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Without The Bank Podcast
We have a 103 year-old banking problem throughout the business industry, and most business owners have become complacent about it. We talk about this problem and how it’s affecting businesses by allowing the bank to have control. You may never get rid of the bank completely, but you can sure try. The bank should be plan B, not plan A, and you can make that happen. This takes time, but you have to get started. Listen to hear how this banking problem began and what the solution is.
Recent Episodes
The archaic system of giving up money today, taking on risk, and hoping to retire is B.S.
This podcast seeks to help make you responsible for your money and your future. You are the one who cares more about it than anyone else. I am here to help you and provide the honesty you need. No sugar coating. No false claims. Just straight up truth.
What happens to your business if your partner dies tomorrow — and you never had a plan?
In Episode 279, Mary Jo breaks down the two most overlooked protection tools every business owner and entrepreneur needs from day one: Buy-Sell Agreements and Key Man (Key Person) Insurance Policies.
Whether you’re launching a new partnership, running a business with your spouse, or have a single key employee your company can’t live without — this episode is your wake-up call.
In this episode, Mary Jo covers:
- Why choosing a business partner is essentially like a marriage (and why you need to treat it that way)
- What a Buy-Sell Agreement actually is — and why you need one before things go sideways
- How to use whole life insurance for partner buyouts using Infinite Banking
- Key Man insurance: what it is, who qualifies, and how it’s valued
- Why your corporation should NOT own the policy (and the tax trap hiding inside)
- What happens to your business if a partner becomes uninsurable
- The “head in the sand” problem — why spouses must be financially aware
- Real-world example: how Mary Jo structured her own cattle partnership agreement using ChatGPT
📌 This episode also includes a personal update on the WTB team!
💡 If you’re in a business partnership — or about to enter one — don’t skip this episode.
📅 Schedule your appointment: maryjo@withoutthebank.com
#InfiniteBanking #BuySellAgreement #KeyManInsurance #BusinessPartnership #LifeInsurance #BusinessSuccessionPlanning #WealthBuilding #EntrepreneurFinance #WithoutTheBank #MaryJoIrmen
Chapters: 00:00 Life Insurance Red Flag 00:39 Podcast Updates 01:34 Why Partnerships Fail 04:25 Contracts Save Friendships 06:48 Marriage and Business Risks 08:25 Buy Sell Basics 09:56 Key Person Coverage 12:05 Who Should Own Policies 16:27 Family Must Stay Informed 19:10 Do It Before Trouble 21:56 Wrap Up and Next Steps
