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In this tutorial, the speaker discusses using split dollar plans as a strategy for rewarding and retaining key employees, emphasizing the importance of retention for business growth. The speaker notes that while competitive salaries and benefits like retirement plans and stock options are vital, innovative approaches are also necessary for effective employee retention. The focus is on thinking creatively to provide meaningful benefits that can also allow the business to recover associated costs. This approach can help maintain a strong employee base and support the company’s long-term success until an owner is ready to retire or exit.
