Latest / Pillow Talk 2 Profit: Power Couples Build Empires / The Conversation Every Power Couple Needs to Have Before It’s Too Late | EP. 07

Transcript

The Conversation Every Power Couple Needs to Have Before It’s Too Late | EP. 07 · Pillow Talk 2 Profit: Power Couples Build Empires

• 0:00
  SPEAKER_00: What's going on guys?
• 0:00
  SPEAKER_00: I'm Evans.
• 0:02
  SPEAKER_00: And I'm GG, and we are the Dynamic Duo Speaks.
• 0:05
  SPEAKER_01: Alright, so today, so today we have a topic where most power couples that's in business or that's doing life together.
• 0:19
  SPEAKER_01: Some people are not.
• 0:21
  SPEAKER_01: So today we're gonna have a conversation when it comes to um when it comes to when you do pass away.
• 0:27
  SPEAKER_01: As when you do pass away, when you longer when death comes, when you longer no longer in this earth, the person that that you're with, they need to know where everything is.
• 0:37
  SPEAKER_01: Yeah.
• 0:38
  SPEAKER_01: Where everything is from the start to the end.
• 0:42
  SPEAKER_01: So stay tuned, we're gonna be talking about that.
• 0:53
  SPEAKER_00: So many couples in business that we've talked to of we've known, the other couple passes away, and now on top of trying to figure how to maneuver in life, they're trying to figure out I don't know where the bank account is, I don't know where the mortgage is, or even if you're doing collectively a business together, somebody that they talk to, they're like, I don't even know how to log into the accounts.
• 1:17
  SPEAKER_00: And so that's something too that couples we need to talk about and having our succession plans is what happens when one of us do pass away, and how to go ahead and navigate those.
• 1:31
  SPEAKER_00: And one of the things, too, like we mentioned in the beginning, is everybody has to know where everything is.
• 1:39
  SPEAKER_00: I'm not saying that you have to be part of everything, but everything everybody has to know where everything is.
• 1:45
  SPEAKER_00: One of the things that when we first started dating, even when we got married, like we knew the passwords, we knew the numbers, even stuff you're like, even when because you're more of that, you know, you handle the accounts and everything, you're like, babe, do you know where to file this?
• 2:02
  SPEAKER_00: Do you know where to find this?
• 2:03
  SPEAKER_00: So just showing and having that person involved so they know where everything is, yeah.
• 2:08
  SPEAKER_00: Um, when you do pass away.
• 2:10
  SPEAKER_01: Yeah, yeah.
• 2:11
  SPEAKER_01: And uh um, we always say, like I always say that you gotta know, like especially in people that's in business, right?
• 2:16
  SPEAKER_01: You have to know who's the who's the CPA, no?
• 2:20
  SPEAKER_01: Even though yeah you might not be involved on the on the daily, daily uh basis uh uh when it comes to the account when it will when it comes to the financial part of the business, yeah, but know who's the CPA is, the attorney is, yeah, right?
• 2:34
  SPEAKER_01: Know where the the will, like if you have a will in place, if you have a trust in place, know these things, no?
• 2:42
  SPEAKER_01: The life insurance policy, right?
• 2:44
  SPEAKER_01: All the all these things you have to know.
• 2:46
  SPEAKER_01: Now, do we have any partnership now outside of our business?
• 2:51
  SPEAKER_01: Do we have any part any any debt?
• 2:52
  SPEAKER_01: Like have sit down, have a conversation, show the other person here's where everything is, here's this is who this is who this who's the CPS, this is who we are, this is who like show the person everything.
• 3:07
  SPEAKER_01: Yeah, no, the password.
• 3:10
  SPEAKER_01: Like, because we in business together, because if we're gonna do, if we're gonna do life together, we have to know where all this stuff is because open communication.
• 3:19
  SPEAKER_01: So you have to know where all these stuff is, and uh, and uh, and we believe it's uh it's uh it's a sensitive uh uh business.
