT

6. According to Efe Gokce, in an entity-purchase arrangement, the company purchases a single
policy from each owner, becoming the owner as well as the beneficiary of the policy. When an
owner passes away, the company will purchase its portion of the company with the money from
the insurance policy. The company pays all expenses, and equity is shared among the co-owners.
PURCHASE AGREEMENT

7. In the case of an untimely death or a long-term incapacity, your firm might suffer serious
consequences if you don't have a thorough business succession plan. These situations could occur if a
business succession plan is not in place.
WHAT HAPPENS WITHOUT A BUSINESS SUCCESSION PLAN?

8. ACCORDING TO EFE GOKCE STATES, IF THE BUSINESS OWNER, WHO SERVES AS THE FAMILY'S SOLE PROVIDER OF
REVENUE, PASSES AWAY SUDDENLY, THE OWNER'S FAMILY WILL NO LONGER GET ANY MONEY. DON'T ALLOW ALL THE
COMPANIES YOU'VE ESTABLISHED TO FAIL THE MOMENT YOU DEPART. BEFORE AN UNFORESEEN OR UNTIMELY EVENT
OCCURS, PLANNING WITH A SUITABLE COMPANY SUCCESSION PLAN MAY HELP SAFEGUARD YOUR BUSINESS LEGACY,
GUARANTEEING THAT YOU AND YOUR FAMILY'S FUTURE WILL BE WELL TAKEN CARE OF.

9. CONCLUSION
THE PURPOSE OF A BUSINESS PLAN CONCLUSION IS TO PERSUADE THE READER OF THE COMPANY'S
SUCCESS BY SUMMARISING THE PLAN'S ADVANTAGES. THE CONCLUSION SHOULD CONCENTRATE
ON HOW THE ORGANIZATION PRODUCES MONEY AND WHY IT IS A SMART INVESTMENT BECAUSE
BUSINESS PLANS ARE OFTEN WRITTEN BY FIRMS TO ATTRACT FUNDING OR INVESTORS.

10. THANKS FOR WATCHING
EFE GOKCE