291) BEI Annual Conference – Mark Flenniken and Circle Insurance

Mark Flenniken and Circle Insurance

Mark: “Circle Insurance is a firm that we formed by entrepreneurs, for entrepreneurs primarily. We do all services for business owners from property and casualty, life insurance, benefits and then also securities, and the core of all the conversations is based around exit planning and what exit planning may mean to each of our clients at that particular time they hold in the future for their business.”

Norman: “When you say property and casualty I know that means commercial insurance. So you probably have a lot of business with some of the clients. Why should those business owner clients talk to you about exit planning?”

Mark: “Exit planning is one of those things that once they start thinking about how they want to get out they never stop. The problem with it, they never know who to talk to. The other problem is that they get locked into dealing with one particular person. What we do as exit planners is we bring the core of advisors, some of the ownership advisors to the table and also best of breed for those advisors we’ll need to bring to that roundtable of advisors there. Their benefit is getting a group together, seldom do they work at the CPA and the attorney and the investment advisor and the property and casualty and the wealth manager and the life insurance person doing one project where everyone’s communicating together. It’s our job as the exit planners to make sure that everybody’s on the same page working from the same point.”

Norman:  “You’ve been a BEI member for a while?”

Mark: “Since 2003 actually.”

Norman: “What services they offer do you think help people most in your practice?”

Mark: “That’s a great question. I think they’ve probably been the biggest differentiator in my practice than anything that I’ve ever done. We’ve done a lot of life insurance for clients and too many times life insurance is focused on– just the focus of dying, what happens when they die. The exit planning conversation brings exit planning as a proactive process to the table because it takes several years to get to this point. It’s not about dying, it’s about living and it’s about passing on businesses to the people you would’ve passed it on to and the manner in which you wanted to pass it on, what you wanted to pass it on to, to the maximum value, minimize the taxes and minimize the risk. The BEI has a ton of tools that we can use, from software often advisors would bring to the table and a ton of experience. Whatever problem exists in a particular business we’ve seen it before.”

Mark Flenniken and Circle Insurance

For more information, please click here to visit Mark’s profile page and see all his Exit Plan Show episodes.