• 3:25
  SPEAKER_00: Like nobody likes to talk about it, you know.
• 3:27
  SPEAKER_00: I don't like to talk about it, yeah, but it's something that needs to be said because we've seen it time and time and time again, where somebody passes away and the other person don't know anything, they're like, GG, I don't I don't know anything.
• 3:43
  SPEAKER_00: Um, even if they are in the business, and then what ends up happening is the business crumbles or something happens, or now this person is on this real workload.
• 3:53
  SPEAKER_00: But if you prepare them and you train them when when your their significant other passed away, I mean they have the choice of whether they want to continue or they want to sell or they want to they have that choice, but it's not that's one less burden of them trying to figure out what's happening.
• 4:09
  SPEAKER_01: Yeah, no, that's just just that's true.
• 4:11
  SPEAKER_01: And I always say this, like we in business together.
• 4:13
  SPEAKER_01: Everything, like that's that's my that's that's my mindset.
• 4:17
  SPEAKER_01: If we're gonna if we're gonna do business together, we're in business together, everything that we gotta do when it comes to business, we're gonna do it together.
• 4:24
  SPEAKER_01: Now, if we're gonna have a partnership, the partnership's gonna be under our name.
• 4:28
  SPEAKER_01: If it was another person and you have to be involved.
• 4:31
  SPEAKER_01: You have to be involved, you have to know even if you're not in the business.
• 4:35
  SPEAKER_00: Even if you're not working side by side in the business daily, you still have to know what's going on in the business.
• 4:43
  SPEAKER_00: Still be involved in the business, yeah.
• 4:45
  SPEAKER_01: In the business, because yeah, because you don't want nothing that you don't want to you build something now.
• 4:50
  SPEAKER_01: The other person that doesn't know the value of it because they were never involved.
• 4:55
  SPEAKER_01: Yeah.
• 4:55
  SPEAKER_01: So they could take that business and like they don't know the value of it.
• 4:58
  SPEAKER_01: They don't they could sell it.
• 5:00
  SPEAKER_01: That's almost like you left the the you left uh you left your spouse uh uh a property, right?
• 5:06
  SPEAKER_01: A property that you have that was do it it was making cash flow.
• 5:10
  SPEAKER_01: Now the other person was not involved.
• 5:13
  SPEAKER_01: Now they took that that property, they sell it, they sell it because they don't know the value of it.
• 5:17
  SPEAKER_01: Because if they had kept it on their portfolio, yeah, that that probably pay off in the long run.
• 5:24
  SPEAKER_01: So it's just having conversation when it comes to these things, the will, the life insurance, the the the successes plan.
• 5:31
  SPEAKER_01: Um, okay, if I'm not there, who gonna be the next person in line um to be the CEO of the company?
• 5:38
  SPEAKER_01: I think all these things we you need to have it conversation.
• 5:43
  SPEAKER_00: So that's something too, yeah.
• 5:44
  SPEAKER_00: So couples in business, like make that part of your succession, your strategy plan.
• 5:50
  SPEAKER_00: Yeah, you know, because I don't want to, you know, I always tell them, you know, we die, we're dying together.
• 5:57
  SPEAKER_00: But you know, but just having that that conversation because the peace of mind that the person who's left behind it will give them is so much better.
• 6:10
  SPEAKER_00: Yeah.
• 6:11
  SPEAKER_00: So that's a conversation nobody likes to have but needs to have, and it needs to be part of your plan.
• 6:17
  SPEAKER_00: All right.
• 6:18
  SPEAKER_00: I'm GG.
• 6:19
  SPEAKER_00: And I'm Evans, and we are the Dynamic Duo Speaks.
• 6:22
  SPEAKER_00: Please make sure to check more about our content, our information, speaking opportunities at www.thedynamic duo speaks.com.
• 6:31
  SPEAKER_00: Thank you.