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In this tutorial, the speaker discusses using split dollar plans as a strategy to reward and retain key employees, emphasizing the importance of employee retention for business growth. The speaker highlights that competitive salaries and benefits, such as retirement plans and stock options, are essential but encourages thinking creatively to offer additional benefits. Implementing innovative retention strategies can have a significant impact on maintaining a strong workforce, especially as business owners prepare for retirement or exit. Ultimately, the speaker suggests considering how meaningful benefits can help retain talent while also allowing for cost recovery.
